Interview with Larry Summers, Former Secretary of the Treasury | The Problem with Jon Stewart
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- Опубликовано: 16 мар 2023
- Danger! Workers are doing too well! Call the Fed to shut that down! A conversation with former Treasury Secretary Larry Summers.
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The smugness and derision of an oligarch mouthpiece who is not used to being challenged getting burned by a calm sensible flamethrower of truth is if nothing else, very satisfying. Thanks Jon!
His point is simply that the economy was over-stimulated during the pandemic and that has been the significant driver behind inflation today. That's entirely true. Jon's only counterpoint is that he 'just disagrees'. That's not a flamethrower of truth, that's having opinions with now basis.
@@TerriblyNice_Not You realize Jon followed his assertion with a rationale and figures that supported his position, right?
Larry Summers is not an oligarch. He is their pet monkey
@@TerriblyNice_Not it isn’t THE significant driver. It’s A significant driver. We could tweak the other drivers but we chose to only tweak this one very hard and very fast.
"Stock market assets have gone up 150%, CEO pay has increased 1500%, workers wages haven't gone up at all"
You were saying?
Just love how he thought Jon would support Apple because it's his employer, and he's like "nope, they're part of the problem." And he just couldn't accept that he was painted into a corner because Jon wouldn't allow himself to be a hypocrite.
Jon doesn’t need Apple
Jon can walk into any network he wants and get a show. He doesn’t give a shit about his superiors.
I love how at the end the guys was like *if I explain it really slowly and keep pausing maybe no one will notice that I'm saying exactly what Jon Stewart said*.
just said the same thing, I did not watch the clip, I watched the show on Apple Tv and was just rolling when he was like ... yeah, I woudl totally say that about Apple and myself.
Someone needs to clip that and add a COLOSSAL OOF to him saying "-- a somewhat looser labor market"
My favorite thing about this interview is the way that Stewart wouldn't let him get away with not answering his question. Too many journalists these days settle for non-answers to difficult questions. If they don't answer, keep asking until they do. Well done!
When a comedian is a better journalist than 90% of the journalists out there, then you know the news media is broken.
More like the opposite. Stewart wouldn't let him answer the question. The man's a socialist with no understanding of economics.
When chitlibs get driven to self deletion by disingenuous media chit, its ok cuz more chitlibs will be weap0nized tomorrow to stoke vi0lence which encourages cha0s from all aspects of society, great work
Do you John Stewart ask this from dictators trying to overthrow American liberalism out of jealousy? Come debate us at Atheist Republic. This is ridiculous - this man hates America - send him to a dictatorship so he can appreciate America.
I physically scoffed when he said with a straight face "First, John, Inequality is a terrible thing" like he actually wants us to believe him.
"...but we'll do absolutely nothing to fix it, because our philosophy is that it's actually a good thing for us," is how that sentence should've ended if this guy wasn't a slimy goblin-looking worm
Well I believe him : Inequality is indeed a terrible thing !
@@popydev he doesn't actually believe that is my point. He's saying it but doesn't believe it.
@@cloud9847No, I'm certain he believes it. But since he's on the 'winning' side of inequality, I'd bet my last dollar that he thinks that inequality 'isn't his problem' to fix and that, as soon as someone does fix it, the world will be a better place.
And that's the problem with these rich fucks. Every single one of them bemoans inequality, but none of them realize (or want to realize) that it is THEIR responsibility to fix the inequality.
@@cloud9847 he believes it, but doesnt want to solve it in a way that would actually hurt companies...the issue with neoliberals isnt that they dont see the problems. The issue is how they go about addressing them, if your first response to crisis is, that you have to save the companies and not the laborers, companies will inherently become self serving institutions, our first response should be to help workers not companies, because companies can fail, but every laborer that dies as a result of these policies is a resource we lose as society.
If a company failes, the machines are still there, the jobs are still there, just the execs fucked up and have to actually work again...
Companies should fail thats the fucking point of Limited Liability, let em fucking fail and give laborers a chance of rebuilding from the rubble, the Italian modell is great imo, allow laborers to "buy out" the company in case of a bankrupty before any other party
Dang, we went from “Nobody wants to work” to “We need to reduce the labor force” at whiplash inducing speed.
that's because it's the same message: workers must take the jobs we want them to take, on the terms we want. not their terms.
Very underated comment, during the pandemic when the stimulus went out, I heard commentary that the government raining money is making people not to work. And now wooo, too many people are working and all jobs filled, we need slush the job market so people can compete more for less labour conditions
That's what happens when the Fed prints $4trillion dollars in 18 months and unemployment is at record lows while inflation is rising drastically. The economy is way too hot and that's why interest rates are going up. Consumers are still spending too much (credit card debt at all time highs) and after a decade+ of easy/cheap money we're due for a recession.
Great point. And there are dozens of new billionaires due to covid and substantially richer previous billionaires and likewise mega-corporate profits. And as an aside, Jon cares and has enough integrity to call out Apple **on** Apple's own platform. The root of the problems never get addressed, and the same people, working Americans are always screwed with an ever-changing narrative to justify it no matter what. Shameless corruption has destroyed this country in short order, and we still haven't even repaired the ramifications of fucking slavery and racism, the very slaves that built this country merely a page in the history book ago per se.
Same message, the shot-callers say labor has too much power these days and that needs to be corrected.
Larry Summers just like, "Look, I've spent the last 35 years with these talking points. These are veteran talking points. These soundbites are valuable antiques. How dare you not take them at face value, nod and smile, and agree with me?"
After relying on the same talking points for decades, a bigot gets lazy. He thinks his points have withstood the test of time and no one will waltz in here and simply tear them apart. That would never happen!
.... in walks Jon Stewart.
😂😂😂
Summers: "I don't think it's a tenable view that corporations have become greedy all of a sudden."
You're right Larry. They've always been greedy.
Designed to Fail | Keynesian Economics | ruclips.net/video/7gQdytPlWHw/видео.html ?vdsafdsa
Out of a bunch of ridiculous quotes this one took the cake. "All of a sudden". Corporations care about you to the extent that they can make money off of you, after that you can rot and die for all they care.
That is literally what he is saying.. WOOSH
I literally had to stop the video at that point because I was baffled by this level of gaslighting
i believe they both agree on current social need for higher corporate taxation.
I like that Summers rolls with “If you ask systemically under educated peoples, they agree with me despite not understanding what’s going on!” Wow
Not exactly...he just said they're worried about inflation. They are as they should be, but the solution he supports makes them worse off by forcing them to bear any/all negative impacts of fixing inflation. That's where I think the "agreeing" ends.
