Robert Reich: Dismantling A Rigged System
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- Опубликовано: 4 авг 2020
- Robert Reich is at the forefront of the progressive fight for higher worker wages, expanded health care and stronger unions. He argues that years of stagnant wages and volatile job markets show that the financial system is fixed and serving only a select few with enough money to control it.
Reich shows how wealth and power have eviscerated the middle class and undermined democracy to its core. He exposes how people at the top propagate myths about meritocracy, corporate social responsibility and the “free market” to accumulate extraordinary capital and influence.
How can we restore confidence back in our political and economic system? Join us for a conversation with Robert Reich as he calls upon Americans to instill fundamental change and demand that democracy works for the majority once again.
Speakers:
Robert Reich
Chancellor’s Professor and Carmel P. Friesen Chair in Public Policy, University of California Berkeley; Former U.S. Secretary of Labor; Author, The System: Who Rigged It, How We Fix It; Twitter @RBReich
In Conversation with Molly Wood
Host and Senior Editor, “Marketplace Tech”; Co-Host “Make Me Smart with Kai and Molly”
NOTES
Reich photo by Delaney Inamine
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26:50 *It's unsustainable economically. Break the 3 legs of oligarchy.*
1. Change the laws that shape the markets. *Enable competition* and small business.
2. Punish racism for dividing us. No one is secure until *everyone is secure.*
3. Punish those who support the oligarchy. They are selling us out for personal gain in campaign funding and high paying positions in big businesses when they leave government. *Restore representative democracy.*
don't forget to put people in stocks!
Sounds good but really only stops the bleeding. Your solution is reform, not fundamental, change.
@@helengarrett6378 if the laws that governed all these crime were already put in place, for the betterment of society as a whole,
HOW DID THESE LAWS DISAPPEAR?
If we cannot stop good laws from being replaced by bad laws then we hv a muchhhhhhhh bigger problem than just the oligarchs.
Our Congress must pass a Freedom to Vote Act this year!! pull the plug on Manchin's yacht, and duct tape Sinema's mouth. We must do this in order to balance the system so we can push forth the fixes. Vote Blue anywhere you can and in the mid-terms.
@@virginiamcneil536 How many of our Congressman are willing to do what we vote them to do?
It hasn’t worked in the past.
Maybe a little late to the party but I am here now. I have been a privileged, conservative, white male with an advanced degree in the workplace for 40 years and will soon retire into poverty. I apologize that I have been hoodwinked by oligarchs and their political lackeys. Today I start the process to make our country better for the majority and not the 1%.
Welcome to the party. I like when people keep gaining knowledge and are willing to change. 👍
Welcome. Better late than never
Yes. 12:12 Change will arise from bottom up. I wonder what can break the trance of learned helplessness. Let’s lean into the visions of the world as we know it can be. And accept that it will take effort! But, little by little. With you, with me. In neighborhood, in district. Even in families. Bottom up. Imperfect but strong. Yes.
@@kmcq692 Idealistic given the political climate.
Welcome to the party. There are parties I'm late to as well, and am in no position to judge. I am sincerely sorry for your losses - it is quite a blow to realize one's life has been spent in these ways, with no reciprocation of loyalty in the end.
Do you have the information and resources you need, to contribute your skills to the fight? Being a fixture in the corporate world can leave a person oddly impoverished in terms of community, networks, and the mental/emotional resources necessary for participation.
Despite it all, I am glad you are here.
THIS EXPLAINS SOO MUCH! My grandfather retired as a foreman in the 80's, but from 1943- mid 70's, my grandparents raised their SIX children SOLEY on my grandfather's wage as a lumber millwright (no formal education). They never went without, they had nice birthdays & holidays, ate VERY well & healthily (is that a word?), always had nice clothes, 2 vehicles, and all the modern gadgets for that time. They never took out a loan or paid a bill even ONE day late. They took regular vacations, went to the movies, took private music lessons at home. They didn't have medical or dental insurance, yet never missed a regular check up, nor go without proper care, (again; never missed a payment). They had a nice home, in a nice neighborhood and (the most shocking part), made DOUBLE mortgage payments every month, without exception. Now I know how that was possible. Not just possible... COMFORTABLE.
damn lol. If I had a hobby I would be financially ruined.
My parents were able to start out together on one income with four children in Palo Alto. The builder, Eichler, loaned them the down payment. Their home cost 22,000. Now its worth about 3 million. So you can see some people shut out from that neighborhood!
Once upon a time, actually in my lifetime, a single salary for a working person could support a family if you were in a unionized industry. Then the elites broke up unions. So now it takes 2 1/2 salaries to keep up that same life style. It takes two adults working and a load of debt to buy the house, car, clothing, food, health care (that used to be a benefit of your job and was entirely employer paid for) and education, etc. For more and more of us, most of that is now unobtainable even with two incomes. Child care, health care, higher education and a home are impossible to pay for with two salaries of $30K/year to 40K/year which is about what the going rate is for most service industry wages. The service industry has replaced manufacturing. Those jobs are now somewhere overseas in China, Pakistan, India the Philippines or some other even lower wage country.
