Economic Dignity and the Policy Endgame

Published on
October 12th, 2020
Duration
54 minutes


Economic Dignity and the Policy Endgame

The Interview ·
Featuring Gene Sperling and Pedro da Costa

Published on: October 12th, 2020 • Duration: 54 minutes

How can people attain economic dignity at a time when the coronavirus pandemic has torn a hole in our economic fabric? This is the question that Market News International correspondent Pedro da Costa explores with Gene Sperling, national economic advisor and author of "Economic Dignity." Sperling argues that COVID-19 has only exacerbated inequalities that were already nearing their breaking point, incorporating the U.S. budget deficit and Federal Reserve's actions into his analysis. Sperling and da Costa then look forward weigh to the 2020 presidential election and the possibility of additional fiscal stimulus, weighing the various probabilities as they attempt to build their framework for the near-term. Filmed on October 2, 2020.

Comments

Transcript

  • GW
    Greg W.
    19 October 2020 @ 20:13
    Is this Realvision or CNN ? Bias reporting is not what I signed up for.
  • MB
    Michael B.
    14 October 2020 @ 10:20
    Sad on the rating but I dont believe I have ever seen almost double thumbs down compared to approval of any video in RealVisions entire history. That speaks volumes
    • CP
      Cameron P.
      17 October 2020 @ 14:17
      My thoughts exactly. Main take away: don't come here expecting compassion and empathy.
  • AA
    Aymman A.
    12 October 2020 @ 16:27
    From the negative response of the (mostly Republican) crowd I see value in this interview. I see alpha if you can understand that the last 30 years of falling bond yields and the Regan-Thacher economics philosophy is over. For those who believe in capitalism, understand America is no longer capitalistic. It has the worst kind of crony capitalism. The price of money, the bond market, the credit market and the stock market is all manipulated. Currency markets are the only ones that are still “free”. There are many who say that “socialism” is not worse than “crony capitalism”. Whether you agree or not, a hard left turn is coming. So if you are getting angry at this interview, you will miss the hard left turn that America will be taking. Warren Buffet has not missed this. He is short American capitalism! He went long gold and Japanese commodity traders! Inflation, slow growth and impossible to pay off debt burden, UBI, MMT are all coming. Gold, BTC!
    • HK
      H K.
      12 October 2020 @ 16:47
      That's true, policies are turning left. I don't think people are missing seeing it either... just very displeased and disappointed about it
    • LH
      Luke H.
      12 October 2020 @ 17:25
      BTC, Gold & Renewable Energy. Climate change is a scientific imperative for quality renewable companies to grow exponentially. The right's rejection of this scientific reality has been free alpha for me for the past number of years. Long may they reject reality for our economic and environmental gain.
    • AP
      A P.
      12 October 2020 @ 18:07
      The winners don't usually like it when you change the rules of the game.
    • ly
      lena y.
      12 October 2020 @ 19:16
      We have to deal with the huge inequality in the society whether we are winners or losers under the present system. No one wins when social unrest expands to crisis.
    • PB
      PHILLIP B.
      13 October 2020 @ 22:04
      It will "turning left" as a result of blowback in the sense of blowback that Chalmers Johnson wrote a book about. The elites of our nation failed us. Abandoned, maybe, is a better description of what happened to our nation.
    • TZ
      Tibor Z.
      15 October 2020 @ 13:53
      Hallelujah! Finally, someone sees that the USA has nothing to do with capitalism anymore! Capitalize the gains and socialize the losses! That is crony capitalism! That is the worst!
  • GH
    Gregory H.
    14 October 2020 @ 16:20
    Literally 3 minutes in and lazy, biased analysis is already prevalent... he promotes racial groups as being primary factor driving US Covid-19 deaths... how about you take 2 minutes to Google CDC Covid-19 Death Data by Age... which is the only statistically significant factor driving 99.9% of outcomes... per CDC, "85+ years" group has "630 times" Death rate compared to "18-29 years" Comparison Group... "75-84 years" group - "220 times"... "65-74 years" group - "90 times"... either incompetent or just can't be objective... And as far as the 100,000 less deaths we could have had... we are at 216,000 cumulative today... but about half of those happened in March/April/May when proper treatment was unknown... and if you are really being objective, 95% of these people are dying with other factors, not just Covid... I'm really tired or lazy and biased analysis that I can refute with 2 minutes of Googling...
    • TW
      Todd W.
      15 October 2020 @ 07:00
      You need to chill. Drink some green tea. Everyone is tense and clearly you have incredible bias. Just listen, process later. Maybe you are right. Maybe he's right. Maybe theres a balance and everyone doesnt need to micro explain every point. I assume you believe yourself to be the genius you are but this channel is about other opinions not becoming a political. Clearly race is a massive factor in this. If you dont understand that, I recommend asking yourself why you feel so targeted since you are so clearly smart.
    • GH
      Gregory H.
      15 October 2020 @ 10:03
      @Todd W. - "Maybe theres a balance and everyone doesnt need to micro explain every point." - Injecting race as a throw away statement is gross and toxic, especially when it is not backed up by data... Not sure about your situation, but my partner is ADOS, so I get a front row seat to how sensitive of an issue this is all the time and hate when "Champagne Socialists" play with fire on this issue, but don't live with the consequences... Are "630 times" more people of one racial group dying than any other one... "220 times"... "90 times"... @Todd W. - "Maybe you are right. Maybe he's right." - It's a huge problem that I call him out on hard data and you can't refute my points but attack me, a subscriber...