Of course, fixing inflation requires a trade-off somewhere in a fixed system like the economy, but why tf does it always have to fall on the people living paycheck to paycheck?! At least, that's what I think most people would say to this guy.
@@Ignominal He is also ignoring that while inflation is bad, the alternative was basically $0 of income for moths and closed businesses with no compensation. To use his metaphor, inflation is the side effect to cure the disease of unemployment. He wants it the other way around.
WHAT? HUH?
I like that too ,telling on himself that he also likes uneducated, uninformed, ignorant people. Makes him and his kind alot of money$$$$
What do you know anyway? you're a poor.
@@khatool Inflation is not a 1 to 1 with the cure though. Which is the point Jon is trying to make.
A large part (at least 40% according to John) of the inflation is due to the steep increase in profits, salary raises and payouts of the rich. Which is what SHOULD actually be fixed!
I love this. “ try to get him on Apple. He can’t say anything negative about them because they’re his employer. Oh wait. Jon. What are you doing?! Oh no!”😂😂😂
Such a f*cking smooth brain. And these are the people making fundamental decisions on our lives.
That's one of the many things I appreciate about Jon - he's at LEAST as smart as the people he interviews and can call them on their BS. He goes in very prepared.
His face when John bad talked apple was priceless. He could have sworn he had him in a bind lol.
😅😅😅😅😅
I wondered why did he bring up apple on
Jon is an expert at using 'their argument' to validate 'his point'.
It's beautiful to watch.
They don't have an argument. Their goal is to take you on a long story away from the truth, but Jon knows his way back.
@@TheGord I like this a lot. This is great and I will be using this in the future
I agree, but if you're on first name basis, please spell Jon Stewart's name right.
Jon is a Gift.
@@valk5045 Thanks.
Never noticed that.
I am a professor in Finance and also economy (but specialized in Finance) and I am impressed by the accuracy of Jon's statements, the reasonning, his quotes etc... He did his homeworks and prepared very well this interview. I wish we had this level of quality here in France.
We are lucky to have Jon, and while people in this comment section agree and support his superior argumentative skills, our patriotic institutions will REFUSE to admit he's right. But Jon helps me stay sane.
You had me until you said "here in France." My friend, do not ever bring your country down to the level of the U.S. Our journalists support the capitalists here better than anyone else in the world.
Reminds me of Carlin a bit in these 1-on-1 interviews. It's rare that someone comes along who can see these issues clearly, without giving in to despair.
@@sipper2136 Me too. Being compared to Carlin is probably the peak for Jon. The only time I've ever seen him beside himself over someone was interviewing Carlin on TDS. Pretty sure he's Stewart's idol.
For sure it is crazy how many basic economic lies that have been peddled by politicians and corporations into believing the only way to help the "economy" aka the corporations is to aid the supply side and often wreck the demand side via unemployment to help "bear the burden", "share the pain" while earnings calls are having parties.
As a former first responder, I gained a lot of respect for Jon Stewart after seeing him go to bat for 9/11 responders. This just increases my respect. Great work.
If politics weren't so questionable I'd want to see him run for president. Maybe when Bernie retires if AOC doesn't eventually run
@@juusukun I think he’d do a great job fighting for the right things.
@@CornerCamper he's said he doesn't want to run but maybe that's exactly the type of man we need for president. Zelenskyy started by holding up a mirror to politicians by playing the president in a fictional tv show. I wonder if he felt the same way as Jon does at first
Brugh, nin 11 was totes an insider job dawg.
Larry Summers is an example of what's wrong with our economy.
Our whole political system.
You spelled species wrong.
There's no way to do whatever it is Jon is talking about. If you want to earn more money then get skills people care about or learn to spend less money. The government isn't going to be able to change anything of significance outside of what you do to yourself
Sounds about right
@@sandcastledx Absolutely wrong. It's called a Windfall Tax, it's not a new concept.
Here's what Larry Summers left unsaid: These companies believe that they are entitled to your labor.
..at the price they want to pay which is below inflation.
Exactly, and the attitude that overworking yourself is ALWAYS a good thing makes sure they get their fill
American factory workers and miners have repeatedly had their strikes broken by the national guard: the gov't agrees that they _are_ entitled to your labor.
They don't call us slaves any more were "employees".
"You are not entitled to our products, but we are entitled to your labour."
It is so tragic to look into the face of Summers and realize that he is the face of vulture capitalism. A man who understands how rigged the game is and sleeps like a baby on a bed made of human suffering. He and his pals are truly monsters.
Yep.
Capitalism creates vulture capitalists due to the structural incentives. The system is the sickness, the corrupt people and institutions are the symptoms.
Yes, we do need to address the sickness, funny enough Larry said something about that, but he wasn't talking about the root problem: monetary-market capitalism!
I wonder what Larry and those corporate capitalist guys would say about a local co-operative strategy like One Small Town Contributionism that aims to use cooperation, collaboration and co-ownership to create abundance and prosperity for all, by the people and for the people?
there is no vulture capitalism there's just capitalism. capitalists are colonists when they need a new market, imperialists when they have an army, vultures when they secure that market, and eventually fascists when the infighting begins
Jon Stewart is an absolute genius in the way he can hold these facts in his head and make the connections so smoothly while mid interview, using someone else's prompts! I'm always astounded
He's brilliant.
Why didn't HE run for president?
Of all the celebrities we have, why... the pumpkin monkey king?
Why not this hyper intelligent, empathic, sensitive, reasonable man here?
What is WRONG with half of America?
Save us, Jon Stewart...
@Laimbrane yes, he absolutely would, but I agree with you, he's too smart to take it on, he no doubt understands how limited his power to affect any real would be, sadly...
How freaking sad is it that our government is too corrupt for decent men? I think Biden is a good man, perhaps ineffectual as president in these times, but 50, heck, 20 years ago I think he would have been truly great, and done good things, he WANTS to, but he can't unless he plays as dirty as the other side is all too willing to play, and he won't stoop that low, I admire him honestly...
Anyway, sorry for the tangent!
@@pariahmouse7794 Why wouldn't he?
Easy. The Republics want a populist demagogue with a fanatic supporter base, who can easily be manipulated through his ego. The DNC wants a puppet. If they didn't want an easily controlled puppet, they would go with literally anyone BUT Joe Biden, the senile geriatric who has serious difficulties putting a coherent sentence together, finding his way on the White House lawn, or going up a single flight of stairs.
Literally no political and economic force in the current United States wants a president who can think and act on their own.
@@pariahmouse7794 Biden was marching with MLK back in the day. Guy definitely has good intentions at least.