This country has been headed in the wrong direction. But capitalism demands it. The purpose of capitalism is to make as much money as possible for the fewest number of people. The guy who owns the place where you work is not trying to pay you more. Nope! He wants to skim off all the profit he can, the cream, for himself and maybe for investors, but he leaves you thin skim milk. You aren't getting any of that profit your work made. You get wages. You get the lowest wages your boss can get away with and if you squawk about your low wages, long hours, forced overtime, wage theft and abuse, there is always someone hungrier and your boss will drop you like a hot potato. It's the system. It's not built to satisfy your needs.
Even if your family currently enjoys a middle class income, you feel the squeeze. Capitalism has already squeezed the poor and working person dry. But you still have something to wring out. So, now the elites are coming for you too. The middle class is shrinking. You lose the home you bought in a recession, in a bubble or in a plague. Now you are a renter. You lost your job and now nobody will hire you despite 30 years of work and expertise. You are too old. So you take a job at a lower wage. You lower your expectations. Yes, you are tossed aside. Worse, your kids can't break into the softer lifestyle you used to enjoy when they were little. They have student debt that sets them back a decade or two. Maybe forever! If it hasn't happened to you yet, know that they are coming for you and your kids.
That's how the capitalist system works here, everywhere. Money and wealth of all kinds accumulates in fewer and fewer hands until there is a small elite that is wealthy beyond all belief.
Is this really the best possible system for now? For us? For you?
You've accurately described the middle-class of post-war America. The middle-class is a rapidly shrinking, & now nearly non-existent, socioeconomic class here.
The biggest change we could make is make it illegal for businesses that pay their leaders big salaries to get food stamps or medical or any government help further workers once we do that they’ll have to change they shouldn’t get a free ride
Keep speaking the truth Mr. Reich! Great interview!
Bwhahahaaaaaaaaaaaaaaaaaa ! You no doubt are a lifelong govt hack.
He lies by withholding information from you I can name maney examples
This is one of the best interviews ever. The way Molly Wood boils every question down to brass tacks and the way Reich addresses each is a study in Q&A clarity.
Left wing crazy.
Two things will fix everything
1) Term Limits
2) No political donations over $100 by any entity
$1000
Seems so simple, why can’t it happen?
AND regulating billionaire corporations & top 1% so the system isn't rigged in their favor but is set up to favor the 90% of the rest of us
@@lorebay2593 I love your post!!! Straight to it.
I’m assuming by your tone that it’s a “tongue-in-cheek” statement bc we both know the answer.
@@NEMO-NEMO No, seriously, yes, term limits for these been in too long Senators, they have lost good minds, common sense, reasonability, spines, aversion to truth, senility and seem hateful, no integrity, they all, especially the Republican Senators need to retire. It’s been and is a wacko show between trump, lindsey, mccarthy, johnson, cruz and the lot of them. They just don’t know how they appear to sane folks and the world. We are ashamed of their behavior these last 10-12 years.
Once i heard about Bezos i vowed never to use Amazon for anything even if i was the only one in the world boycotting Amazon. I boycott awful tv providers too. I refuse to buy certain things from other companies. Example I wont accept being short changed with poor quality food. I do without alot of fruits rather than unripe undersized ones. I buy zero stuff with palm oil as i care about orangutans. Its not much i know but i feel better taking a stand
I look at it not as making oneself feel better, rather, making oneself feel less shitty ☹
Any change for the good of something or someone other than ourselves is always a good thing. Especially depending one the heart of the person trying to make the change.
I boycott Amazon too. And China, I don't support an obvious enemy autocrat with concentration camps.
One drop in the bucket. The more of us learning, and putting our drops in the bucket; at the same time speaking up and helping our family and friends understand.
Agree with you 💯 l too am part of a growing number fed up with the " big guys". Solidarity is the ticket. So glad to read your comment
Unfortunately, for those of us who are living at the bottom of the income pyramid (and a college education is no guarantee that you will rise above that level - I speak from experience) - there is no easy way to increase our personal income such that we can survive comfortably, buy a house, buy a car, all the basic necessities. Public social service funds are never sufficient to the basic needs. Poverty is a way of life that the large majority of us must cope with. It takes a miracle to rise above this kind of subsistence living.
Consider family banking.
You are right. The system is rigged. Reich is right. His answer is a bandaid, not a cure. The still intact oligarchy will simply rip off the bandaid so they can continue to accumulste everything of value. Everything! Their inevitable goal is to own or control everything!
Indeed it does. I've lived simply as a value most of my life. I obhore debt so never finished college but luckily l loved to work. Also, never trusted the American Dream so managed by living small. Social activism saves my soul.
