Katy Tur discusses the disconnect between Wall Street and main street: how while 1.3 million Americans file for unemployment benefits, the five biggest investment banks on Wall Streets are recording profits. Aired on 7/17/2020.
» Subscribe to MSNBC:
MSNBC delivers breaking news and in-depth analysis of the headlines, as well as informed perspectives. Find video clips and segments from The Rachel Maddow Show, Morning Joe, All In, Last Word, 11th Hour, and more.
Connect with MSNBC Online
Visit msnbc.com:
Subscribe to MSNBC Newsletter: MSNBC.com/NewslettersYouTube
Find MSNBC on Facebook:
Follow MSNBC on Twitter:
Follow MSNBC on Instagram:
#Unbelievable: Investment Banks Make Big Profits Despite COVID-19 | MSNBC
CROOKS
of course they are…pandemic equals profit…..and banks never hurt btw
Do you have proof of this?
Trickle down doesn’t work. Corporations are not altruistic. Trickle up would work in this consumer based economy
50 years of Keyes economic theory, and all it has done is grow a huge gap and disconnect between the rich and everyone else. The Republicans still shovel it, and it’s still being bought, but since the last round of tax cuts, people making between 100k and 500k per year pay the highest percentage of taxes to the government. That is a direct attack on middle class America. The rich literally pay less in taxes, with 100 of the fortune 500 paying less than zero.
@Keith Johnson – Shelby GT500 🤣😂🤣bull$h!t. B!+ch McConnell held those purse strings to sabotage Obama. The ‘tax cut’was just a really big loan from ‘chy-na,’ representing the biggest redistribution of wealth from the underclass to the uber-rich since pre-revolutionary France.
Trickle down could work… Let’s try it one more time! And one more… And one more time! It’s going to work any day now…
Keith Johnson, Trump’s “first year” was actually Obama’s last fiscal year,which ended officially September 30th 2017, but his policies were kept in place until mid December, because Trump had no plan ready. Regardless of that, Trump’s incompetence laziness and stupidity turned a crisis into a catastrophe. His failure to competently deal with the pandemic are obviously clear. Europe, and Asia are reopening, and getting back to normal, Australia and New Zealand are virtually Covid free. Had Trump responded quickly and competently we would have probably emerged as well as Australia and New Zealand, at least as well as Europe and Asia. Had Trump followed CDC guidelines the Congressional emergency relief package expires at the end of the month, this would have sustained the economy during the shutdown, and we would have the virus under control. Instead, Trump’s impatience and bullying of governors has resulted in an increasing rate of infection, with no end in sight. Trump is focused on “recovering ” Wall Street profits. The question for all Americans is, are the Wall Street profits for multinational corporations and the wealthiest individuals more important than the lives of the additional 100,000 Americans who will die before election day in November?
SkylarQuinn you’re so right.
I wish more American’s understood how our economy works. Maybe then they wouldn’t be so eager to become slaves.
@Keith Johnson – Shelby GT500 Less than 3% growth, like Trump had is not an economic boom. What does it matter now that Trump’s poor judgement has wrecked it all? Trump has wrecked everything he ever inherited and, sadly, the US economy is not an exception to Trump’s brown-thumb touch.
@Keith Johnson – Shelby GT500 Dimwit Donald destroy Obama’s economy and now he is trying to destroy our families!
PKay Gray so you have me a hypothetical idea of something w no backing or evidence it has happened. Can you send the portfolios of the corps who did this please. I’ll wait.
@Keith Johnson – Shelby GT500 It is a 2 year old op ed piece in the WP. It is not News Article but an Opinion Piece to make Trump look great and Obama being down played. Since it is 2yrs old it is not very relevant todays crisis.
@Whitney Mohrhauser – January 2020 Jobs Report
160,000 forecast
>250,000 reported
2.7% Q1 2020 GDP growth forecast in January
If you don’t own stocks the market’s up turn or down turn doesn’t apply to the common working person 🤔🤣🤣🤣🤣
You don’t have a 401k?
