100 thoughts on “Economic Update: U.S. Economy and the Market

  1. In my mind I didn't seperate the Market and Capitalism, so thanks for explaining that important distinction.

    Also, I really liked the example of the family on Thanksgiving. Nationalists often use the notion of familial love to support their made-up community. But in reality, international solidarity and cooperation as you'd find in a socialist society is the only real practice of that theory. That's what comes naturally to us. We are not as egotistical as people supporting capitalism try to make us believe. Cooperation is our instinct, because it has proven itself to be useful in most situations. It wasn't competition that helped our species survive for thousands of years, to eventually settle on all continents, thrive under all kinds of harsh conditions and create civilizations. It was cooperation, first and foremost.
    No single person did that. It was a team effort.

  2. I look forward too going backward . As long as no one profits from it . I have quite the resentment herring young people say they would have no conscious taking everything I worked for all my life because you said it is wrong to do it that way . Give them yours professor .

  3. Doctor Wolfe could you address hopefully in your next show if you're able about the banks loaning 75 billion and then bring him back within 24 hours they did it 4 times in one week and they're gonna continue to do it till oct 10th

  4. Great job as always. I've always had a problem just imagining what a system might look like with a good without a market. A voucher! I wonder what kind of waste was produced during the second world war compared to before regarding vouchered goods. Were needs met? What were the pitfalls, advantages? I need to get down on some history. Thank you!

  5. I used to live in a pure socialist country for 40 years and everything he said only in theory sounds good but in real life doesn't works at all. The Communist Manifesto and das Capital used to be Bible for us

  6. I may be a sucker, but this man seems brilliant. I still don't see how we can break from this model of markets unless we discover unlimited resources and unlimited free labor.

  7. If we applied true socialism , sometimes called scientific socialism, because of contradictory value system of developped use-value , opposed to exchange monetary value of capitalism , the out-dated system will be put to bankruptcy by people flogging out of that corrupt system today, known to many !

  8. Many peoples mindset is screwing over or pulling the wool over others eyes. After many years this is the way life is, people behaviour it will NEVER change. Utopia I have to make it myself. That is my economics theory.

  9. A Black woman with a public health background is the new president of the AMA. She is exposing the schism between internist/ primary care providers and surgeons & subspecialists.

  10. I hear about new economic trends first from Dr. Wolff. And then weeks later others talk about the same events. Only less the details and accurate analogies. My go to guy for economics. Please support Democracy at work and economic update. And all of Richards work.

  11. Excellent video, Prof Wolff. I have a question, what set the market price? Is it supply and demand? And if companies buy back their own stocks, then how does that increase the value? Because of less of the stock in the market?

  12. Since the begging of cities our life has been forfeit to the power that makes our reality. Own do the your a fantasy, the ruler is your life and reality.

  13. Get a hold of reality, no matter the name of rule, we are never anymore than slaves to the rulers of our country. slavery.

  14. Thank you Prof Wolff for clarifying why we need rules and regulations in order to have an organized, fair and loving society, instead of just a free market for the wealthy.

  15. The terrifying reality of Neo-Liberal ideology, is that it doesn't believe in society. It's an ideology that believes that all human interaction should be reduced to transactions, and it even suggests that markets are the true model of human nature,and anything which attempts to intervene or regulate the market is illegitimate.That means: no government, no politics, no social safety nets, no education,no community.

  16. Economy is a disaster,been that way for a decade,cooking the numbers doesn't change that,didn't work for Madoff,won't work for big govt.

  17. Sir,
    Would it not be posible for the United States Government to look impartially at the Uk or Irish system of Social Welfare
    Doctor Hospitals Widows Widowers Orphans Foster Children State Pension contributory/non contributory Unmarried/unmarried Fathers /Mothers ect ect ect
    there has been a system of S/W in Ireland since the Emergency ie, 2nd WW and S/W system in the UK 1946 at point of contact
    In Ireland we have a Drug Payment Scheme where no Family Unit will pay more than€160:00/month. A deal worked out with all Pharmaceutical Companies some American, European. and others. and our Departmentof Health/Government.
    we are a Social Democratic Capitalist Economy
    Irish Citizen

  18. Hardcore Absolute Fact: wages are not livable, apartment rent not affordable, housing not obtainable, work quality chronically low, college degrees not being honored, desperation immigration labour from other nations unwelcome and not American!!!!!!

