Robinson, J. (Host). (2020, March 10). What's Behind The Market Meltdown? [Audio podcast]. Retrieved from https://www.stitcher.com/s?eid=67957187&refid=asa

As U.S. and global stock prices continue to crater amid rising fears over the economic impact of the coronavirus, economist Jerry Robinson explains what's at stake and what may lie ahead. Later, he is joined by economist/professor/author Richard Wolff to discuss the current state of the financial markets and his new book: Understanding Marxism.

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[1:40] it's March 11, 2020. Dow Jones is down 1000 points.

[2:15] biggest surge in volatility since 2008 crash.

[3:30] the fed has been cutting interest rates for the past year. When you have a healthy stock market that rising, it doesn't make sense for the fed to be cutting interest rates. That would lead to a correction.

[4:40] because of corona virus, prices have fallen off a cliff. Just below 3000, a psychological resistance on the s & p 500.

[5:30] we're a special kind of unhealthy people.

[6:00] the waves in the stock market are called price discovery. When investors are letting to figure out the new norm with limited info.

[7:20] trumps payroll tax holiday is a bail out tactic to keep the economy up and running during election year. Basically, all payroll taxes will be cut until election day.

[10:00] when trump admin asked where the trillions of dollars would come from, they don't have answer.

[10:40] so basically we'll have a 2 trillion dollar deficit to cover the payroll holiday

[11:40] also talking bout offering extended sick pay benefits as executive orders. Cruise lines, airplanes, hotels. All maybe getting bail outs.

[14:15] opec and the Saudis have drastically cut the selling price of crude oil by several dollars. Being framed as a price war between Russia and Saudi Arabia. But USA is the leader in oil production because of fracking tech. So any price war is with USA, not Russia.

[16:20] the Saudis have a lot of bonds. They aren't enjoying the 0.4 interest rates on USA bonds.

[16:40] also, trump has declared that Iran good no longer an "immediate threat". Saudi Arabia can't be happy about us declaring that their enemy is no longer our enemy.

[19:00] how can we, with a straight face, say that socialism is a threat when our economy is so socialist.

[25:00] Bernie Sanders greatest victory is that he has removed the taboo label from the political philosophy of socialism. Now candidates don't have to pretend.

[29:00] (in regards to corona virus and the stock crash) history says that in capitalism, every 4 to 7 years there's a crash. // [[Market crash is a correction]]

[30:00] so we're "overdue" for a crash. And it can be caused by pretty much anything. // [[The producer-product relationship]]

The inherent instability of the system is what causes the problems, not necsessarily specific events.

[34:00] Marxism is the critical shadow of capitalism. Capitalism has problems, and Marxism is the most elaborate and fleshed out set of criticisms of capitalism that we have.

[36:00] the point of studying Marxism isn't necessarily to become anti capitalist. It's that you can use it as an effective way to learn the flaws of the system you probably know very little about.

"if you want to learn about families, would you only ask the child that has a positive opinion and ignore the one with the negative? No you'd ask both and form your own opinion."

[38:00] marx loved the French revolution. Was not againsy democracy, etc. Felt betrayed by capitalism. Was promised liberty and equality from feudalism. But it didn't happen that way.

[40:00] when you look at religious Reformation, it lead to a secularization of society.

[41:20] don't think Marx should be blamed for the unintended consequences of totalitarian regimes that misused his ideas.

§ as the founding fathers shouldn't be blamed for the negative aspects of capitalism?

§ also, the very nature of the system itself (the control) is the important part. I'd rather a faithless people be secular than be forced to be pious, and do unholy things in the name of God. In capitalism, you can be marxist, but not the other way around.

[41:40] Story of Marx going to marxist rally, and not liking what Marxism had become. "if that's Marxism, then I'm no marxist"

[43:25] people are terrified of Marxism signs bring capitalism, when they have a marxist society every time they use a public road, etc.

[46:45] called Marxism "democracy at work". It's to get rid of the kings at work.

§ this doesn't hold much weight for me because we can leave a job. www.democracyatwork.info