I love how every one of these guys pivots as soon as you start talking about C-suite inflation. They can't let people think about the amount of profits and C-suite pay. I love how John won't let him pivot away from the real problem.
Larry wasn't pivoting to anything. Jon brought up a stupid point about C-suite inflation like the dumb populist that he is, which has no relation to the issue that is currently being discussed. He's just conflating issues to make a dumb point, only morons would think that his arguments are salient.
Especially when discussing big oil
When the Economy is "Too Good,"
Markets gripe that it's 'Too Strong!'
:-))
Compared to Historical Average Interest Rates,
the Markets have been Spoiled - like a Rotted child.
A pullback by the Fed will galvanize
Moral Hazard with the Market. It will
signal the Fed is always beholden to
the Market, as their primary Benefactor.
Christine Lagarde (ECB) did a good job
delineating the Central Bankers role w.r.t.
the whiny, spoiled, Markets' and Bankers'
exceptional self(ish)-'Interest,' by sticking
to her guns and raising the rate by 50
basis points, in the face of the Credit Suisse
debacle, on Thurs., March 16th. ... :-))
Larry thought Jon would defend Apple just because he now works for it. LOL!
And had he been interviewed by just about any other "journalist" it would have worked to. I think his brain just broke when that tactic just crumbled on him
he either thinks Jon will defend them, or someone at Apple will cancel him. life is just a twisted game for Larry, he'd sell his mother for a quick buck if he could
LOL Indeed......... :)
Jon has no problem criticizing his business daddy. Where do people think John Oliver got his schtick from?
All he said is they should make less profit. Apple doesn't really care about that if they can make more revenue.
I can’t understand how these people allow themselves to be interviewed by Jon. He’s scary! Amazing.
Because they believe he is not smart enough to expose their bs lies and greed.
ego
The way I see it is that Larry owned Jon in this debate. To each his own, but you are likely in an echo chamber if you think Jon has any evidence to back up his "corporate greed" argument. There are no legitimate economists that believe this is a valid argument. Jon is the Tucker Carlson of the Left and Larry is an academic.
They think they can outsmart him and twist him up, but he's light-years ahead
They're so used to the corporate media softball questions that they default into thinking that an interview with Jon is going to be the same.
He keeps trying to convince Jon that they are "in this together" by repeating "as fortunate as you and I". The sanctimonious smiling is predatory and disgusting.
Hea trying to manipulate the audience into seeing Jon as a have like him and the audience is the have nots so if we are against him we will also have to he against Jon as well. He's really bad at manipulation though.
Your mom is disgusting, but keep collecting those government checks buddy.
How this guy has had the biggest jobs in the American economics profession is rather wild to me
@@frostfang1 Well he tried, but i dont necessarily think he's bad at it, rather Jon was willing to go there and say that both of them are beneficiaries of a broken system, the difference is Jon looks at it and wants to change it, Larry looks at it and says it works for me so we shouldn't touch it. Frankly I respect Jon a hell of a lot more for that.
brugh, larry can identify brugh. he's legit brugh. ur prolly just a poor anyway. sorry he don't live like a dawg enough to speak ur language boy.
Thank you for that "flip." I was thinking about it, but couldn't quite put it into words. "Solving inflation by attacking corporate gouging is crazy because it's the free market, baby. Attacking high wages, however, is good because workers don't deserve to benefit from the free market, baby." He realized you caught him in his anti-worker, pro-corporate neoliberal ways.
Attacking corporate profit, whatever that means, would literally accomplish nothing in reducing the growth of inflation. Nothing
By the way, if you notice, they're only ever attacking low level employee wages, they're never even talking about manager and CEO compensation.
@@MrShakenbake2012 Oh really? How did you come up with that conclusion?
First you claim you don’t know what corporate profits means when you say “whatever that means”
Then you jump ahead and conclude that it would have no effect on inflation
Well, how do you even know the conclusion if you dont even understand what corporate profits means?
Sounds like you are just repeating corporate propaganda
@@MrShakenbake2012 You just admitted you don't even know the meaning of the word but you know it will do nothing to fix inflation? Was that a typo or are you just repeating what you were told to believe without given it a second thought? It's one or the other!
@@ec6052 Lets he how he rationalizes his way out of it
Jon is on a total other level! Larry thought by saying Apple is price gouging and you work for Apple, thus you agree with them since they pay you. What a joke, Jon’s integrity is unquestionable. If we had a real fair market Larry wouldn’t have a job still, mans been wrong about so much and keeps on going like nothing happened.
But then they cut of Summers' answer about labour market softening! Jon's integrity is certainly unquestionable, but his views on economics are old-fashioned and second-hand
@@TerriblyNice_Not I mean, they cut it off as soon as Larry said he was right... so... I am not sure where else that could have gone better for Larry. He seemed to be unable to answer much of Jon's discussion without obfuscating and trying to make Jon stop talking about it.
Larry has never been wrong about backing the interests of the corporations and the ultrawealthy. Larry is a good dog. Good dogs get a biscuit. Or to keep their job.
And during this questioning he was trying to blame the progressives by saying they were asking for the stimulus. Disingenuous Larry.
Jon lost a huge amount of his credibility based on how he treated Andrew Sullivan
this guy has the smile of a crocodile, smiling at all the wrong times
Sign of a manipulator. Reminds me of Kenneth Copeland
Jon is the master. The best moment is when Larry is trying to corner him with Apple and Jon don’t hesitate a millisecond to ditch his own employer.
What a man, what a hero. His bottom line is so true, when working class people have a chance to play the capitalist game, blue collar crushes them with the most aggressive hiking cycle in modern history. Larry thought he could easily foul Jon… he should have known better was in front of him.
Well...this "genius" is the mind behind gutting Glass-Steagal Act and promoting the Commodities and Futures Modernization Act of 2000 that led to the...Financial Crisis of 2008. Larry has been part of the machinery that has caused so much pain and misery.
"When working class people have a chance to play the capitalist game, blue collar crushes them with the most aggressive hiking cycle in modern history." Exactly. GameStop, anyone?
I'm English and hadn't come across Jon Stewart until I saw his interview with Ian Hislop on his recent trip to the UK. He's a rare combination of intelligent, articulate, perceptive, hugely well-informed, persistent and intolerant of evasiveness. He's actually about the best interviewer I've ever heard.
Amen! I wish more actual reporters were like him.
I a little surprised that the Hislop interview was your first exposure to John Stewart. His The Daily Show was very much out there with many interviews though much shorter for the half hour show. If you wish look them up, they are very good.
He's a national treasure.
I agree.
