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Looming Market Crash Could DESTROY America - YouTube
Channel: The Young Turks
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two economic realities in the u.s right
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now
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wall street is surging we got it
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all-time high for the s p the nasdaq
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looking to extend
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those record gains but on main street
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the economy is spiraling
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for us it's it's been a lot of a lot of
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stress it's not getting better it's
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getting worse
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it's not getting better it's not getting
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better it's getting worse
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that is a common statement that you hear
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from many average americans and small
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business owners there
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definitely is a disconnect between
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what's happening in wall street
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and the uh devastation that most people
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are feeling in this country
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and unfortunately there's still no
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agreement in congress
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in regard to the next round of stimulus
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to help pull americans
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out of this financial devastation now uh
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the unemployment rate is still
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incredibly high
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the unemployment rate is at two point at
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10.2 percent specifically and according
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to the labor department
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new applications for unemployment
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benefits which is a rough gauge of
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layoffs
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climbed to 1.11 million from 971
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000 in the prior week so in one week
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more than 1 million americans
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filed for unemployment so the numbers
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unfortunately look like they were
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starting to get a little better
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but last week more people had filed for
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unemployment which
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reversed some of the gains so the early
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peak during the great recession by the
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way just to give you an idea was at
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665 000 people filing for unemployment
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and that can you know give you a good
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comparison of how bad the situation is
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right now
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even compared to the great recession
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so a hundred thousand small businesses
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have closed
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most of the jobs that have come back are
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jobs for people who
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are high earners but low wage jobs
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are still the ones that are impacted the
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most these are people who
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you know couldn't even afford a 400
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emergency let alone
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getting laid off for months and um
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since congress has uh refused to
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negotiate and
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provide some economic relief for
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americans more and more states are
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looking to rely
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on the measly uh you know stimulus that
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donald trump tried to pass through his
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executive order
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so for instance according to the new
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york times 11 states have approved
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have been approved for a federal
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emergency management agency program
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that will give unemployed workers an
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additional 300
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in weekly benefits let me remind you all
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that the more robust unemployment
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benefits previously which have expired
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were 600
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a week acting on an august 8th
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memorandum from president trump the
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federal agency said it had approved
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arizona colorado idaho iowa louisiana
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maryland missouri montana new mexico
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oklahoma and utah for access to three
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weeks just
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three weeks of the additional funds so i
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have more for you jank
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um you know especially when it comes to
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some of the numbers involving the
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wealthy but
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this isn't looking so good so guys
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there's two pieces of really bad news
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that comes
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out of all of this and one is
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about how large corporations
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um are going to do a wholesale takeover
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of this economy
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and how devastating it is to everything
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including
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capitalism and the second is about the
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crash
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and the crash is going to be horrific um
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so
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first i'm going to go to a legendary
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capitalist mohammed el
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aryan he was the ceo of investment
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powerhouse pimco
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there isn't anybody on wall street who
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doesn't respect that guy
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he came out today on and said
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uh on cnbc if you want capitalism to be
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sustained you need to buy
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in from a lot of people you cannot get
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uh buy-in if it's all about large
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corporations
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he says and in his warning we're giving
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all the money the government is giving
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all the money to the large corporations
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and right now in these stimulus bills
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there's nothing for small corporations
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and they're
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devastated so he's he's like if you want
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to protect capitalism
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this is not the right way to do it he
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went on to say
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remember what small businesses do
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they're not just large employers they're
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also the main way to have inclusive
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capitalism
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and an inclusive market-based system uh
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to back up what anna was saying about
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those numbers
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uh 155 000 total business
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closures uh as of august 11th
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and 59 of those are permanent gone
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forever
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just look around your hometown i i went
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out today
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and more uh small businesses were closed
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closures everywhere okay and
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so at the end of the day the stock
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market is still at a record
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what in the world is going on it's
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because the government
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both through the treasury and the
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federal reserve has decided to take
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as much taxpayer money and printed money
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and
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money that doesn't exist and give it
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almost
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all to the largest corporations in the
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world this is
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this is what the new oligarchy looks
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like that's what explains the stock
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market
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in an economy in absolute shambles in
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reality
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they're pumped up with all of this extra
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they literally don't know what to do
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with all the money they're like well we
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got a couple of trillion dollars
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that's why we're in great shape and we
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do anything for it
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and so the the second thing that comes
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out of it guys is
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when that bubble bursts it is going to
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be super ugly
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why is it going to burst and by the way