I don't know if its relevant or of interest to you, but there's some solid af videos about how to link up very small groups that pool and share resources, including time and energy, toward the goal of more stability. And how to make that actually work, rather than devolve into fights, etc. Beau of the fifth column is one great resource here on RUclips. The concept and application has been kindof changing the game for me, figured I'd share.
And that's the way they want to keep it!
More education & skills isn't enough. I went all the way to a Masters in Education & a B.S. in Human Resource Mgmt, and I couldn't find a job that got me out of being a secretary. I'm now living on a Social Security pension, and thankful for that.. but it's barely enough to sustain me.
The economy is the measure of the movement of money. Everytime there is a purchase that adds to the effect of the consumer, Accumulating wealth works against this. Good union jobs in the 50's helped create our basic good economy.
@@randyhoffa1809 are there not laws against hoarding in times of need those things which are needed by all?
How is it considered by anyone to be a virtue to hoard money or resources beyond reasonable foreseeable needs.
In the time of Joseph, the Pharo stored grain against the coming famine to feed the people.
But if any individual had collected grain to auction off to the highest bidder (basically the capitalist system), I think it would have been frowned on.
When individuals capture more money and resources than they can foreseeably need, they are not aiding anyone, even themselves in the long run.
It is as if we all live in a ocean where oxygen is capital and some are taking all out for their own profits.
How much does one need?
And how much of their harvesting can the living survive?
The wealthy paid higher taxes in the 50’s along with that, Randy.
Places like this site are the prize you receive when stumbling around youtube.
Yes, yes, yes! Thank you so much, Professor Reich.
I've saying that for the past 40 years that wealth has been redistributed from working class to wealthy. I like that term pre-distribution of wealth, but I think I'll keep trying to get people to see that redistribution has already been happening. "Redistribution of wealth" is one of those terms that gets tossed out whenever anyone talks about social equity.
There’s been a great sucking sound upwards but most are unable to hear it because they are focused on every culture war the wealthy toss at them.
The top five percent pay over half the federal taxes and don't benefit from ss medicare food assistance cash assistance subsidized housing what more do you want from a doctor in NYC who works long hours went to college maney years earns four hundred thousand dollars a year and already pays between local state and federal half his money to the government
i cant believe this is the first time I've seen this, or heard of this guy, but a brilliant analysis of the situation at the time. He even hinted at what may happen after, as anyone who would watch this video knows to be true, and things have not gotten too much better, partially due to the Democrats corruption and incompetence of a few key members, especially Senators, and to the total unwillingness for the GOP to provide any ideas or assistance with passing much needed legislation because they're dazed in the cult of personality of Trump. The most important thing we need to focus on right now unfortunately is making sure our democratic foundations continue so we can change the system.
Inspiring video and I definitely will be reading the book.
You can find the book here: bookshop.org/shop[/commonwealthclub
His channel is inequality media, check it out.
When has the Republican Party ever produced anything substantive for the people that hasn’t provided major giveaways to their donors?
@AGNY36 recommended reading on the history of the politics, economic inequality and destruction of democracy brought to a head with the Trump debacle, start with Jane Mayer “Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right”. What people need to realize is this did not start with Trump, it’s been in the works since the end of WWII, when Fred Koch co-founded the John Birch Society in the early ‘50s and by their elite arm the CNP (Council for National Politics) today. Further reading by author David Neiwert “Alt-America: The Rise of the Radical Right in the Age of Trump” and Nancy MacLean’s “Democracy in Chains: The Deep History of the Radical Right’s Stealth Plan For America”.
@@IExpectedBSJustNotThisMuchBS a few decades ago, it was not actually unheard of .. it is horrific to witness this slide towards an oligarchy, and eventually, a fascist state...
We are an anocracy, a back-sliding democracy, with an increasingly concentrated oligarchy, based in a smaller number of more enriched and more powerful corporations. Democracy means sharing power; being willing to lose an election without resorting to violence.
Men and women in the 70s and 80s were getting divorced too - totally frustrated with our inability to make a decent living wage, the impossibility of trying to buy a house, the rejection that we suffered by the banks, who wouldn't give us a loan - on a house that cost far more than we could ever pay. SIgh...
This man will always be a LEGEND, we love you
Thank you, Robert Reich!
Can we solve this rampant inequality by banding together as worker/shareholders in our own business collectives - so that we can increase our wealth, and our control of property -- form our own shareholder Market Unions?
See Yannis Varoufakis prof richard wolff
Be careful comrade. You’re starting to sound socialist.
No matter that you’re not, the moment you start talking about collectives and “the workers owning the means of production” (their own businesses) you’ll be labeled a socialist.
Not that there’s anything wrong with being a socialist however right wing politicians have never let the truth get in the way of propaganda.
Historically socialists were attacked from both sides.
The fascists on one side and communists on the other.
One thing they have in common is vested self interests.
It hasn’t changed.
The vested self interests are threatened by the thought of us owning our own businesses that can compete for market share and take away their chances of exploiting the workers.
But it’s an idea I’ve had for a long time.
The cooperatives of Mondragón in Spain were such a great example of the very thing you’re proposing.
