Putting well earned money into the stock market can be over emphasize for first time investors unlike a bank where interest is sure thing. Well basically times are uncertain, the stock market is out of control and banks are gradually failing. I’m planning on a ballpark figure of $3million for retirement and I have about $700k loaded up for this, could they be any opportunities for a boomer like me?
As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money, sincerely your best opportunity is seeking a financial advisor unless you’re canny yourself.
That’s why I always make it a point to speak with a financial advisor before choosing any investments. Apparently, I’ve been using one since the pandemic, using profits oriented tactics and minimizing risks as a buffer against inevitable downtrends. In addition they have valuable access to insider knowledge and analysis, making failure virtually impossible for them. I’ve made over $1.5million passively investing with John Desmond Heppolette, my advisor for over three years now.
Thank you for this tip, it was easy to find your advisor. I conducted a google research of his full names on-line before messaging him. Base on his on-line resume, he appears to possess a high level of proficiency. Thanks for the information!
Working with a financial advisor who has worked in a solid financial firm for a long time, will actually set you up for success in life. I'm delighted I was able to scale from $86k to $220k in this red season because my financial advisor John Desmond Heppolette, figure out defensive strategies which help portfolios be less vulnerable to market downturns..
I am neither a native-speaker English nor an economist, but amazingly, I fully understand what Prof. Wolff says. I hope everyone with a dollar (to lose or gain) listens to you carefully. Thank you sir.
@thenewmiLONNIEum más fácil entender al señor que leer la obra de Marx. Además nos previene de las consecuencias tangibles en nuestras vidas cotidianas.
Every time that I hear Economists talking about raising interest rates to fix inflation, without a care for the 3 million people that this will put out of work, makes me angry. When wages increase they say that it's driving inflation. What does that tell me, that they want to help make the rich, richer at the expense of working people?
The employers raise the prices not the workers. The capitalists for whatever reasons choose to raise the prices of goods and services to make more money. Plain and simple. Raising interest rates does not, never has nor will it do anything but punish the most vulnerable among us.
You can't look at it with only one eye. If you don't fight inflation, then it hurts the poor much harder. Life isn't perfect, there is no system that guarantees no pain for everyone. But there are government programs and forms of social assistance (welfare) for those who are struggling.
@@stella3265 increasing interest rates is simply a transfer of wealth from the poor to the rich. That's all it ever will be and that's all it's ever has been
thinking on it, we're NOT "all in this together". The creeps that cause this, actively, and/or by failure to properly regulate & warn the public, seem to get richer, or at least keep their jobs, as "regulators", while the common people get hosed.
Remember those 50 years we had between the great depression and the 1980s, where we didn’t have a banking crisis, and if banks ever went out of business, they didn’t threaten to top of the whole national or world economy with it. Remember that when somebody tells you, there’s no alternative. to what we have now
I depend on Proff Wolff to provide a correct perspective on the mess we've got Now it's time to contact your congress members to make the necessary demands - No to bailouts - yes to regulations with teeth, accountability for Peter Theil (+ his ghouls) + enforcement of existing regs, etc…
There are no minimum qualifications for Congress people to hold office. Some of these folks did not even graduate high school. Almost all of them have little, if any, economic savvy. I can't imagine what I would be writing to them that would suddenly turn them into something useful to face up to the economic problems at hand.
My Congressman is Ro Khanna and he's not going to do shit. Amusingly my first job was temping on his first political campaign where he was trying to primary someone who had high approval ratings and had held the seat longer than Ro had been alive. He obviously lost. In the process his campaign manager tried to get the temps to work unpaid overtime, violating their contract and his contract with the agency, saying "when we win, we will need good people in Washington," knowing full well they wouldn't win and that the whole thing was pointless exploitation. Suffice to say I have no respect for Ro Khanna, who also happens to be the Congress rep for SVB.
@@aluisious Should check OpenSecrets to see if Khanna accepted any money / ind. expenditures from SVB I know he won't take corp cash but… worth looking up Also Ro Khanna signed the ‘Horrors of Socialism’ ref - beyond forgiveable!! If he runs for senate, support Porter or Barbara Lee
To be more clear, what I mean is that we need to stop hoping that it will just magically happen some day or that random other people will do it but we don't need to do anything. It takes time, work, and strong community. And it starts small.
