The Socialist Program with Brian Becker
Stock Market Record: Wall Street Celebrates, Workers Suffer
May 22, 2024
Professor Richard Wolff and Brian Becker discuss the stock market hitting 40,000, highlighting how it benefits the wealthy while workers suffer. They delve into wealth inequality, corporate behaviors, and the need for systemic change to address economic disparities.
30:18
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Quick takeaways
- Rising stock market benefits mainly the wealthy elite, with the top 10% owning around 80% of stocks.
- Booming stock market contributes to gentrification and diverts resources from urgent societal needs like climate change mitigation.
Deep dives
Stock Market Boom Benefits the Wealthy
The stock market reaching over 40,000 points primarily benefits the wealthiest individuals as the richest 10% own around 80% of the stock. Stock buybacks, which surged drastically from 2% to 68% of corporate profits by 2016, contribute to enriching the top executives and board members who make decisions to buy back shares in their companies.
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