I hear they were all but wiped out by the 2008 financial crisis.
Of course the bankers didn’t lose.
And that is one thing Yannis Varoufakis is very critical of Obama for.
Bailing out the BANKERS not just the banks and allowing them to continue with things as they were whilst the ordinary worker suffered and lost big time.
Anyway I wish you good fortune and success in creating collectives in the USA.
I hope I’ll be able to do the same here in the land of Oz!
WOW!! Great idea!! I'm in !!
Good question. I'm in if possible.
So glad to finally hear somebody articulate, with such clarity, the very thoughts I’ve carried in my mind for decades.
We can't change the structure of power because of so many who don't want to lose their positions.
Those who have want to hang on, certainly, which us why the best opportunities come when there is a crisis and enough "haves" are scared or eliminated. Examples include the Great Depression, the urban unrest of the early 1960's, and the economic crash of 2008.
@@communitygardener17 There's truth on that
Love Reich. Start with modest proposals. Tax earned and passive income at the same rates. Make public schools less dependent on local real estate taxes. Invest in infrastructure and human capital. Restrict FDIC to community banks or postal banks. Pass a balance budget amendment, at least over the business cycle. Restrict money in politics.
Yes, to common sense.
Tom Hartmann’s book Hidden History of American Oligarchy is a great history lesson.
In addition to his roles in political trenches, Robert Reich is an extremely savvy and capable economist on par with Nobel Laureate Paul Krugman.
The all liars
The all liars? Incoherent sentence, but what has he lied about?
@@coopsnz1
"the all liars"?
Sounds like a "right"-wing football team.
Reich is a lifelong govt hack swamp dweller. My guess is- you're a govt hack too.
He is a communist who actually says he wants workers to control businesses and gives speeches with socialist Bernie Sanders just remember what communism has done for other nations
Power to the people!!
Go Robert Reich!! Time for the people to wake up see what's really going on
That the top five percent pay over half the federal taxes and the middle class draw more ss and medicare than they pay in taxes and the poor get subsidized housing food assistance cash assistance and free healthcare and the rich benefit off none of these programs but pay most all the federal taxes
"and were they entitled to HOARD their money". By Yahweh's moral standards- NO! Every single one of his employees could be loving a comfortable life if Bezos wasn't a greedy person. Many ppl blame the welfare system for destroying families. I partly agree considering I knew ppl back in the 70's who considered divorced after married ppl couldn't get supplements. But more than that, I blame the greed of capitalists & Regan tax structure.
I worked with poor people in various capacities most of my life and I can tell you there”s never been a true war on poverty but there has been a war against most of the people and particularly against the poor. Anecdotal stories about some people you knew mean jack compared to the behavior of the greedy.
Bezo provides thousands of jobs with benefits to low skilled workers would you rather him shut down
Yahweh? Fairy tale.
Thank you to professor Reich and the Commonwealth Club for this insightful interview and lecture from the professor.
Thank you to The Commonwealth Club for this segment. The interviewer couldn't be a better fit.✨
Professor Reich, you are an angel in a sea of devils.
Your factually based message, buttressed by the facts of the historical devolution of anyone to keep this stuff in check is a major contribution.
Your dedication and perseverance not-withstanding.
That said,..
Facebook?, Google? ..what they've been allowed to become?
The elephant in the room on interviews like this...
The CIA funded both and it hasn't stopped there.
Be nice when all hugely significant factors are discussed
on these issues.
The complete omission is a bit glaring in an otherwise superb discussion.
Thanks again.🙏🌼
JFK said "Those who make peaceful revolution impossible, make violent revolution inevitable"!!!!
I like how he explains things in great detail. To sum up, imo, his solution is basically raise more awareness of the problem, thus leading to patchwork solutions to an existing system, assuming it's worth saving. I prefer a radically different solution.
Thank you !!!
I am just so glad to listen to the truth/facts about what’s going on …STILL
I need an hour long truth break every once in a while ….I guess a reminder !!!
We've been shut out, paid poorly with little to no benefits even with a college education. And people are dying young because they can't afford healthcare or losing what little they've toiled for when they get sick. Working full time should be enough to live a decent life. My boots are worn out from bootstrapping all my life. Something must change.
Pandemic has made it all worse. Got screwed on Unemployment, screwed out of the one benefit my employer gives (PTO) when I tested positive for Covid-19. And now my hours have been cut again because the business isn't bouncing back and certain people need to continue to be paid well. Taking from the bottom to pay the top, again.
Every company I worked for had pto they said they don't really use.
@@ronaldreagan3086 Victimizer, Victimizer, Victimizer! Abusive wyt man says what?