@Ricky Spanish less than 40% of the people in this country have access to a 401k program. Then there is the 38% who do not make enough for any type of retirement savings, at least while they are raising kids. For the average wage earner companies do not contribute to retirement accounts. So if you have one, great, but your assumption that everyone can or does, is way off reality.
@Cheryl Ernst I find that really hard to believe because the only jobs I worked that didn’t have any retirement plan were when I was a teen. I get that restaurant crew members and cashiers at Wal-Mart don’t have one but those jobs are not meant to be careers. I know that this will seem like common sense, but if you can’t afford children, don’t have them.
@Ricky Spanish A lot of people don’t have careers. They have jobs. And many Americans don’t have access to retirement plans through their employer. Great that you do, but don’t think everyone is as lucky.
https://www.cnbc.com/2018/03/12/how-many-americans-dont-have-access-to-a-401k.html
@Ricky Spanish Are you really that stupid don’t answer
In the Reagan era we learned that trickle down doesn’t work. It’s more like “trickle on”
Many never learned that because the GOP has been spouting tax cuts as a way to “increase” revenues ever since.
@John Swo Tax cuts for ONLY the 1%.
The other 99% (read you and me), get either nothing or a tax increase.
“Trickle down” seems to work when it comes to stupidity and ignorance in America, Trump still has ~40% support and the body count is over 141,000.
Republicans believe in trickle down because they’re a bunch of old men with prostate problems. They’re used to things trickling down.
This sounds like fraud and corruption. All of this needs to be recovered when president Biden is sworn in.
Biden needs a Democrat senate or he can’t do anything
Trump has handed 7 trillion $ to corporations who only pay 8 percent of the budget while giving the people 500 billion who pay 92 percent of the budget
LIE
Money moves in one direction…..and it’s not down. Corporate tax cuts never reach the working man. Those funds were used to buyback their stock….😏
They’re going to start stealing our homes next…again
It’s called foreclosures, and the banks and investment houses will start proceedings as son as they’re able. Trump isn’t the only sociopath in the world.
The average medical bill if you get corona is 100,000.The average covi d survivor will lose their homes.The banks can’t wait.
dont pay your mortgage and your house gets taken
Gov’t-Malpractice joblessness economic-downturn caused n provoked by republicans again.
If joe Biden promises helping PEOPLE FIRST, we will get him elected and help him repair Americans n America. Period.
Promising he’ll let the experts fix the Trump Pandemic instead of Trump political hacks will get Biden elected. Working to protect American lives is more than Trump is capable of.
“Every normal man must be tempted, at times, to spit on his hands, hoist the black flag, and begin slitting throats.” ~ H.L. Mencken
Money IS more important then people,in billionaire’s world,& be damned to the rest of us. Trump=GOP GOP=Trump= Trump=GOP GOP=Trump Bring the whole lot down.
To have a segment like this happen on a corporate news network is pretty remarkable.
Well done for covering the banks.
I’ve never heard of a bank going bankrupt. Just saying
Several were bankrupt in 2008, but the federal government bailed them out. Main street was left blowing in the wind. Iceland’s 2 banks crashed and so did the Bank of Scotland. Barclay’s Bank in England went bankrupt because of the actions of one man. (not related to 2008) On YouTube: Meltdown, Meltdown: the untold story of the 2008 financial crisis, Global Financial Meltdown, Four Horseman Documentary, Panic: the Untold story, The Big Short: movie. That’s for a start. Educate yourself.
Of course when tax cuts happen that it doesn’t help the common worker. It’s only done to help the rich. It’s always been that way and probably always will. People even know this is happening but treat it as if it’s nothing.
The American people should remember this when they’re standing in the lines of the Food Bank. Trumps focus for his entire presidency has been to enhance his business interests & enhance the businesses interests of those wealthy individuals who have previously shunned him. He literally has bought their “friendship ” with tax breaks & deregulation.
We are not a democratic republic, we are an oligarchy🤮
well looks like nothing has changed since the last time the banks fleeced everyone but the ceo’s
This is exactly why Stimulas money should be given to the people, we are the actual economic engine.