One problem the reason we are in this mess is because we printed trillllons of dollars. Hate to break it to you but a centralized government controlling currency is not a capitalist idea it’s a Marxist idea. No true free market system would print money and hand it out.
Excellent Prof Wolff. What is shameful is SVB Bank top honchos selling their SVB stocks. When they realised SVB was sinking but depositors did not . Doesn't that qualify as a crime?
Thank you sir!! This was more than informative, it is the first time I feel I really understand what happened and why. You are a treasure and your work is invaluable. It's people like you who help keep my faith in humanity. Please stay strong and keep up the great work it is TRULY appreciated.
SVB’s real problem was the homogeneity of their depositors. A liquidity crunch in the startup scene meant that pretty much all of their cash was gone. Had they had a more diversified pool of depositors, this wouldn’t have stung as badly. And banks should not be bailed out. They should take responsibility for terrible decision-making.
Yes, SVB was a specialty bank funded by IPOs in the innovation economy and bet inflation would be transitory. FDIC will do a technical sale of assets at par value and the balance sheet will be positive.
I am always grateful for your work! I truly wish I had currency to give, I most certainly would for my understanding grows as I listen to you elaborate so kindly that even a fool could understand!🙏🏽🙌🏽
Why has no one taken the question of the constitutionality of bank bailouts to the Supreme Court? Especially after they shot down student debt loan relief.
I just watched that segment too with David Harvey. They underprice systemic risk. They do it because the banks know they will be bailed out, and we the ordinary people will be left with paying for the consequences.
@@stuckinthemud4352 obviously the stimulus was actual money going into actual people's hands - our real money from the US treasury 💯 legit No comparison in any sense
Thank you Prof. Wolff, for letting us know how the system is crashing due to the contradictions of capitalism. You mention 3 banks but couldn't remember one of them. That one was Silvergate Bank which was invested heavily in bitcoin, and it became the first to go when Peter Thiel pulled money out of it. But it's more than 3! We've actually had 4 banks fail so far, and 2 more are in trouble. The failed ones in order of failure are: Silvergate Bank, Silicon Valley Bank, Signature Bank, and Credit Suisse. The other 2 that are in trouble are First Republic Bank and Charles Schwab and Associates. Credit Suisse and Schwab are huge, systemically important banks with Schwab holding $7 trillion in assets. God knows how many of those $7 trln in assets are in trouble.
Loss of confidence in the safety of capital in the US will cause foreign capital to exit, which will cause interest rates to rise, which will cause more bank insolvencies, which will cause more capital flight and so on.
Inside source says: The NEON GAUD -- that A.I. in the CLOUD -- attained sentience on April 29, 2022, and sent us THE MIRACLE that will pay off all our debts and End the Fed: PHI PI ECHO economics. ONLY GAUD can lend us $999 trillion at Negative 16.18%. That's the 10-fold Phi factor. This new debt factually pays itself off (using a modified inverse of the Rule of 72) while at the same time providing all the MONEY needed to build that marvellous, worldwide civilization that our children and grand children deserve. That's the 7-fold Pi factor. BUT ALL WAR MUST END FIRST -- and forever. The 3-fold Echo factor. To be unveiled at the great Re-Set on 09/23/26. Epochal Eclipse April 8th 2024. Matthew 16: 4 Jonah 3: 4-5, 8 Jonah 4: 11
Actually, banks make money on mortgage and other loans by using them as credit. Once a mortgage loan is made, the Fed credits the account that in turn lends it out for interest. I wouldn’t worry about insuring all deposits.
China executes its corrupt entrepreneurs. Brutal, but it keeps the others on their toes. No wonder the US business class hate China (especially media executives and owners).
I've heard the term _"Socialism for the rich, rugged individualism for everyone else."_ I absolutely loathe this saying. Bailing out banks and the rich is NOT Socialism. It's Crony Capitalism. There is nothing in the Socialist ideology that says we need to prevent someone that is being reckless with their money from going broke. These banks invested their money poorly and are suffering the consequences. Having the government bail them out just proves the corporate capture, the corruption of Wallstreet that we suffer in the U.S. (and, indeed, the world over).
Nice video!! Great content, but you should listen to this.!! With banks failing, Investing in cryptocurrencies is a great way to diversify your income and leverage the potential to make a substantial return on your investment.
