저자: Prof.RichardWolff · 외국인
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워런 버핏의 애플 지분 매도를 근거로 증시 폭락 가능성을 주장하고, 자본주의는 4~7년마다 붕괴하며 연준의 금리 인상은 실업을 만드는 잘못된 정책이라고 비판한다. 실업률은 실제 9~12% 수준이라고 주장한다. 출연자는 투자 조언으로 '전쟁·죽음·대형제약 주식에 투자하라'고 언급하나 이는 정확한 종목 예측이 아니다. 시장 전망은 불확실하다는 입장이다.
다듬은 글
hey come see us on tour we'll be in Chicago Grand Rapids Michigan duf Georgia right outside of Atlanta Jacksonville Florida at Tempe Arizona and Burbank California go to Jimmy door.com for a link for those tickets so I just want to show you how they covered this at Fox Business would call history say that we have never been down a thousand points ever not even intraday on the NASDAQ is that true that is true okay and down 6% right from the GetGo this is heavy heavy big Tech here we go look at them go down Microsoft is down 20 bucks that's 5% alphabet 5% meta 6% Amazon 6% Apple 9% now let's pull out Apple now this is interesting question uh Apple uh you know why because Warren Buffett took his money out so yeah if you could put this clip on the front end of that but did you see all those see all those uh all those companies are down uh and this is of course what Professor Richard wolf says it happens every 4 to 7 years the last time it happened was four years ago and here we are um here's what uh Ian Carroll says we'll probably see big Bank collapses this year and they will try to bail them out with our tax dollars again when do you acknowledge that the FED is the problem I just want to remind people that uh Joe Biden said he fixed this economy watch this late what do you so they ask him Mr President what do you want your legacy to be and he's going to say I fix the economy I Cur the economy I cured it environment he cured the economy and the environment he cured it's all cured it's all cured Warren Buffett just a couple of days ago sold uh like 50% of his stock in apple he now holds around $300 billion in cash a and they've he's his company has sold stocks like never before including appal so he was so what he's doing is he's be he knows there's a crash coming so he's getting rid of his stock and he's he wants to have a lot of cash on hand so he can buy up a lot of stock when every at Bargain Basement prices that's what that's about right absolutely and listen Warren Buffett's a smart man and most of you watching are just as smart as he is he understands that if he releases the information a few days ago which he is required by law to do that he has dropped his Holdings of Apple by 50% it's a screaming signal get out of the market this guy who knows what's going on he's just gotten out that's not a signal for people to jump in that's a signal for people to say whoa time for me to pull back and the irony is his action can control what happens in the market he's got so much money such as the 277 billion that any which way he goes you know drops the price of Apple because they can't find that many people to buy the shares that he's trying to sell so he's what's m what's called a market mover he can move the market knowing what he's doing of course leads him and his associates he's never alone to understand that if he dumps Apple down will go Apple down will go a whole bunch of others giving them the opportunity to take the money they got from selling Apple here and buy back twice as much of it for half the money you know three days later making a profit that will take him into 300 billion it's becoming obscene one person is shaking the entire economy you and I are sitting here trying to figure out meanwhile he's sitting there having the 14th minth julip or whatever it is he drinks and making decisions that are overwhelmingly look that's not democracy giving some people that kind of power while the rest of us are spectators at our own economic decline that's not a democratic economic system look capitalism has been unstable from its birth every 47 years the National Bureau of economic research a government body tracks them every four to seven years on average it crashes that means you're G to have a bunch of them in your lifetime or my lifetime or Warren Buffett's what kind of a system is this that we're either in a crash or worried about it every president wonders is it going to hit and drive me out of office is it going to hit a little differently and put me back in the office it's a roller coaster we're not children we can work this out we can manage an economy not to do this to ourselves that's the horrible irony here it isn't happening like hurricanes it's something we can control so so the thing that is seems craziest to me is that now they're saying because of this market crash well let me just tell people how much it's crashed right so uh US Stocks took a nose dive Monday worldwide this happened also so the Joe's Industrial Average dropped a th000 points or 2.7% uh by 3 p.m.