  19. Man exploits Man because it is in its very NATURE. You can set up ANY Man Made System of Governance You want: the result will ALWAYS be the same: Exploitation and Murder by Man to Man. Homo Sapiens Sapiens will go extinct. It is its destiny. Earth will survive us. Extinction is a work in progress for Homo Sapiens Sapiens. How many species disappear in a year and every year? Thousands and thousands (make your OWN research). So Homo Sapiens Sapiens in an extinction process makes you "emotional"? This is no biggy! When your mum and mine offered us life, she offered us death as well. No biggy! We can enjoy what we can for now. Have you ever seen those brothers and sisters fighting for this preferred drumstick? Yeah, this kind of fight you can witness IN EVERY HUMAN FAMILY ON EARTH. It tells you what Human Nature is. Extinction will solve this problem called Homo Sapiens Sapiens…and YES JOOS are Homo Sapiens Sapiens as well and will disappear just like the rest of us Goys. The US of (A)IPAC : https://www.youtube.com/watch?v=lZ0oRf0PkUQ&feature=em-uploademail

  20. Prof Wolff, please do a show explaining why the Fed is dumping $75Billion per day (until October 10th) into the repo market. This seems unprecedented and has me very alarmed.

  21. Taking the Economic Pulse of Community Broadband https://www.bbcmag.com/community-broadband/taking-the-economic-pulse-of-community-broadband

  22. Community markets do work for citizens and neighbors to help each other in long-term relationships and build community based on trust. They're a very good way of trading resources and helping each other freely, humanely, and creatively. The problem comes in extractive capitalism/neoliberal economics and we need regulation against known issues (monopoly, concentration of wealth/power of oligarchs) and to give a better welfare and social contract for all (nonexcludable), especially the poor.

  23. So how does the dairy farmer make it worth his while to go thru the pain and labor to produce the milk. How does the farmer get rewarded for his efforts?

  24. As long as i have "job" how does the market effect me a normal person. At this point i do not care if we have a economy has crisis. Only Rich and Smart people who INVEST CARE. Why should normal people care? If nobody has a job then the economy will not work and then we all will have a crisis. Think about. even if its only "one statistic" it is the most important one. What america might lack such as better health care a normal income can provide our base human needs. So where is the crisis because in everyone's daily life i do not see no crisis in our economy just old people saying CRISIS OH NO!

  25. So where's that economic collapse that Professor Wolff been predicting now is imminent for the last 3 years? The same professor Wolff that rails against capitalism but admits that he has his own 401K stashed away.. I love professor Wolff most of the time but he's got to stop acting like the wolf who cried "oh boy".. once too often😲.lol. credibility is a difficult thing to gain back.. once it's lost.

  26. Thank you thank you – Thumbs up – Dear Professor, you are arming those of us who are ignorant and willing to take action. Thumbs up and subscribed.

  27. It's truly sad that so many people are so ignorant, that they can be convinced by Socialist Charlatans such as Richard Wolff, that Capitalism is the problem when those of us in the United States actually live under Corporate Fascism. When corporations gain favored status thru lobbying and the revolving government/corporate door, Corporate Fascism inevitably ensues.

  28. I got a prevailing wage job 80 hours worth it was 3 times my normal pay.. I was expected a pay raise after 90 days I’m now employees for 8 months. When I brought up the fact I haven’t received my pay raise. Between .50-1$ a hour. I was told because I got the prevailing wage they held off on my raise.

    So a union boss fights for works to make X amount the union paid us this wage now. Today my employer hold it over my head to pay me less.

    No worker power this world is bullshit.

  29. I like him but sometimes I think he needs to actually want to see the system changed. He doesn't go deep enough into the issues to envision a alternative economic system. I'm very anticapitalist and agree the market is one of the most evil aspects of capitalism. I would ask the professor if a system of mutually beneficial exchange using contracts , or just cultural practice in smaller cases, would be a solution? If you look closely between the relationship between plants and soil microbiology you can see this beautiful, win win, wealth building relationship. I was involved in medical cannabis here in CA back when it was supposed to be not for profit and anyways would tell my grower friends of my plans (I still have them) of starting a cannabis biz that was not for profit that used mutually beneficial contracts instead of exploitation between unequal parties as we have in the market.

    Maybe if we had a socialist government, and a population not zombified by the system, we could institute real change like ending capitalism in critical areas that effect lives and environment. The things you need, the Commons would be shared, protected, and expanded to include human intellectual advancements ( not property). Essential goods and services would be produced and sold at cost, not for profit. The government would be of and for the people, not a tool of the .001% to further strip the nation of its wealth and exploit people and planet.

    To make this break from the capitalist system I would say we need another currency that is 100% free from exploitation. Maybe the currency can be created for different purposes, bills with education art, bills with agriculture art, bills with homes on them, bills with roads, and so on. The money would be created by public banks and the governments/institutions wouldn't pay interest.

    Mutual beneficial relationships that bring surplus value, cannot happen under systems of hate such as Fascism, Zionism, racism, sexism, economic apartheid, and fear, domination, and control of the natural world.