AND an amazing comedian too :)
OH my god Jon deflecting Larrys Apple smear by just saying "yes!" has to be the most satisfying thing I have seen in my life (5:55). Just goes to show that you can always outmanouvre dishonesty with integrity.
I don't think I could love Jon any more than I do right now ❤
As soon as he said “shrewd television commentary” I was like ah yes I see you for what you are
Extremely reminiscent of Tucker Carlson going "You need to get a job at a journalism school" at him on Crossfire, almost two decades ago. Everyone thinks it's gonna go different for them.
Jon comes prepared to his interviews. Thank you Jon.
Designed to Fail | Keynesian Economics | ruclips.net/video/7gQdytPlWHw/видео.html ?vdsafdfdsa
When Larry says “do you think Apple is price gauging?” And John says yes!! Larry’s face is dumbstruck 😮… he’s thinking wtf, why am I talking to a decent person??
The jaw-drop of Summers when Jon admits Apple is equally accountable. Gold :D
Being overcharged for AppleTV isn't quite the same thing as being overcharged for fuel and food tho, is it?
He's stunned because Jon's stance is absurd, he expects people to not try to maximise profits.
@@Photosounder, no, that’s not Jon’s stance.
@@Photosounder maximize profits is evil. End it.
@@newagain9964, you just agreed with me. What you described is him trying to maximise his profits. In other words, he's stance isn't that he expects people to not try to maximise profits.
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stocck portfolio
Very true , I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
*"SOFIA ERAILDA SEMA".*
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she actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
@@serenasmith2859 haha, You know Sofia Erailda Sema? crazy! I appreciate every single second of the six month I worked with her. She is such an amazing woman, patient and down to earth teacher my next monetary goal is leverage trading and I'll be starting with sofia’s strategy! i have heard many positive reviews from my Co-workers since the recent dumps.
What I don't understand is the smiles. His affect shows things, things he doesn't say. It is like he doesn't realize the working class will be able to see this at all.
you can't reason with greed. it's blind and has no humanity. thank you john for trying
Look to France...both today & yesterday...eat the rich...🎯🎯🎯🎯💯
Well said!
I LOVE the way Summers tries to use his “communication” skills, his metaphors etc. to explain/obfuscate, and John just brushes that rubbish aside and grills him on the actual, literal reality.
I hate when they say prices have to go up because of high demand, mainly because it's corporations that are selling necessites such as food and hygiene products. Increasing the price of those doesn't magically make people not need them.
Inelastic demand.
Likewise, if Jon had wanted to keep his employer out of the hotseat here, he could have also told this vulture capitalist that Apple doesn't sell a single thing that anyone actually NEEDS - they sell luxury entertainment products, as opposed to the needlessly high-priced groceries and fuel that everyone does need.
Jon you’re a true global hero. Your intellect, integrity, courage and articulate way of conveying a message is rare and genius, especially when speaking to close-minded blockheads. You may not make much of a dent to them, however, your discussions are presented sanely & understandably to the rest of us (me 😂) and it’s a much needed exposure of basic truth and justice in our world today. So glad you’re back.
Jon Stewart- never afraid to speak truth to power. Big love from New England!
Jon schooling a Harvard economist on economics. Damn. I'm trained in economics and worked at the Treasury when summers led it. Jon you are brilliant.
Jon missed the obvious solution , you can lower demand from the top income earners and work down
@@bleacherz7503 Lower Demand by taxing them, 99% on all money over 1 billion
Maybe "Economics" ought to put the term political in front of it's name as is often the case in some instances.
Had the same thoughts. The fed has a dual mandate. And when it comes to increasing the money supply, for whatever reason, its willing to innovate beyond sub-zero interest rates decreases by doing things like restructuring its balance sheet, taking on municipal and corporate debt. So why can't it go beyond the sledgehammer of interest rate increases when it comes to protecting worker wages while keeping prices down?
@__redacted__ Cause that would require them to inflict economic costs on the wealthy, and that can't be allowed. Much preferried to throw millions into unemployment.
John would be the best host for 60 minutes the world has ever seen. He holds those in power, those with means their feet, to the fire. He asks the hard questions, not softball schlop that mass media has so gotten used to, he knows his interlocutor, he's done the research, and he's down for a good debate.
This is a debate I like to watch. Even though there's a mismatch in the "strength" of opponents, they both let each other talk and keep the discussion respectful. They're discussing real issues, and how to address them.
Larry seriously thought that appealing to Jon's sense of loyalty to his corporate overlord was going to stop his line of questioning. It just made him more angry. Did...did you think that Jon has no integrity, Larry? He's not an economist shill-for-hire like you, bud.
People who themselves don't have integrity are often surprised when other people do.
@@Aaron.Thomas Perfectly stated. I see the term "virtue signaling" constantly thrown around by the right as if virtue doesn't even exist, as if it can only be signaled disingenuously for personal gain. They simply cannot comprehend that some people have integrity and want to do good things for its own sake.
@@Fred_Lorz 💓💗❤ Correct Sir. Thank you for saying this "out loud". There are those of us who are born knowing right from wrong 💖 and who navigate this life by making our decisions and choices based on what is in the highest good for ALL, to the best that we can discern. (This is not necessarily "profitable" ($$$) in the least!) Appropriate priorities, "integrity and doing good things for its own sake", is it's own reward. 💛
I don’t even think Jon was angry. He’s that intellectually superior.
I think Jon has very clearly moved on from being "just a comedian who talks about news" to being a self made journalist. He's able to lean back with his body and stay calm even as the people he's interviewing get defensive. The sharp and cutting questions are everything we're missing in many corporate outlets anymore.
He has always been this way. Even on the Daily Show. Not sure what you mean at al.
You don't give him enough credit for his past deeds
@@mdillinger2010 look back on his interviews where people, yes, treated him as a journalist. He would reply, along the lines of "but I'm not. I'm a comedian. I'm a satirist."
His interview with Tucker Carlson over Crossfire was a tipping point I feel like. Where he was still the funny man, but in that moment he was no one's monkey.
He seems to have let go of that caveat.
@@brawndo8726 don't make assumptions based on your interpretation of less than 100 words
Stewart battles these quys with brains and composure. I would love to hear what they have to say after Stewart is done with them. " I thought that went well." Yea right. Go Jon
Lol he really thought Jon was about to defend Apple 😂
I always love when Jon simply repeats a question over and over again when the other person keeps trying to dance around it.
Jon is also very good at dancing around as well and ignoring key points to suit his narrative. It's easy to get behind Jon's arguments because they speak to us (the average citizens) even if the argument isn't always sound.
@@amanasd26 are you implying that in this clip his argument is not sound? Then please tell us exactly which argument and why.