the Dow was still down more than 1,000 points or about 2.6% while the NASDAQ was down 3.8% and the S&P 500 posted a 3.2% decline so what they're going to do now so now they have the FED chairman Austin guby in Chicago uh the FED chairman in Chicago he said that uh they're going to the interest rates are too high right he says the fed's job this is what he says the FED job the fed's job is very straightforward maximize employment stabilize prices maintain Financial stability that's what we're going to do so I so this to me the crazy part of this is they've raised interest rates so the FED has raised interest rates and why did they do that because there was inflation and how do you stop inflation well the FED goes we raise interest rates so we make it more expensive to do business which means people get laid off so the way literally the way that they solve the problem of inflation is they get a bunch of workers thrown out of their jobs that's what that's that's what they're doing on purpose that's not like oh we didn't know that was going to happen they raise interest rates so that so that people lose their job right absolutely and look at the irony of what you just read the job of the Federal Reserve which was started in 1913 you know it's over a century old it was to have stable prices if you have an inflation it means they failed they didn't do their job if you're supposed to have maximum employment and by the way the initial wording was Full Employment they changed the word full to maximum did that in 1946 but they failed the joke with the FED is they failed to have price stability they failed to have full employment they're always telling you what hard work we're doing to bring down the inflation wait a minute Jack you failed that's what you're telling us if you're working to get it down it means it went up and if you're working to get people back to work it's because you let them be unemployed it makes no sense unemployment is an irrational act I'll tell you why unemployed people are not going to die they're going to eat they're going to work they're going to you know wear clothing they need a shelter they need to consume but you're not letting them work normally if you would give them a job they would contribute as well as take unemployment is a crazy thing for any Community to do and we know how to solve those problems we can put people to work we've done it they don't want to do it because they don't want anyone to mess with their privileges at the top their decision about how to solve a problem and so they don't want any interference especially not in the government which might be shaped by the fact it's one person one vote politically and therefore the mass of people who are not employers they're employees might use their political power to undo an economic system that isn't working for them anymore so when so so when there's inflation like we've had right we had the biggest inflation in the last 20 years and that was be now a lot of most of that I'm going to guess I'm going to ask you was caused because corporations decided to start uh being gouging their customers and inflating their prices and now and corporate profits are through the roof so wouldn't a smarter thing be instead of throwing people out of work to maybe take some of that money some of that profit away from the corporation in some way wouldn't that make more sense if the FED could figure out a way to do that yes it's easy to do it's called taxation but here's a bigger irony Jimmy in 1971 we had a terrible inflation in this country even worse than the one we just had and we had a Conservative Republican president Richard Nixon and on August 15th he went on the radio and TV and he said we got a terrible inflation here's what I'm going to do he didn't raise interest rates the way we acted in the last three years as if it were the most natural necessary thing the world had ever seen nonsense he said as of tomorrow morning if you raise your price I'm going to arrest you and throw you in jail if you're a union and you raise your wage ditto same thing it was called a wage price freeze because that's what it was it brought the inflation down overnight the I'm not arguing that we should do that although I would favor it I'm not arguing that I'm arguing there's something wrong in a society that did that last time in 1971 and now 40 years later acts acts as if there were no question raising interest rates is the only thing and that's what we're going no discussion no debate no nothing and you might you know you might enjoy it I like to tell people because they find it funny I got my PhD at one of those ivy league universities at Yale University and at those days when the phds in economics were almost all men but there were very few women so we all knew the young women that were in our classes because there weren't very many of them and when I went through Yale and got my PhD I sat in the same room listening to the same teachers reading the same articles as one of the two women in my class whose name was Janet Yellen she knows and yet I watch her up there giving statements and part of me says what happened you know you get caught up in this you don't think the way you're capable of and much of what I say on my interviews and my program is what I've tried to say tonight there are other and better ways of doing things let's be the creative Americans that we have a reputation for being if something is outmoded and outdated like capitalism let's face it