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i have no idea when it's going to burst
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none they just keep pumping it up and
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pumping it up artificially
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but at the end of the day if you don't
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sell burgers and you don't sell shirts
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and you don't sell any products
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you don't have a real business no matter
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how much money the government gives you
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and we're gonna run out of money and
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those companies are going to collapse
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and so is the stock market and the rest
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of the economy so if you think this is
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bad wait till you
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see that unreal crash that's going to
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happen of course you can't time
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when a crash like that happens but i
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mean the federal reserve is willing to
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you know bail out
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companies like endlessly so i i don't
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know like
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is it gonna crash i mean how how far can
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the federal reserve go
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i don't know what the answer to that
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question is because
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the entire stock market is really built
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on this house of cards
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and if you pay close enough attention
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even these like top investors
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admit that so for instance um you know
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one of the driving factors
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in the stock market doing so well is
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silicon valley and so as the financial
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times reports the five largest stocks in
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the s p 500
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have accounted for a quarter of the
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rally since the crescendo
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of selling in late march raising
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concerns over how sustainable the rally
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really is
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now uh one of these private banking
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experts spoke to the financial times and
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said the following
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technology has been a real driver of the
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market there is some concern
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over valuation in the tech sector
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meaning that they're concerned that the
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tech sector is
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over um is overvalued basically
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um and and look the stock market more
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importantly
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is clearly not a good indicator
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of how the economy is doing for the vast
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majority of people in the country the
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vast majority of the people in the
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country
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are either hanging on by a thread or
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have already lost their jobs and have
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failed to find a new one
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for the last five months it's a disaster
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and so what are the wealthy doing what
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are they doing to you know
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maybe contribute more to society maybe
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find some solutions
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no they're finding ways to try to escape
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it and so there was this
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fascinating piece in cnbc about how the
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rich in manhattan
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have decided to essentially move to the
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hamptons for good
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um and what they're doing is commuting
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to manhattan
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using these private helicopters just so
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they can like you know
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let me just check in with my job here or
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there or check in with the school that
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my kid goes to
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um so the name of the company is blade
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blade the chopper and mobility company
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announced a special
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hamptons commuter pass last week
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offering daily helicopter flights
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between the hamptons
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and new york city for a one-time
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membership
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of 965 dollars customers can get flights
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over
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295 dollars each way typically the
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flights cost 795 dollars so
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what a deal um and blade september
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promotions sold
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out of all 250 spots in less than 24
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hours
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i mentioned that because you know there
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there's like this
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this new um i guess culture of of
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fleeing
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you know densely populated parts of the
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country that are really getting hit hard
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by coronavirus
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and um essentially you know living in
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your
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moat surrounded home not having to worry
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about all the pain and suffering around
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you
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it's pretty incredible so it's
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nearly elysium they're in the air they
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float above us uh and i want you to
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wrap your head around those numbers it's
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295 dollars
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one way so just to commute to work they
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pay six hundred dollars
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without blinking they sold out
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immediately they're like oh i don't
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think i want a deal
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right so they have their mansion in the
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hamptons they helicopter into new york
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for work
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six hundred dollars round trip i look
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the six bucks that it takes to get from
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uh the
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antelope valley in la to downtown is way
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too much
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on the on the train and people can't
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afford it these guys pay
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600 bucks without blinking every single
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day
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to commute in by helicopter so as the
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world is burning around you
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they're they're in hog heaven they
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literally float above us
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and look guys this isn't a screening as
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the rich there's
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of course great rich people good rich
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people terrible rich people they're
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humans just like the rest of us right
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it's the problem is when you have
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government capture
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and it leads to crony capitalism and
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what i call corporatism
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this isn't capitalism this is when large
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corporations
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figure out oh the supreme court made it
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legal we just can't we can
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literally legally bribe all of the
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politicians
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we look at nancy pelosi today she's to
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help the oil industry
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she went against a democratic
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incumbent she's like no no no that's it
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uh my donors tell me what to do i'm
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gonna do it
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of course trump mitch mcconnell uh are
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the kings of that
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so we have a government so corrupted
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they're just
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literally robbing us of all of our
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income our wages and now our small
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businesses and handing everything
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off to the largest corporations that
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bribe them which is a logical thing to
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do for god's sake fix the system
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wolfdashpaq.com join you gotta if you
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don't do so if it's not wolfpack
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something
[663]
if you don't end the bribery they will
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take everything we have
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and we will be their indentured servants
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for the rest of our lives
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