This virus has certainly exposed the ignorance of so many intelligent people - they'll look back at what they said and believed and cringe with shame
It’s great men like Robert Reich who are doing his best to explain things, that hopefully will bring about positive change, better late than never, but if all those who are now jumping 9n this bandwagon, where were they decades ago, like climate change, I understood how serious it was for all life, just be understanding thermodynamics and how earth biosphere effects all life and maintains balance, so, economic is like thermodynamics, their must be balance in order for everyone to benefit, and when everyone befits, there is balance, but everything currently out of balance, and restoring balance to earths climate must be “paramount” or nothing else will matter, because there will be no future…thank you!
Wow and thank you. Nice to have this interview archived here, where NPR or other mass media can pull clips and redistribute whenever they feel compelled to inform.
Glad you enjoyed it!
The Tech industry is so close to a government that it is difficult to imagine dividing one from the other
Tell it like it is! You have put words to thoughts I have had for a very long time!
Amazon is doing what Rockefeller did - intimidate the competition into submission.
As a child I Remember the Post WW2 and the Korean Armisticence. The Economy then was flourishing. Former GI's we're starting businesses , houses were being built , cars were being sold , bridges and hiways were being built .
And the United States Entered IT'S a Golden Age ! There is no REAL REASON why we can't do This AGAIN !!! This about Who Really Controls This Economy and THIS SYSTEM !!!
Those of us who became unable to afford college in the late 80s when the prices rose exponentially, we can learn SO MUCH if we want to without it. Robert Reich is my favorite!
Robert Reich stands for everything good and decent in this world! He has honesty and integrity. Unfortunately, in this day and age those qualities are sorely lacking! I wish he would run for President! He knows the system and how to fix it!
Dear Robert who was president in 1901 to 1909 ! I listen to all your videos your a great teacher ,just had to tease.❤❤❤❤😊😊😊😊
The Scandinavian countries which have the best governments in the world are capitalist but they are well regulated while the US currently is not.
How do you know?
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I always like what u put say . Your thinking is realistic and on point with what is happen in this present time. These Republicans have really showed their true colors . IT3 had to come out eventually. BUT what do we do about it Iam so discussed with how they obstruct everjything.
Robert Reich is spot on. But there is one over-arching truth that is never talked about. And that is the fact that wealth accumulated by the rich (individuals, families, corporations) comes from a particular source. That source is all of us. We paid every penny of it. There is no question that the people have every right and every obligation to reclaim profits in the form of taxation in order to provide for a sane, healthy, and safe society for all. It's OUR money that is being taxed, not the money of those who are holding our money in trust. The history of taxation bears this out. Whether the need is defense or highways or schools or health care, the need is always funded by OUR money. And, obviously, that can only be accomplished through progressive taxation. So when conservatives call this 'socialism', remind them that when we tax them, we are simply reclaiming our own money, and it is always a portion that they can live without.
It's way better to have a stimulus than unemployment.
Universal basic income
unemployment is a stimulus. But make sure you provide jobs for all and compensate workers with enough to pay the bills and encourage productivity.
The oligarchs decide who the nominees are. By doing so they always determine the outcome of our elections. No matter which candidate wins the oligarchy remains in charge of our government.
Look at what the capitol D Democrats did to Bernie, who rightfully, should be in his second term.
There are so many more parties than just Republicans and democrats, but none ever get very far during elections because the corporations own the 2 main parties.
That's true. We were groomed for Hillary to run years in advance. Biden was shown winning primary polling before even entering the race.
Define oligarch
This MUST be studied by Americans born after 1979.
It is also gratifyingly *confirmative* to those born 1959-69 who mostly *KNOW*
i think the best tool we have is education. and i don't mean our modern education system. i mean explaining to kids in very plain language how the world works. if you are a private holding partner of a large holding company, which owns several differently named stores in a region, and effectively sets up a geographic and market space monopoly (say for example all grocery stores in a region), and you happen to accumulate vast amounts of wealth as a claim to wealth on an economic bottleneck and the resulting dividends, you did not "earn" anything. you simply exploited a cheat in the system that should not exist in the first place.
what i mean is decoupling the moral character of one from their bank account or material accumulation (a holdover from calvinism; protestant work ethic). so you would teach children to recognize that how wealth is derived means something. once we start there, with being able to actually identify what is going on, rather than being mystified by the fetish of the commodity, or the programmed tropes which we erroneously associate with particular symbols. to me it seems very basic, but i think the economic system is unecessarily complex so most people don't bother (also they don't bother because it's rigged lol, so it's a waste of time)
I wish schools would teach kids the basics and then early on incorporate those lessons into real life simulation scenarios, like how to run a household, a grocery store, an election-the choices are endless and all incorporate skills necessary to understand, succeed in and contribute to society. So many don't see the reason to learn what they're being taught. Show kids how reading, writing, math, business, government, science, art, advertising, world affairs, etc are useful in the real world. Many don't have the basic skills or understanding of these things and are therefore ripe for misinformation and manipulation as well as unprepared for success in life.
We have one choice. We can vote every Republican out of office in 2022. It's NOT A JOKE! It's GOT TO HAPPEN! Then there is more work to do.
A paradox:
It MAY not happen, yet, it MUST!
