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Federal Reserve Chair: Economy As We Know It Is OVER - YouTube
Channel: The Young Turks
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federal reserve chair jerome powell has
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been
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sounding the alarm over the real state
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of our economy and when i say the real
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state of our economy i'm talking about
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how the economy is working for the vast
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majority of americans
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now he was uh warning about the negative
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impact of
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not passing another round of stimulus
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which of course
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there still isn't another round of
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stimulus i checked the news today to see
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if there's any movement on it
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and according to what nancy pelosi says
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she and mitch mcconnell couldn't be
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further in what they want in regard to a
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stimulus
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and so that's not good news but i do
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want to hear a little bit
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of what jerome powell recently had to
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say about the state of the economy
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let's we're watch but to a different
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economy and it'll be one that is more
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leveraged to technology and i worry that
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that is going to make it even more
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difficult than it was
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for for many workers who as andrew
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i just mentioned you know the it's a
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relatively low paid
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public-facing workers in the uh service
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sector who are bearing the brunt this is
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largely minorities and women or skewed
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toward minorities and women
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and relatively low paid so those people
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are going to struggle to get back to
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work in their old jobs or
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in many cases a new job so i mean i
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think you'll see more telework you'll
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see
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probably the acceleration of automation
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um all of that was in the process of
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happening but you're going to see much
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more of it
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and i i guess that for me the main
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takeaway from all of this
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is that um even after the unemployment
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rate goes down
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and the economy is you know and there's
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a vaccine there's going to be a
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probably a substantial group of workers
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who are going to need
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support as they find their way in the
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post-pandemic economy because it's going
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to be different
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in some fundamental ways
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so i think he's absolutely right about
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that and oftentimes when you hear these
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discussions about the economic recovery
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what gets left out of the discussion is
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how
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this pandemic has permanently changed
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the economy how it's permanently changed
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certain jobs
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so the unemployment rate um has gone
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down a little bit
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so for instance it was previously 7.9
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percent now it's 6.9 percent
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and that's good news uh but
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remember that percentage that an
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unemployment rate doesn't take into
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account the number of people who have
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just given up
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on um finding work and it also doesn't
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take into account the number of people
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who are underemployed you know part-time
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workers
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and um you know individuals who are
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struggling to find full-time work
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but you know ben i wanted to get your
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thoughts on this because
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you know the reaction that we get from
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like rahm emanuel who recently said in
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a c a cnbc interview oh let's just teach
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him how to code
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he literally said that i like yeah yeah
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that's what they were saying i was a
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campaign killer for hillary i don't know
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why he repeated that but anyway go ahead
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it's the same thing um with the liberal
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perspective towards uh
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nafta when all the factory jobs were
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sent overseas right we just pretty much
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said well we could just retool them
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you know all with all due respect like
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when you're 50 years old there's
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you don't have enough time to retool
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towards a level of stability right
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asking someone to restart and relearn
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everything that they need
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to to just survive at 50
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is a slap in the face and the fact of
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the matter is that i'm glad i heard him
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mention automation
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because what we're experiencing right
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now is just a dry run
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for the grim reality of how many people
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will not have
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jobs because the economy has changed as
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a result of automation
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yeah absolutely so you know jerome
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powell and the federal reserve
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can you know print and pump money into
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corporations that
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were negatively impacted uh by the
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pandemic
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but the same isn't being ha the same
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action isn't being taken when it comes
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to average workers
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um so you see this weird situation where
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all of these like
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various companies are doing okay in the
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stock market
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but the like number of consumers who
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have disposable income
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it's just it gets less and less uh there
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are people who
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still hadn't recovered from the 2008
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recession they were already at a
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significant disadvantage
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and then you get hit with a pandemic i
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don't think people understand
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um and when i say people i'm mostly
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referring to most people in positions of
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power
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understand the the reality of the
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economic situation for the majority of
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americans how much they're struggling
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how much they're finding difficulty you
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know making ends meet
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and when you have jerome powell who
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isn't some leftist by
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any means um sounding the alarm on the
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real economy
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month after month i mean some action
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needs to be taken
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and we'll see what happens in a biden
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administration but it really is
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um important for people to organize and
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demand
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some real relief uh what we've seen from
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congress in regard to the stimulus has
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been absolutely shameful
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thanks for watching the young troops
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