@@ricardoaraoz717 Parts of Jon's argument are sound while others are not, I will provide a more detailed response when I get a chance. One of they key problems here is both sides entrench themselves in their point of view refusing to see the merit of the others explanation. Summers with his old school approach to economic problems and Jon who panders to his audience. Both have some good points to make, but the convo is so surface level it's impossible to go into minute details. It also doesn't make for good tv.
@@amanasd26 "point of view refusing to see" - so if a thief's point of view is he wants all your money and your point of view is you will give him none, then both sides shouldn't entrench yourselves in your points of view and you should give the thief HALF your money?
"Summers with his old school approach to economic problems and Jon who panders to his audience" - so Summers has an "approach to economic problems" whereas Jon just "panders"? I can clearly see what your way of not to "entrench" yourself in your point of view is. Just BS, go sell your snake oil somewhere else, will you.
@@ricardoaraoz717 way to just learn harder into your own biases, not even remotely the point I was trying to get across. Honestly I don't think you were ever trying to engage in good faith.
Thank you, John. I’m an economist who has been a critic of Larry #%$@ing Summers for 20 years, but he remains the go-to for the media whenever they need an “expert” economist (an obvious oxymoron). I was afraid, when I started watching the video, you were interviewing him as a legitimate authority. Apologies for my lack of faith! Thank you for this brilliant takedown of a true charlatan.
Btw, wtf was Larry constantly looking at to his left!? Just the tics of a pathological liar, I suppose.
yea, i'm really liking this... it's a legitimate discussion. you almost never see that in media anymore.
I'm sorry about what has become of your profession. I have friends who are economists and they are endlessly frustrated. I hope some day economists like you guys can bring the profession back into being a science rather than "financial homeopathy" as my one friend called it
I think he was looking to the left to see if a producer or someone would intervene after asking John about apple and that not working as he expected
Exactly! I have never worried about someone being legitimized until I saw this thumbnail. I am so glad Stewart actually stood up to Summers.
Jon is so out of his league, Larry treated him with kids' gloves and still managed to humiliate him deeply. Jon should really pick up an economics textbook before debating a distinguished economist. This was embarrassing to watch.
On this episode of "I know more than you" By Jon Stewart. Jon, just run for president already PLEASE!
Whenever I am having a frustrating day I watch this and cheer up just a little. So glad your back John.
I love how Jon keeps bringing Larry back to the important points that Jon wants to point out.
I love how Larry keeps bringing Jon back to the important points that Jon wants to point out.
@@marca9955 came here to say this
The important points are way over Jon 's head! There is no such " price gouging" that is a term that communist propagandists made-up. EVERY price is set by supply and demand, unless you're in a communist economy. No one is going to sell anything for less than the market allows! including you , him and Bernie Sanders.
I think Larry was self-aware and just didn't have enough shame to stop himself.
A lot of Larry's points are rationalizations in defense of the status quo.
Larry Summers continues his efforts to reinvent himself as the voice of monetary prudence.
He hopes everyone has forgotten how he, Robert Rubin and Alan Greenspan ushered in the era of ultra-low interest rates and financial repression that we have now lived under for 20 years.
His actions - for which he was happy to take credit at the time - led inexorably to the predicament we find ourselves in now.
Couldn't agree more. These so called "experts" cook up a solution (action). Then the general population has to deal with the reaction. Their problem solving ultimately leads to pain, suffering, and desperation. Genius
Larry summers is nothing more than a cold winter
Excellent interview. Hope people are getting how rotten this system is.
when Jon says "let me flip that on you" and Larry's smile fades *chefs kiss* loved it
Does anyone else get an eerie feeling when he brings up how wealthy he and Jon Stewart are, almost like he's saying"your rich like me, so you shouldn't complain." Also, how he brings up how Jon's shows on Apple almost like he vaguely threatens him is creepy and eye-opening to how these people operate.
He's trying to call Jon a hypocrite, but Jon's honesty disarmed that character attack
every one's skin crawled at that blatant attempt to shut JS up.
Oh my God his face when Jon said yes to "Do you feel like Apple is gouging?" 😂😂
He really thought there was going to be coorporate censorship on Jon. He was looking around to see if someone was gonna come running in and stop the interview. 😂
I heard, “you have a corporate overlord that is making a profit; dont you fear your corporate overlord?” “NO!”
Apple’s middle name is overpricing!
😂😂😂
Thank you, John! You are the only person I’m hearing talk about this. Everybody on the news just keeps repeating the talking points about how they’ve got to get inflation down and they’ve got to do it by putting people out of work. It never has made any sense to me. Thank you for speaking the truth!
Jon is a national treasure! He can sit with and outhink and outsmart people in power withn their sphere of expertise and expose their hypocrisy.
Thank you Jon for shining some light and making this goofball stutter
As a worker bee what has killed me for the last 23 years has been flat wages. My wage increases have been small and my healthcare cost have been insanely high. The last few years has just been crazy town. Fortunately my health is good. The CEO of my company has done very well for himself, but companies certainly don’t share their success with its employees.
If only there was a system where employees owned the means of production. Then the workers would enjoy the fruit of their labors instead of the c-suite enjoying the fruit of the workers labors.
In Canada , those companies where called CO-OP , for cooperation, and workers all had put down a small amout of money so they could save a company. Then it worked so well that they thought, we are going to hire some CEO's that are more educated than us so we can make more money together. Unfortunately you can all see what happens next, the CEO bought out the companie from the workers, a small share at a time, and HE got richer, and bought out more workers, and before any of the workers that were left noticed , it was back to the beginning for them . And the they are replaced by ROBOTS. ......
@@muslalah5567 Agreed. What we need is a system where the means of production can be owned by the workers by allowing them to purchase pieces of the company. To protect against risk, allow the workers to actually buy pieces of thousands of various different companies, not just the ones they work for. Call these little pieces "shares", maybe, and then give preferential tax treatment to those workers that want to divert a piece of their income to purchasing said shares through a company-backed plan named after a section of the tax code. 4...0....1....k. Or something to that effect. Maybe some day. One can certainly dream lol.
So you wanna fix the problem by going back to the easy money policy from the past decade that got us into this mess? Of course corporations are gonna have record profits when the government is dropping money from helicopters. The major problem with affordability in the country is housing prices and rent. The housing bubble was in part created by cheap money and low interest rates. It was basically a Ponzi scheme that makes us believe were richer than we actually are.
@@doctorpoopypantz6003 I think you might be conflating capitalism with the free market. Regardless, have no fear! I’m in the process of starting a worker cooperative, and might try my hand at consulting companies whose succession plan would be an ESOP.