At the very least, *enough* Republicans must be voted out of office, so as to make them inconsequential!
Then, our country may actually begin to heal and make real progress in every area.
News flash: democrats are also purchased by the wealthy. Our whole system is set up to give all the power to the wealthy. The system itself must be changed. That's going to require most voters coming to realize the power the wealthy have over us and deciding to change it. Then some candidates might emerge who are willing to change the system.
🤡
@@gordondwyer3641 your mother must be so proud.
@@grayisgood She is. Does that hurt your feelings?
Thank you🙏
I will watch this in full later.
I love the Commonwealth Club. What I cannot understand is why so few views and comments.
Because the "System" lulls people into believing that they're powerless to make any changes--which is of course what Professor Reich is trying to get more folks to understand. It takes a lot of time to correct the messages the "mainstream" media proffer to millions of people.
Most educational, I have the opportunity to see people on a yearly basis with my tax services business and can somewhat evaluate the wellbeing of each of these clients. Listing to their concerns and actually seeing real numbers gives me the most interesting filtering ability. By the way I have been active in his industry for over 35 years. I am blessed that my clients trust me and tell me more that they usually express to anyone, even their clergy. I am humbled and honored. I see where we as a country have failed, I hear the frustration and concerns I even see the abuse of some it is very clear that we are failing but also we have the ability to correct if so desired. Thank you I greatly appreciate The Commonwealth Club World Affairs of California and all your great speakers. Peace
Titans could not see their ideas come to fruition without help from a collective of workers.
I maybe not the person to comment. I am not an America but have a point as one who had looked at your politics for decades. What Reich says is exactly what has happened. We have a little phrase that encompasses it all. America, "The home of the free and the land of the stupid".
My husband of almost 50 years and I have recently "retired" on each of our Social Security payments. We are living well in our own home and although we do have a tight budget we don't want for much. Almost all home furnishing are Vintage or purchased at thrift stores, Estate Sales, etc. Our home is often complimented and all of our plants on the front porch of our 100 year old house are lovely for curb appeal. We cook wholesome meals but admit we don't go out often to eat and stopped eating junk food. We will be buying a new car at some point, but during COVID we go "out" only occasionally so our our older SUV is perfectly fine for getting around. We also sell Vintage items from a few websites, all sales reported to the IRS, and do not have savings. OUCH. It can be done unless you live the high life!
Sounds like the perfect life
Super info Prof. Reich. Just hope the incoming Cabinet have principles, professionals, incorruptible people. Remember, you were put there by the American people. Don't be like the republican yes men/women.
Sorry but Biden is going to do the same without the trumpism.
Robert Reich, I love you man
Smartest man in the USA. Love ya.
He lies to you by withholding information do your homework
Well Done!
Sure is a lot of truth and common sense in this vid.
Thank you, Robert Reich, for sharing your knowledge and wisdom for the rest of us to become educated. Again, I thank you for boarding my understanding of the issues and the points that you made.
@Ronald Reagan You're certainly a misinformed FOOL!
@Ronald Reagan You're still a misinformed food.
It's always great to discover someone else worth listening to. Glad to find you, sir! This is awesome content!!
Thanks for the interesting talk.
Thanks. One of the biggest lies my country preaches at me is that I should "let the market decide". All that means is that corporations want to tell me what I want, how much I'll pay for it, how much I'll like it, and how soon I'll replace it with the next piece of crap they're selling. It's a euphemism which simply means, "We'll decide for you." Like the humans in the movie "They Live", I'm just supposed to shut up, consume, obey, & reproduce. I decline to worship at that - or any - shrine. And I'm not buying their message. tavi.
Thank you
Robert - your breath of economic knowledge is amazing. The solutions you suggest are logical and necessary. But Americans have short memories ; or no memories of the past. We have learned nothing. Taxing the wealthy is so obvious, yet seems so unattainable. We get sidetracked so easily working against our own self interests. Misinformation, corrupt politicians, corporate greed, lack of unions, all contribute to this inequality. Your solutions are practical and easy. Getting it done seems insurmountable in a country so divided. There is little unity of purpose and will to make these changes. I worry the obfuscation by our leaders will exacerbate and contribute.
Health is a part of Liberty in my head and heart. SCOTUS is off the rails.
We need to define a more equitable liberty then the court is imagining
Every empire in the history of man fell due to the unforgiveness of debt.
I'll have to think about that. I had never examined it in that frame.
@@patshelby9285 yes it’s n interesting angle … . People allow themselves to be abused to an unbelievable level.. power n greed is always moving forward wanting more n more.. their is always a tipping point… the fall of the American empire is prolly 50+ yrs away but you imagine the growing college debt and the elites lust for money n the inability to forgive it n start fresh n blah blah blah.. but yea thanks for your comment
Look up " jubilee law in leviticus" online o in the bible. Somewhat like every seven times seven years debts were forgiven, slaves freed and land returned to original owners.
All land belonged to God anyway.