  30. Thank you, Professor Wolff. For this program. I’m a numbers guy but nowhere near an economist level; still, what you say makes sense. Completely. I usually disagree, at least a fraction of a percent, of those I watch on YouTube, however, I’ve never once found you disputable. I fact check and let me tell you, if it takes all day, I will look into whether you are right or wrong. Do not get a “big head” but I have never once found your statements/reports incorrect.

    Listen to this guy! He may not save your life but his words may save your finances and your future.

  31. The complexities regarding the place of markets in a socialist system boils down to what is considered commodity production as outlined by Marx and Orthodox Marxists. That is why there is contention and debate about markets

  32. This man is a socialist democrat, imagine if hilary would of been elected, this china trade dar wouldnt of even had existance there fore china would of jacked the us for the entire life, California is a perfect example to what socialism can do to a beutifull place

  33. Trump needs to increase taxes to 90% on the rich like Eisenhower did in the 50's, this would put more money into hands of the poor and middle class, and do more to stimulate the economy. That tax increase would also help get him in office another 4 years. That would be a home run for Trump, even the liberals may like that.

  34. The reason health care is so expensive is because it is based on crisis care! Insurance should cover maintenance care also. You wouldn't think of driving your car without changing oil or other maintenance, but many people never check their spinal health, which can cause many disabilities.

  35. I am black jobless, poor, and looking for alternative on all levels. This show along with mounting personal health needs have driven me to consider becoming medical tourist. What are your solutions Dr. for the illegals and foreigners destorying the economics In the black community.

  36. You should have called this economics and markets for dummies because this dummy has learned a lot from the way the information is set out in a way I can easily understand. Thank you for reducing my ignorance.

  37. It ain't just the united states of america (U.S.A), but also canada (anglo-america), united kingdom (U.K) (anglo-proper/british isles), australia, new zealand (anglo-oceania). The whole anglo-west. Complicit.

    The owners-and-organisers (economic elites) should-and-will automate, its the playbook (the default centre-right). Why? Why not? Active collusion with the reigners-and-rulers (political-legal class), is the norm, not the exception or the feature, not the bug. Accept it, conservative capitalism/feudalism is dated, but liberal capitalist-proper and liberal capitalist varieties dominates-and-dictates in the anglo-west.

    No point being a (centre-left liberal keynesian) social democratic liberal conscious/conscientious capitalist, cause its dated and failed or is failing in the anglo-west, (left-wing) marxist/marxian views-and-values are so poorly understood that the socialist label is applied as a rallying cry by social democrats not for socialist interests-and-issues, so only (centre-left to left-wing libertarian marxoid) progressive capitalism is the middle-ground. The anglo-west is ahead of the european-west, so the centre-right was successful, whilst the centre-left has floundered or sunk, not flourished or swam.

    World war 3 (if the anglo-west survives, the nuclear fallout) will usher in the centre-left to left-wing, not centre-left (observably failing or failed), the "automation war" will usher in the left-wing. Maybe the european-west should join in, considering it will go from centre-left to centre-left to left-wing.

    I don't agree with your anthropocentric thinking, non-human mammals and birds are very intelligent, not given credit for it. Eggless vegetarianism/lacto-vegetarianism is the way forward. Not retaining meat-and-egg, only supplemented eggless vegetarian/lacto-vegetarian food-and-drink.

    You can't sway their hearts-and-minds via their eyes-and-ears. Undoable

  38. Excellent program.. . . .you are continually exceeding my expectations with your 'enlightened' commentary. It's too bad we have such stupid corrupt people running this country into the ground.

  39. Please the rich sucked the life out if the economy a long time ago now they have a straw stuck in the federal govt sucking up all with complaints they can't have the so called entitlement money as well.

  40. That people say there were no markets in communist countries or socialist countries, and there is a difference, is not ignorance it is denial and fraud so that people would be against those structures. As to regulations what do people think Hammurabi"s code, laws and even the Ten Commandments are? These are ways to tell people (and as we are reminded by the Right all the time that companies will treat their customers and employees right because they are owned by honorable people) how they should treat each other. We have rules and laws to keep each other in line why in heavens name would we not need them to keep owners and their invention the corporation in line?

  41. So glad I find this program, very informative- so happy I saw you on TYT then did my homework- will share and continue to follow, Thank you

  42. I don't think the reality of human endeavor follows so strictly along discreet philosophical lines. It doesn't seem to be always the case that someone who starts a business necessarily aims to pull one over on the next guy, in this adversarial type of way. Sometimes, it's just my mom raising two kids by herself who had some extra rooms in her house, that rented them out, and now after 20+ years of hard work and stress have a thriving guesthouse employing 20+ people. The aim seems to me in this case to be the best one can be (provide better service, planting a garden, etc.), rather than extorting as much as possible from guests, or out-competing other guesthouses. What am I missing? I guess she's operating within a "market"… but how can such a thing be "socialized" so to speak?