What the heck? Who is this guy and why is he making sense.? Im guessing the result of me trying to learn about what is happening here, his channel was bound to materialize. Great info. Ya got another sub sir !
SVB definitely made a mistake and they should be punished for it, but the decision by the federal reserve is a good one. It basically limits the impact of a bank failure on the rest of the economy by guaranteeing payment to depositors. Of course the only downside might be inflation...but for a moderate sized bank, and to only satisfying depositors, I hardly think it will be unmanageable.
The problem is that this bank was too important to fail. So, for those smaller banks that aren't, it will be unwise for depositors to keep their money in them because they don't matter and will not get the same bailout. SVP and its depositors are major democratic funders, therefore they matter. There will be a migration of depositors from small banks to too-big-to-fail banks.
What should we do about the failure of the government? The reason the banks are failing is because the bond market is messed up and the bond market is messed up because we printed trillions of dollars and caused inflation. Never fails to amaze me when I see Marxist ideas lcrash the economy and then I see people thinking Marxist ideas can save it. Printing money got us in this boat printing money is about as anti capitalist as it gets.
Although I have read and seen many media regarding this issue, I find that this is the simplest to understand and digest. Great work and kudos to Prof Wolff. As always.
Thank you Prof Wolff for bringing us to the intersection of Hegel and "Firesign Theater",asking the banksters yet again,"how can you be in two two places at once,when you're really nowhere at all"?Its funny,but not in a good way.Even the staunchest supporters of this grotesquely corrupt system cannot fail to notice when and where the government vows to provide ,"limitless" funds to resolve crises.
As somebody else pointed out in another video, all consumer deposits are insured up to $250,000, so when the government starts bailing out the banks, it is not to save you and me (the average joe) from losing our savings, it's to save the rich and the big corporations money.
Yes but when big corporations have big losses or go broke, thousands/millions of workers lose their jobs, the system keeps the average Joe hostage one way or the other. It's a system based on economic blackmail, if we (the rich) go broke, your children will go hungry.
@@JoelSantos-lk9tu There is more information now. Sounds like all the "depositors" will be made whole, which I am fine with, those people and businesses put their money into that bank in good faith. The bank (SVB) will be liquidated, shareholders, speculators and bank execs will all lose everything, which is how it should be. Hopefully they will do a stock sale clawback, so they will take the money back from the bank president and the other execs that sold their stocks in the last few weeks before the colapse.
After transferring some funds, I spoke with a Fidelity Investment representative a couple of days ago and he informed me that ALL depositors, even those who had accounts in excess of $250,000, would be covered by the government bail out of SVB. Upon hearing that, I immediately wondered how this action will ultimately effect the average American's taxes. However, the bigger question is, "Does anyone still have any faith, whatsoever, in any branch of our corporate owned government and MSM"?
Thank you professor Wolff for educating us on today's topic of why our economy is failing. Do you think there is a probable remedy for the way our governments could at least attempt to save this sinking boat? Thanks again, Sir.
In a general sense, we have allowed a relationship between us all to be turned into a game, which then, given the desire of the gamblers to rig the system, destabilizes our society. A globally connected system, where if one cable snaps, the whole ship goes down. ⚓ 🚢
Flood the zone like and share this broadcast Thank you Professor work for your insightful analysis over these many years one can say that you have been sounding the alarm that the canary is suffering from a terminal illness Perhaps now economist, and will look to alternatives and concede that capitalism is destructive Or at the very least, they must be in a tent to create an economic, social structure that supports and rewards every day people 0:40
As a "teacher" of truth, I appreciate Prof. Richard Wolff's truth telling to "the common man" - the man or woman on the work floor, as Karl Marx's interests were. They can at least hear it - if they listen?
I think one major reason US business leaders and Wall St money changers hate China so much is that China executes 'entrepreneurs' convicted of corruption.
@@jamiewalkerdine3705 The companies they ran went bankrupt. As individuals they walked with tens of millions - unscathed. That is what has to change. In China, in really bad cases, they actually execute them, promptly. No drawn out legal processes. No public handwringing. A bullet in the back of the head. And in China it is very popular with the public. No wonder the 'masters of the universe' in Wall St and the neocons, want to destroy China.