3:09 "talk to African American voters, talk to Hispanic voters, talk to voters that don't have college degree, THEY think the problem is..." This man really just told us all a lot about himself right there, lumping all those categories together
Thanks Jon for this.. Keeping them on topic is one skill our media fails at so often.
The prioritization of corporate profits over employment is just one of many ways classism is baked into our financial system.
Pulled him into the deep water there, Jon. I'm glad you're out there speaking for people, please don't ever stop.
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There are other ways to keep the labour market tight. Cutting legal immigration and cracking down on illegal immigration would be a big one.
But funny, don't see Jon proposing that fairly obvious idea and somehow I doubt he will do it in the future.....
@@StormInATeaCup35 And what percent is that? and you’re still not addressing the problem of the fed wanting to cut jobs
@@StormInATeaCup35Mate. If you have time to write a sarcastic ‘gotcha’ comment, in the comments section in RUclips, but you can’t find 5mins to chew Jon out on any one of the numerous points he’s made, what’s the point of the ‘gotcha’ comment?
Bud. The man’s been a beacon of incorruptibility since 1993. Measure your public credibility against his. I know mine would fucking measure up! Put it away & have a listen. He’s not here to entertain. Right or wrong, he really is trying to find out what’s wrong with things and it’s never always immigrants & unemployment. ❤️
@@richardhadley6243 Lol you done bro? Got your feelings hurt bad over 2 sentences LMAO, go back to minecraft limp wrist
We need more of this. Someone respectfully asking the real questions. This is a healthy win-win.
We need more Jon Stewart interviews.
Absolutely dodged "Corporate profits are 50% of inflation"
it's probably closer to 100%
I think I heard Bernie say 60%
No matter witch of you is correct, it's still a massive problem. Even 10% would be a real problem.
I'm with Yeetyeet on this one though. Inflation is caused by corporations, big business, and the federal reserve all working together to keep slave labor, while they feed hate to the nations most gullible (bigots) so that we won't stand together and take down our mutual oppressors.
Thank you Jon...why more people don't mention the fact that these businesses are having record profits is beyond me.
Exactly, I've been telling my friends and family. All these big ass companies just do is raise their prices even more so they don't take a loss, but we Americans do.
Uhh because that's not the cause? Are you saying businesses have never had record profits? It's literally in their balance sheet to have record profits every year.
It's like saying iPhones get better every year
@@midgetwars1look at the egg industry, they went from almost out of business from the bird flu to making record profits! Btw many of these egg distributors never got hit with the bird flu, they just raised the prices to gauge us. Hopefully once Republicons are done with their dumb hearings and investigations they can look into that.
@@midgetwars1 Using the pandemic as an excuse is a first. Are you seriously bootlicking right now
@@midgetwars1 "Uhh because that's not the cause? " It's certainly at least one cause. Corporations can produce record profits either by raising prices or cutting costs. The fact that inflation was so bad shows pretty clearly that they did so this time by raising prices. Why is that so hard to understand?
Jon Stewart is a national treasure and must be protected at all costs
The way Larry Summers said "First, Jon, inequality is a _terrible_ thing" at 1:20 made me want to crawl out of my skin.
Also disturbing how at 1:30 he reminds Jon they're both rich.
@@kevinmathewson4272 "...but you got to admit, Jon, you and me, we EARNED the right to be on the wealthier side of inequality. Right Jon?" nudge nudge.
"I don't think it's a tenable view that all of a sudden, corporations got greedy". Correct Larry, they've been greedy for decades and decades, eroding and slowly suffocating the US economy with trying to constantly squeeze for more growth and profits, rather than valuing sustainability and solidity. The US have socialized banking and financial losses for decades, and pinning the bill to the workers. At some point, it's going to give.
What you describe is a global phenomenon.
Not only does it drive up the cost borne by the public, it's profit without product. They don't make real shit anymore, they make money off of making money, and falsely inflating the price of stock. Innovation stagnates, so they cut labor to drive up their share price, the existing products they still have go down in quality, but with limited competition due to corporate mergers, this new lower standard is passed off at a higher price to the consumer, because of "demand". And then they give themselves a pat on the back and a massive bonus after every fiscal year for being "the best business boys". Wash, rinse, repeat.
At 67 I would have to suggest this policy was already at work when reagan came on the scene. He just turbo charged it. 20+ interest rates.
If what you say is true, inflation wouldn’t have so suddenly shot up.
@@johnnywapstra9973 : Yea. Capitalism is a global problem that's greatly exacerbated by conservatism (and a large amount of regressivism lately). Capitalism, in particular conservative-capitalism, is a greed based system of wealth distribution. It immediately creates a class system by making The People reliant on the Capitalist. Thus the Capitalist naturally becomes an authoritarian, whether they wanted that or not.
Some few will handle that position with some amount of wisdom and dignity, but most will become corrupted by the greedy nature of capitalism.
Thank you Jon Stewart and team for coming back and actually challenging these people in interviews in a way they probably haven't been in 30 years.
The only thing challenging was making sense of this dishonest edit lol why they duplicate the clip of Summers moving his mouth sideways and blinking? They also showed disconnected reactions, you can tell by the posture. What gives?
@@theofficialmascot Being skeptical of media is great. But dishonest how? Did you watch the full interview or find Larry Summers complaining about how xyz point was left out? Cutting down a longer interview to a ~10 minute form factor is youtube optimization 101. Doesn't mean the producers maliciously changed the nature of what was said.
@@jayff0000 they did a double clip of the jaw move, prolly cuz it makes Summer look bad. Also edited composition of sentences Jon saying, different from related response Summer displayed. That, is outright dishonest.
Well, twenty years, at least. This reminds me of Bernie Sanders vs Alan Greenspan in '03.
@@theofficialmascot Oh, look, the official corporate mascot. You can't comment on the validity of the actual arguments, so you try to distract with inconsequential details in the editing.
Jon is absolutely and 100% correct. Greed at corporate level is a major factor in driving up inflation
As an economist it was satisfying seeing Jon nail Larry Summers on his fundamental failure in defending neoliberal economics as a working philosophy for today.
Love how Larry Summers tried to act smart by bringing Apple into it and Jon spun it around on him back XD
Where did he spin it back around on him though? Summers is right: Apple is able to charge $1k for iPhones because consumers are willing and able to spend $1k on iPhones.
@@mlh5434 He spun it back by reframing the argument after already "biting the hand that feeds him"
Summers: "Do you feel Apple is gouging or doing something wrong?"
Jon: "Yes!"
