Ask Prof Wolff: The Stock Market Is Rigged

A Patron of Economic Update asks: "How rigged is the stock market against working people? How does the stock market create more inequality?"

This is Professor Richard Wolff's video response.

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“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

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Follow Wolff ONLINE:

[nicollaney]

The stock market is a graph of rich people’s feelings.

[petersepall]

It's all about creating the illusion of competition where those with the most power use it to avoid the competition that threatens their power.

[justmyopinion]

I always learn something new by listening to Professor Wolff.

[HillbillyHippyOG]

“Somebody told us Wall Street fell, but we were so poor that we couldn’t tell.” - from ‘High Cotton’ by Alabama

[richardmarcus]

If but 5% of the people determine the value of our dollar, money is worthless. Theft is legal for them. Insider trading is legal for them. The same should be allowed for us. Equality, right?

[DCastromm]

Thanks! This is the best show on YouTube, so necessary today!! ✊️

[plastictouch]

More information about all the ways the stock market is rigged would be nice. A good list of rebuttals to bourgoise economist and finance bro arguments would be nice too.

[themsmloveswar]

Not only is the stock market riggers against working people, so is the employment market, the university market, the taxation system, the real estate market, etc... Etc....
Racketeering is rampant.

[aerobique]

side note:
"Competition" *=* Conflict

[georgesais]

Yes, and thank you. I always thought that the stockmarket is based on the old slave market.

[marklampo]

"Do you see that kite out there? The bonds are tied to the tail of that kite!"

[luckyluke]

Keep up the great work you do Professor. And Thank you

[mallyu]

You must go through a Broker, who charges a Commission when you Buy & when you Sell, even if you loose. If you win, Broker grabs more Commission. Bought Shares once, which went UP nearly 200% & I still LOST - 2 US Senators refused to sign Contract Unless Echo Logic became a Subsidiary of Boeing, they refused and Shares slid down to Penny status then Disappeared into Oblivion= END of my interest in Stock Market.

[seanzibonanzi]

It's never been more apparent we live in a command economy that expands and detracts at Fed policy leisure. This system relies on our privledged position in the world to financialize the world's commodities, a ponzi economy to be frank

[jarretbutenhoff]

Great content as usual professor wolf! I have a question in regard to small business owners. I know you touched on how the system is rigged in favor of the rich through tax loop holes and by being able to own a majority of the shares in the stock market but what about small business owners? Let’s say a small coffee shop or an independent contractor...like a owner operator in the trucking industry? Is there any way for these small business owners to survive in our current system? Or do most of them end up filing for bankruptcy because they can’t compete with these mega corporations / monopolies?

[orionmedivh]

This is the exact phenomenon of classes. Rich people have more resources to make themselves become richer, hire better lawyers to win a lawsuit, get better accountant to avoid paying taxes. However on the other hand, poor people are stuck in the current position, unable to afford better education to get a better job, at high risk of bankruptcy from medical bills, etc. Inequality will automatically grow because of this combined effect of resources/money in a capitalist society.

[XykcTepa]

1 way in which the stockmarket has a direct impact on the workers is that pension funds "play" in stock market, using working people's money.
Trouble is that the bying & selling is set up in such a way, that pension funds usually are set up to "eat" the losses of the broker firm that serves them.
Winning trades are reserved for the priority clients. Sad to say, pension funds don't fall into this category.

[ennesshay]

the 3.01 video 'The Day Today: Collaterlie Sisters - BUSINEWS' ( by espertron )

[John]

Great! I"m with you!!! You laid out how bad it is. So now WHERE IS PART 2!! What is the alternative???

[nickstoic]

Thank you for your wise input professor. You reminded me about an individual, years back, unfortunately I cannot recall his name. He was traveling to Hong Kong and labelled as someone that was known to have to power to crash the stock exchange.