Trump handed Jerusalem, the city of the people of the book, over to the Jewish branch of the family.
The American indigenes are over due for reparation, also.
Universal basic income and universal debt forgiveness. A cap on how much more money CEOs can make than their employees. Businesses can't continue their businesses if they brake laws and steal and are unethical. Does capitalism means freedom to rip everyone off and have no ethics?
Universal debt forgiveness are you kidding what you mean is default which would mean immediate depression some Democrats are economic illetrates only two words they know is subsadized or free meanwhile our debt grows at an unsustainable rate good job Democrats
Yes the huge multinational companies like IKEA and H&M (I'm Swedish) pressure suppliers' prices very hard so they get very small marginals. Their low prices depend on them having such a strong negotiating position as they are placing BIG orders. (and design, I think designers work with a target price for every product).
So how are those suppliers' factories gonna pay decent wages?
People on UEI don’t just do nothing they take productive action to improve their circumstance and its co-effect of categoric and selective spending. Moto/enduro bikes, mountain bikes and all forms of vital sports equipment were sold out in the pandemic even before transportation issues arose. As well as lots of other lifestyle market manifestations. Quality of life and social/recreational celebration are busied away and die on the economic vine and no healthcare along with the disillusionment of your dreams
This man might be the smartest man in America
He is an idiot
nope, he was part of the problem as he was complicit
@@ronaldreagan3086 and you think you're Ronald Reagan 🤔Got it.
Imagine the workers of Amazon and Walmart owning the companies. Imagine unions with the power to fire the CEOs and executives.
@Ronald Reagan My house isn't a business. Try some other peevish and false analogy to hide yourself from the fact: If the workers owned the corporations, the corporations couldn't move overseas, there would be fair and meritorious wage ratios, and the once great American middle class would return.
Union power bankrupted general motors
@@fritzforsthoefel8031
Wage ratios between CEOs and workers have nothing to do with the success or failure of a company. Plus, GM moved significant amount of operations to Mexico after Clinton signed NAFTA, which pretty much killed your so-called union power that you speak of. CEO power bankrupted GM.
Nope legacy costs was costing gm over ten billion dollars a year more than they were makeing in profit unions by there very mature are bad because they want less hours meaning less production and higher wages meaning higher consumption good temporarily for the immediate worker but bad for the nation because lower production means lower living standards tell what businesses are more productive ones with unions or without hint telsa never got baled out by the taxpayers Reich is a communist and actually says workers should own the means of production so you follow the words of a communist who often speaks with Bernie Sanders and remember what communism has brought other nations
If workers should share in the profits shouldn't they share in the losses to
Molly Wood very effectively moderates the discussion with well-focused questions.
HOW MUCH IS ENOUGH? This question scares the hell out of the obscenely rich and if you're ANGRY with them saying no amount is enough then remember in a democracy it's one vote/one person so lets vote.
Big banks lobbied to change the Bankruptcy laws right before the financial meltdown in 2008. They predicated the "tremendous need" for these changes because of "moral hazard" imposed on them by the borrowers. Well, now we all know how that panned out and it was the banks that imposed the "moral hazard" but they had already changed the laws so they had not only their principal guaranteed, they also got most, if not all, of their interest too.
Thank you . That was so informative.
They in politics these days don't want good smart logical people like yourself.
Innovation begins to turn to corruption at IPO.
Molly you’re an excellent interviewer.
maybe anti trust is not the way forward. maybe its efficient amalgamating shipping services to one company like amazon. i think the solution is to cap private wealth, and democrative economic productivity, e.g. use the federal govts taxation power to redistribute wealth and enforce more equity. i would appeal to the fear of displaced aggregate demand, and the corrosive affects of inequality as documented in the spirit level. so we would need to dismantle the idealization of rich people, and move towards establishing communities where everyone's needs are met, rather than sustaining an inflated consumption level in the minority of the oppulent without any kind of rational justification
Some thoughts: Women also joined the joined the labor market because a greater variety of jobs/careers were opened to them, not just because they needed more money.
The Second World War opened women to the discovery their many abilities, when they stepped into traditional “mens” roles.
Nobody talks about cutting back consumerism. When you say “need” it is often “want”. Talking like a supply-sider.
Referring to us as “consumers” at all times reflects an distant and limiting.attitude.
“Credit” cards should be called “Debt” cards. Some of us are old enough to remember when the government gave tax breaks on credit card interest to benefit the issuers and encourage new users.
Gm, please tell me what do you think about restorative Justice?
It is not just Reich's opinion. There are people who are deemed to have professional knowledge that have something to say on this. Search for "James O'Brien meets Bernie Sanders" and also "Mark Blyth & Sven Steinmo: Austerity, Democracy, and Dictators" and see if you agree.
Secretary Reich is so smart I’m pretty sure you actually gain IQ points just listening to him.
Most people want to learn skills, opening their own business, work on their hobbies... They can't do it if their employer want them working 24/7 and barely making the rent, or mortgage...