Summers: (Continuing to push that angle knowing the dynamic at play here) "Let's talk about Apple. Do you think they should just sell phones for less and not have enough phones. What would you have Apple do"
(Where Jon turns it around)
Jon: You're saying that market forces are market forces (prices are set by supply and demand), but that workers shouldn't be allowed to use the same capitalistic forces of supply and demand for their own benefit. (Because the levers our institutions are going to use to tackle inflation will increase unemployment and undercut workers' ability to negotiate higher wages). Which he's arguing is wrong given that rising worker wages is not the main contributor to inflation.
Timestamp 6:13
@@FlyingSpaceCow This may be due to Summers' equally flawed understanding of what causes inflation then. Inflation is caused by one and only one thing: an increase in the supply of money. The Fed monetized trillions of new government debt in 2020-2021. That is what will spike iPhone prices, corporate profits, and wages. The Fed is now trying to "cure inflation" by simply....not adding so much damn money to the economy like it did. It's basically like hiring an arsonist to put out the fire.
A wage-price spiral is merely the RESULT of inflation, not the cause. Neither Jon nor Summers seems to understand this. I think Summers is probably closer to right, but he still has a long way to go. Both seem to be saying "I have a flu: 30% of it seems to be caused by this sore throat, another 25% is due to this runny nose, etc." and arguing whether the sore throat is worse than the runny nose. Those are SYMPTOMS. Focus on curing the disease of money-printing instead.
@@mlh5434 Except Jon completely understands what causes inflation. The point he was making is that the inflation of prices was far and above what it should be. A lot of that was made up of price hiking by corporations, which is true.
Dude, people were struggling through the pandemic and somehow corporations became more wealthy than they've ever been. That's because they were absolutely price hiking. The reason Jon brought that up is because the Fed is only able to/allowed to attack inflation on the consumer side by causing unemployment and keeping people from borrowing money. There seems to be no answer on ensuring that corporations are limited in how much they can price hike.
@@THE_BEAR_JEW You're still talking about symptoms here. Corporations always will (and should) charge as much as possible for their products as people are willing and able to pay. Their job is to make a profit for their shareholders, not to engage in "altruism". Any company charging less than the market will bear for its products should fire their CEO or replace their board of directors.
"the Fed is only able to/allowed to attack inflation on the consumer side by causing unemployment and keeping people from borrowing money"
Restated: "the Fed is only able to/allowed to attack inflation by slowing down all the money printing they should have never engaged in in the first place".
Inflation is an increase in the money supply and nothing more. Price increases are not inflation, they are the result of inflation.
I am so glad that years after eviscerating journalists for doing a shoddy job Jon has taken the wheel and shown them how it is done.
Jon is the living embodiment of 'Power to The People.'
Thank you, please keep the information coming because it truly helps me to understand and think much better.
I never seen anyone killing it as Jon consistently does
There was no killing here. The discussion was loud, but on substance Jon killed no one.
Joe rogan does a better job
@@taLLdavidproduction Rogans a jerk.
@@taLLdavidproduction You mean the guy that claims he doesn’t fall for BS but at the same time started repeating false statements from 3rd hand accounts about kids using litter boxes in school bathrooms?
@@TerriblyNice_Not killing it: do something extremely well. Idiom. Informal.
He absolutely had him when he flipped Larry’s point back on him about the labor market. It was a perfect response.
I love when they realize it and refuse to acknowledge it to the point of ludicrousness. It's like a toddler arguing with a parent
Larry ALWAYS blames the labor force for everything. It's never about corporate greed with him. To him: labor bad, corporate greed good.
@@juju-xx5xn Greedy little workers, wanting a livable wage... how dare they!
I love it! Call them out!
You are the best, Stewart! 👽♥️♥️♥️
This was incredible. I think this was your best interview ever.
Larry Summers is a REAL piece of work. His vile, evil greed just exhumes tremendously. I wonder if he even realizes it or just doesn't care.
That endlessly smug, condescending smirk tells me he completely realizes it. He just enjoys watching the rest of us drown.
Yep these are the type of people in charge of Reserve
@@lip124 And he throws in the little - inflation is caused by (among other things) increased wages b.s. The working stiffs have been getting hosed for decades now while his ilk is raking in cash. But these clowns are never going to change the system because they'd lose their death grip on the economy. We're f----d as long as we let the oligarchs keep on doing what they do.
He has to know he's lying. The way he slows down his response so he can carefully choose his words, he knows Jon is right but the contempt these people have for workers is extreme.
It's like he thinks that he's saying something genius, while the rest of us look at him saying woah do you have no heart or empathy.
As an African American voter I’m more concerned about price gouging than inflation.
Best estimates indicate that over 40% of inflation is being driven by price gouging.
@@CoryPchajek, they should resist the impulse for short term gain, as it ultimately kills their golden egg.
As a white man I cringed when "Larry" pulled the Black/Hispanic card 😂😢
@@nuance9000 PAINFUL! Gotta love it when racists pretend like all black and brown people are a monolith that's on their side.
@@nuance9000 Yeah...I felt the same way, he was completely pandering and condescending at the same time.
John Stewart needs to run for office. He's got my vote
Go John! We the people thank you from the bottom of our hearts.
You are talking to a brick wall John. I admire your tenacity and I love you for it. It's important to see just hopelessly out of touch the people in charge of controlling our economy arrrgh
To be out of touch with the plight of the working class...is intentional...class warfare made possible now for decades now
Am afraid they ar less out of touch then you expect, they are just not serving the interest of the public or economy as a whole but are min-maxing capitalism for corporate profits
@@desktopdesign7196 : Conservatism and Capitalism are both inferior and ultimately broken systems at their core. Mixed together they are a deadly poison, and that's not hyperbole. Together they are literally destroying climate and habitat we depend on for humanities survival. The movement of capitalism is greed, and greed is an intrinsically destructive force. One that has caused this worlds 6th mass extinction event.
Whenever I hear Jon speak I am always amazed about how fast he can think on his feet and communicate those thoughts succinctly and completely. DAMN he is smart! Summers is no lightweight but Jon has no difficulty in toeing up to him.
Summers is a lightweight, though. He is a lucky buffoon.
@@andrewlocke6103 President of Harvard? Lightweight! (Oh, the internet.)
@@LichenAndMoss, simply a well-connected buffoon. Because he plays the game well doesn't mean he's not a buffoon.
Agree. I was so impressed with how Jon was able to not take Summers’ attacks personally and he continued to drill on Summers’ beliefs.
Been watching Jon for years, and he has no problem standing toe to toe with architects of BS like Larry Summers and his ilk!
Thank you Jon!
Thank you Jon.