let's talk about how we can do better and let's get to work doing it I think the world will once again have the kind of respect is not going to get otherwise they say that the unemployment rate is now 4.3% but you and I know they don't count their unemployment rate the way they used to in the 80s right they they changed it different so right now this is bad for the economy they say it's it the the the last month the labor department said that non-farm payrolls increased by 114,000 jobs and the unemployment rate increased to 4.3% worse than expected and that's what's spurring a lot of this uh stock stocks crashing right but uh first of all just real quickly guess what stock isn't crashing the weapons manufacturers okay just so you know all right cuz that's the one thing we still make here in the United States we still make the world's weapons but um what what would you say if you had to guess what is the real uh unemployment rate I've had people on this show say it's somewhere around 15% and some people say even higher what do you what would you guess if we counted it the way we did in the 80s it there have been some studies and the basic answer is two to three times what that is so instead of 4.3 I would say somewhere between 9 and 12% if you count all the people who've given up looking if you count all the people who are temporary workers but want a full-time job but can't get it if you count all the people that are under the table you know where there no registration they're not legally counted but they're crucial which in certain industries like like fast food or construction is a significant part of the workforce and then there's all the immigrants who are afraid to be counted because their status is shaky and so they make a point of not doing it which allows the employer to get away with not paying them or paying them under all of that stuff is going on you and you'd have to really be very much careful not to these are the minimum numbers they are not an adequate understanding of how many people there are who want to work but for whom there is no job and another funny thing they do every every time they come out and say hey we added 114,000 jobs about two or three months later they come back and go hey you know what we got that wrong we it wasn't that many jobs it was way less jobs right they've been doing that now for almost two years straight am I wrong about that no no no that's correct every in fact now every month when they issue the the data for that month they tell you here are the corrections for the two months four and and that and those can be very big so you can get these headlines we did is great low unemployment because the headline is what this month is the headlines don't include the corrections from before which can be bigger than the increase this month so it it's a look it's played with it is played with by Republicans to make them look good or democrat Whoever has to defend these numbers massages them is the polite way of saying it well uh so what do so how do you have I I've been predicting this com I took my money out of the stock market I put it in uh gold what I didn't know where else to put it and I put it in t- bills my my retirement money right I don't want to I don't want to wake up one day and have my 401 KB gone I don't need to make money on my retirement I just want it to be there when I want when I retire right so um how how bad I feel like a genius right now when this is happening because I've been saying they've been holding this economy together with duct tape and bubblegum uh because they wanted to get it to the just to the election and it's not making it right so now it's starting to tank and do you think this is going to be as bad as 2008 or do you make those kind of predictions you can't do it I would urge you if I start making predictions like that don't listen to me and if you hear anybody else do it nobody know every one of these is unique the only thing we know is that this is a system prone on average every 4 to7 years to do this to us the last big one was in the year 2000 when the pandemic hit we had a terrible 2020 2020 2020 sorry yes so we're now four years right we're at the beginning of the averages kicking in so my advice to anybody who asks me is at the very least be extremely cautious because this is a situation in which you can lose your shirt you know you said 3% 4% that's all correct but there were specific stocks and groups of stocks that did much worse if you happen to be invested in those you are really in trouble now and people who want to change the social security system to make it stocks and bonds you could lose your entire retirment don't do that that's a safety you know be caught up in capitalism is to be caught up in a in a fantasy that things only go up they don't they go up and they go down and you better be aware of that otherwise you'll make unbelievably dangerous mistakes so my advice is go by rathon and put your money in war and death big Pharma too and big Pharm we have a death economy and uh anyway everybody should check out your your new book uh understanding capitalism and where can they get it best place is to go to our website democracy atwork doino and you go there and it'll tell you how to get the book and all the rest okay uh Professor Richard wolf I appreciate your time it's always great to talk with you and congratulations on the book Thank you very much Jimmy and best to you as 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