On Reality Asserts Itself, Ms. Foroohar says financialization delivers stagnant wages, inequality and economic crisis; the Financial Times columnist and author of “Makers and Takers” says the financial sector represents only 7 percent of the U.S. economy, but takes around 25 percent of all corporate profit while creating only 4 percent of all jobs – with host Paul Jay of www.therealnews.com.
In part II Ms. Foroohar says the legalization of stock buybacks in 1982 allowed companies like Apple to now spend only 15% of their investments on R&D, while the majority is spent on market manipulation
Ms. Foroohar says President Bill Clinton’s finance team further deregulated Wall St. including eliminating Glass-Steagall legislation allowing even riskier investments to help set the stage for the 2008 crash.
In part 4 Jay and Foroohar continue their conversation noting how growing inequality and record student, household and corporate debt is creating a dangerous bubble, similar to the lead up to the ’29 crash.
In part 5 the Financial Times columnist and author of “Makers and Takers” says many of the rich have escape plans thinking “they can avoid the apocalypse”
For the last video in this series go to TheRealNews website by clicking here.