When Larry states that corporations didn't just become greedy overnight I would counter argue with yes you're right....they're ALWAYS greedy and will take advantage of any situation to make more profit so in the case of the pandemic all they had to claim was "supply chain issues" whether or not it was really causing an impact on the price of production.
@Abitofsanity agreed, and governments are designed to serve the people, "off the people, by the people, for the people", but expecting them not serve big capital is silly
Capitalism is a naturally greedy system of wealth distribution. Even good and honest people are intrinsically corrupted by Capitalism.
Conservatism and Capitalism combined have even created the worlds 6th mass extinction event.
I don't remember the last time I saw an interviewer regarding their subject with such unguarded contempt and I love it.
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Thank you, Jon
Thank you Jon!!!
I love the look on Jon's face when Larry is giving him that condescending analogy.
Designed to Fail | Keynesian Economics | ruclips.net/video/7gQdytPlWHw/видео.html ?vdsafdfdas
That was condescension that grew unchecked with no natural predators around for too long. The condescending that roamed during the Pleistocene. I was in awe to see it, I’d only heard of such bloated senses of self worth.
Cheers!
@@0ddSavant Damn, son, that was nearly poetic.
I miss You Jon, Please don't ever leave again and live forever, you are irreplaceable.
I remember the dread in my gut when John left the Daily Show shortly before the campaign for the 45th president started. It felt way too soon.
Thank you, Jon, for not letting Mr. Summers’ wave his arms to dismiss the difficult questions. It seems to me the corporations are getting their bread buttered on both sides by Fed actions to fight inflation. On one side they are getting windfall profits for no additional capital expenditures (don’t have to build extra capacity just raise prices) and then the higher cost of money makes it harder for a potential new competitor to borrow money to build new capacity to enter the market. Duh . . . does that mean we don’t make the economy larger to benefit more people be rather just funnel money up to the rich?
Friendly reminder that Summers is a democrat that worked for Obama, Clinton. Just in case any Blue MAGA types want to call him a Republican.
No, because the economy is a bathtub that would overflow if you put too much demand into it... If you wanted a bigger bathtub, you'd have to pay someone to do it for you - so why not just let the kids remain unbathed and save the money for yourself?
@@dayegilharno4988 it's actually the opposite, there's not enough water but instead of getting more water, it's easier to hoard it and let the kids remain unbathed. It's simpler and easier to allow wealth to accumulate through corruption, scams and gambling then god forbid come up with solutions to create the products and goods causing the inflation and perhaps pay the poor for doing so. The incentives are in the wrong place, the solution is for companies to be more valuable for doing less. This is crazy , goes against the free market and is more a form of socialism for companies.
Did Corporations tell the Treasury and Fed to be so (fiscally) accomodative during the Pandemic? Absolutely not. Blame where blame is due, at Congress and the actions of the Treasury and Fed. Those bozos, enacted by Congress, under the dangerous spell of "Group Think", spent many many times in excess of what say Switzerland or Germany did per capita (during 2020/2021). Go look that up, I did. And hence you have the issues you see today. Rampant, endemic inflation. Thank your collective Congress people for making everyone's life hard. Free money, is a disease we all just learned about. Now we know what Argentina feels like.
Don't blame companies, they are not higher on the food chain than the people who are at the root of the problem which was not really touched on properly in this video.
Sure will companies take advantage of a situation and soak in the money. Of course they will. The guy drinking all the free 40 oz beers , does he know how to harbor money. Of course not!
Spot on!! Exactly. Institute price controls to force them to increase capacity to maintain revenue. This will help address demand and reduce inflation. All without increasing interest rates.
Summers is wicked smart, a MIT university student at age 16, youngest Harvard professor, a debating champion, so it is so impressive watching Jon Stewart tackle him in his own arena like this and come out victorious. He seems to be able to make rings around everyone.
I will say that you have to keep in mind that this is very edited, so it’s possible that they made him look worse then he really was.
I’ll also say, goddamn this guy looked really bad here lmao
@@IAmTheRealHim Just stop. Larry has been at the beginning of every bad economic decision starting with ending Glass Steagall. I don't know why some of you are still buying into these lies.
We just had this philosophy fail catastrophically, again, with another banking collapse.
It helps when your opponent has to defend the indefensible.
@@robertnicholls9917 wtf is your problem? I don’t know anything about this fuckin clown, doesn’t mean it couldn’t have been purposely edited to make him look worse. That’s all I said, didn’t support him or anything. Go for a walk or something dude…
the truth shall set you free
Jon is amazing
Larry Summers is part of the ground zero for the 2008 crash. It's amazing that he still walks freely and still operates in highest of financial circles. He is clearly useful to the top tier and therefore untouchable. But he will never go talk to Jon again, he is not used to being asked hard questions. It doesn't take a body language expert to see his desperate attempts to cover his ulterior motives.
It was disgusting to watch his interaction in this interview. Summers was so nonchalantly manipulative, misdirecting, and espousing obvious logical fallacies, not to mention *contradicting himself* multiple times. Pathetic, pathological, and paving the path to hell.
It’s not amazing, it’s par for the course of how our society and economy works.
@Brett Raud I think the same thing every time I see him on camera. I don't think Jon asked any hard question though, only ones designed to enrage ignorant people. Even though Larry is an enormous cause of the issues he's sadly mostly correct on the solution to them.
Lock him up
true story !
I worked in mortgages at the time of the 2009 crisis. I recieved desperate calls from people who lost their homes. They were desperate. If you helped the borrowers at that time it would have helped for a quicker recovery. Maybe higher home prices but at least people would not have lost a roof over their heads and their home. Realtors snatched up all the homes, it stunk up to high heaven.
Now most of those properties are being rented by corporations.
Realtor didn't snatch anything but their commissions. REIT's like Blackrock bought these car's and are wholly responsible for the ridiculous rental rates right now. And when the dust settles front this current ' correction' the REITs will a quite even.MORE properties .
Listen Stewart. ' Our profits have never been higher."
@@patrickdugan2929 Realtors knew the price and time of them being auctioned off on the courtyard steps. You had to provide certified funds at that time. Guess who showed up wirh cashier checks? The realtor representing the property. They in turn sold the homes or kept them for rental. This was 13 years ago, Blackrock type investors came in later.
That was the plan all along! What's the point of creating a depression without concentrating more wealth for the few?
@@lydias2012 Auctions are not secret and auctions on the court house steps are usually for taxes. Banks around here (San Diego) were sending these foreclosures to big liquidators and advertising the auctions like crazy. What I saw was a lot of foreign investors, mainly Chinese.
Jon Stewart is just amazing. Please never stop doing what you're doing, calling this BS out is exactly what we need and, people like you are is what makes me believe in America again.
Love this!