Shareholders have siphoned off what previously been the workers gains...
What impact did the chance from the retirement from companies to the 401_K have on the system?
One good thing about universal basic income, is it not? is that it would eradicate homelessness - the lurking, slow death at the bottom. It would have to vary with inflation to remain effective, but would it destabilize prices?
We have a debt so big it defies belief because of the democrat handouts we have now and you want free money on top of that our debt is so big it defies belief our children will inherit a bankrupt shell of a nation because you won't pay enough taxes for the handouts Democrats want why do you think its ok to live off our children shame on you pay your fair share of taxes for the handouts we have so our children won't inherit a bankrupt nation living off our children the Democrat way
How would you reduce our debt it's at very dangerous levels in fact under Obama we already got for the first time ever bond rating reduction if we get another downgrade we will be dangerously close to junk bond status democrats want something for nothing at our childrens expense am I wrong
Robert Reich is good at coming up with goals to achieve, or milestones to aim for. What I am perpetually frustrated by is the lack of an actual plan to achieve those milestones beyond “tell John Q. Public, and hope that we fix it somehow.” Like I agree about what needs to be achieved to fix things, but as a Blue independent voter in a deep red district I have absolutely no idea what to do to actually make things better. I’ve been voting Blue for years and the other side just seems to keep getting power and achieving their ends despite that. It’s like I can only wait on the world to change, but when it does change it changes for the worse and everyone around me seems to love it! Nobody really listens to me. Nobody agrees with me. There are some people that I hide my opinions from for safety reasons. I’m one powerless voice in a sea of voices. I don’t know what to do and Reich’s perspective really doesn’t give me any options either!
I don’t understand why political party affiliation matters much in general. Would rather elect off of ethics and personal believes. Would rather elect a non-privatized individual who represents him/herself - not their party
I don’t know but it seems like we’re too far gone. I hope we can redirect and get on a better course. But it seems like almost impossible...
Sooner or later it will happen, probably we'll be in a place just as the great depression where the president will have to act and save capitalism just as with the New Deal. Of course, that would've never, and certainly will not happen if there is no a tremendous pressure from the bottom, that's our task
Diego - thanks for the words and of hope. It is and gonna be a struggle.... it’s the only way we’ll be able to come back. I hate it’s taking so many deaths and protests. I hate that (big corporate) people can not or refuse to see when other people are struggling...
@@toniat8278 I feel ya, such a shame that our society has lost a lot of its humanism. It's up to us to spread the word and lead by example.
God speed!
Yep
The song Money for Nothing by Dire Straits about The lives of rock stars. Released in 1985 I used the phrase to describe corporate raiders.
Imagine there is a family that consists of a father, a mother, and their triplet children. The triplets are all very different, and have different interests. One gets good grades, and works hard at school. One does okay in school, but is good at sports. And the last child is a great artist, and a free spirit who's grades aren't so great. Do the parents give the best gifts to the one with good grades? Do they give the most food do the one who plays sports? Do they give the most love to the child who is an artist? No all of the children are loved, and the parents do everything they can to make them all happy. If you see the parents as the government, and the children as the citizens you can see that we are not being taken care of equally, and our parents are unfit.
So people who produce little should be able to consume a lot why do you not pay half your income to the government to pay for the social programs democrats want instead of bankrupting our nation with staggering unbelievable 32 trillion dollar debt
Corporations survive when the people do. When people can afford their needs and wants sales increase and so do profits.
Drive the Money Changers Out of DEMOCRACY !
How many would be up for interest free mortgages? I was thinking about this If there was someone who could do this, for say low wage workers?
How did banks get to eliminate interest on savings placed in bank accounts. The yearly interest on bank account accounts which was 5% or higher and gave retired people some money to survive on.
It's ironic that what was widely seen as a positive social change, women gaining more freedom to be employed and to work outside the home, actually disguised a negative development, the necessity of families to maintain two or more jobs to subsist when even that was not enough since the benefit of a woman's income was often wiped out by the cost of childcare.
Pay mom's for the inside work she does which is just as necessary and hard. Otherwise we must pay others to do it. Or maybe we pay them both and let them choose their work themselves.
A year later; divisiveness in societal and economical attitudes are even greater &, yes, covid is still with us. But, I do have the same optimisms as Prof Reich did last year. Perhaps I will write this very same comment a yr from today; seeing the situation as it truly is, it's a slow process just as it had been in obscuring the creation of it.
This is all so understandable and obvious. Just a small concern about people spending money to keep the economy going. That depends upon how much is enough to live a decent life and have a decent job. Those of us who have enough to buy stuff beyond our vital needs, including recreation and holidays within their own countries, are part of the problem with regard to Climate Change. How about less stuff, which is greater than a decent and fair life, and more connection with each other as the road to real happiness. Money is surely not the road to happiness other than our needs of shelter, food, medical care , education and available transport, to name a few, are met.
@Ronald Reagan Agree!! Where is the balance?