  43. John Stossel gives a sensible view on a lot of these points. For example his minimum wage video. https://youtu.be/JIKqN5z2Hh0

  44. Dear Prof Wolff, I have been watching your videos quiet a while now. I am from germany and I was very astouned of your left movement in the heartland of capitalism. Your videos give a little hope to me, as it shows left thoughts popping up all over the world. It is very interesting that the most critic of the capitalist system comes from the economists who used to be the best servants of this system. But it shows only the very bad situation capitalism has brought us into.
    In my opinion this video and explanation of the market and especially the "free" market is a master piece.
    It should be translated in every language, so people can see.
    I have another evil example of letting the market run wild for you.
    A while ago in germany there was the Oder flood. Everybody was in need for sandbags to keep the water out of their houses. There was a call for donation from the people to buy more sandbags, so they can help their fellow citicens in need. And guess what the prices for sandbags rised because of high demand, and they were bought with these donations…..this is insane and highly unethical.
    Keep on doing what you are doing. Thanks.

  45. the CEOS make that much more money because the owners dont car to pay a fortune as long as they can guarantee profit, so CEOS actually kind of write their own checks, and they make sure everybody else get peanuts.

  46. Today the gov`t released the latest data for the U.S.A. manufacturing sector. It was the worst data in ten years. So much for Pres. Trump bringing back high paying manufacturing jobs to the U.S.A.

  47. On the topic of Aristotle and Republicans:

    All vampires are only seen at night.
    Some Republicans are only seen at night.

    So, some Republicans are vampires.

  48. Wolff's is pushing an unbalanced view of capitalism. All he shows is how bad capitalism is. Yes it's adversarial in nature and yes you want to get the most out of what you produce and pay the least of what you want to buy. And yes it also benefits the rich….and he uses the ridiculous example of rich people with cats outbidding mothers with hungry babies for milk and how the rich will get the milk and the poor children will starve. The reality is that we have an abundance of food and obesity is the real problem under capitalism. It's the complete opposite of the example he gave!!! But the worst part of it….is that he fails at showing the good half of capitalism. That's Innovation, growth and prosperity and it makes available…products once only the very wealthy can afford and bring it to the masses. Something about how he presents his message is disturbing.

  49. Professor Wolff love your content straight to the point and the information should make everyone aware whats is going on.

    But for anyone who has not seen this on youtube watch this on cancer

    https://www.youtube.com/watch?v=qQKaCTdrmJc

  50. I'm surprised the doctors took this long to get on board for a Single Payer system. Their billing will result in much fewer headaches and less stress. Great news to see a decisive majority though! >=)

  51. If you could please run for president, I'd greatly appreciate it! Currently laid off, 40 years old, two children at home making half of the mediocre income I made at the job I lost (apologetically comforting my bosses who "had no choice" but to let half of us go – if they wanted to keep up that Jaguar payment, literally – as they ushered me out the door, but I digress.) Nonetheless, how do we change this thing? Are we just stuck? I live in the middle of nowhere, Missouri. We barely keep food and a roof. Most here are confederate flag-waving, Trump-loving, Alex Jones conspiracy-fed, Fox-raised, socialism-hating Midwesterners (though most couldn't define Marxism for anyone if their lives depended on it.) All compassion and understanding granted for the lack of diverse philosophical exposure/rough upbringings/undereducation/misplaced malice – but they're shooting themselves (and everyone else) in the foot. What do we do here? There's no getting through to anyone as to the math behind the robbery we're experiencing – that myself and all these other, poor and destitute gun, bible, biscuits and gravy loving families (who are largely, very hard-working) are suffering for. We are going to collapse, society is going to buckle if the scales tip much further – and not due to food stamps or immigrants. There's only so much tangible wealth in the world and it's all being evaporated into the stratosphere of a micro-fraction of humanity. I can only vacuum my floors for so long before everything's been sucked up. Why can't the people suffering, that I'm surrounded by, see that?

    P.S. Just realized the length of my post. Apologies. Just a little frustrated. All the best to you and yours! Any insight into whether or not brainwashing is at issue and what/how to combat said brainwashing of the conservative, 3 times-per week church-going, working class – would be greatly appreciated, btw! Peace! 😊❤️

  52. Your Marist ideas have never gotten people out of poverty. Only FREE MARKETS have. Go ask the average Cuban or former Soviet what they think of Marxism

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