  • sc
    sung c.
    14 October 2020 @ 01:27
    Perhaps I missed it, but Mr. Sperling points out the obviously well known problems, but never gives a solution to the problems, and this is the main problem with Democratic candidates by in large. They reiterate their hatred for Trump and talk about the problems which exist, they never give their solutions to the problems. As much as I would like to vote for Biden/Harris because of Trump's negative personality, Biden has never given any concrete answers to our basic problems. As for Harris, should she step into the presidency, which given Biden's age and physical condition, is not such a far-fetched possibility, has never run a corporation, been a mayor of a city, been a governor of a state, or run any major conglomerate organization, so how will she run the largest economy in the world and become a better world leader than Trump or Pence? (Other world leaders will not care that she is Black and female) which seems to be her main reason for wanting to be President. And so, I am once again, compelled to vote Trump even as much as I hate to boost his ego even more, because in the end, Biden/Harris is just about passing the buck with increased spending and taxes, while with Trump/Pence, we can continue to make some progress and change. Such a tough electoral choice, even more so than in 2016, speaking for myself personally. By the way, as an Asian minority, I find it ironic that if a person votes for a white candidate simply because they are also white, that is perceived as racist, but when a person votes for a black candidate simply because they also are black, that is expected and applauded, but not considered to be racist. To me, this is bigotry and prejudice at its highest level. Vote for a candidate based upon their credentials and abilities, not based upon race and gender, then you are truly doing what you are so boldly fighting about; race/gender inequality.
    • MB
      Michael B.
      14 October 2020 @ 10:18
      I did see some images where Harris was in the foreground & in one interview she said the Harris-Biden admin. Interesting
    • sc
      sung c.
      14 October 2020 @ 15:22
      To Michael B. It's a well known fact that Biden's main choice for V.P. was Governor Whitmer to get the female vote, but he had to reconsider for Harris when his poles were weakening and decided on Harris to get the additional black/hispanic minority vote. I just read that most Indian Americans will vote for Harris/Biden, which is expected and I have nothing against; I'm just saying don't act like one is not racist when simply voting for one's own race instead of voting based upon capabilities for the actual job at hand. As for Trump, I wish he would stop boasting so much and stop taking all the credit for anything and everything for himself. I understand he had to do that in business to get loans/projects funded, but now, he is the POTUS and not Donald Trump. He chose and fought to be POTUS for the people of the U.S. He needs to share all credit with others, be it his team, the GOP or Democrats. Lead like a POTUS the leader, and not like Donald Trump the individual, and he will deserve the vote of the people.
  • EH
    Edward H.
    14 October 2020 @ 12:16
    Please, no more Pedro da Costa.
  • MO
    Mason O.
    12 October 2020 @ 20:22
    If you havent watched this yet, heres the synopsis: Trump Bad. Biden Good. Buy my book. Kick the can down the road. Really though, I'm not a republican, or a democrat, but I am paying hard earned money for the content RV creates. I watched to the end, and went in hoping to really appreciate this level of interview. I was grossly disappointed. This is without a doubt a complete waste of time, and is basically progressive propaganda. If you have done nothing but read the titles of RV videos, you have acquired more information than this video gave. We have learned nothing new from this.
    • PB
      PHILLIP B.
      13 October 2020 @ 21:59
      I wasted my time reading your review. And, am wasting more of my time responding. Why did you even write the words "progressive propaganda" together. I have never heard these two words used together. You just made it up. Kudos! I'll presume that because the interviewer starts off saying, and I'm paraphrasing, that "masks save lives, but we could neither wear masks nor save lives in this country" you think the interview sucks. Yeah, economic dignity sucks. Let all the people who live in the park near to where I live just wallow in their filth. They had jobs and places to live a few months ago. Now, they are just surplus capital. The word "dignity" should be struck form our vocabulary when referring to economic losers. The system doesn't work for a lot of people. Sorry if this is news to you. (spit)
    • MO
      Mason O.
      14 October 2020 @ 05:45
      Fantastic assumptions, all of which are completely baseless. I'm not saying anything he says isn't true. What I'm saying is that this is Real Vision, that we all pay for information, and that this dribble is in no way informative to this group of people. If you found anything he has said to be profound, then you're the one who hasn't been paying attention to the world around you.
    • MB
      Michael B.
      14 October 2020 @ 10:26
      I didn't even bother to go to the end. Thanks for your opinion of the conclusion.
  • CB
    Chris B.
    12 October 2020 @ 20:51
    Thanks to RV for having a less conventional interview as it continues to give insight into principles of the Biden administration. I haven’t read Sperling’s book but “economic dignity” sounds like another way of saying everyone deserves equal outcomes when the real focus should be equal opportunities. Plus, while the US needs a better social safety net, I agree with Cooperman, decide how large we want the US government to be and then live within its means. Otherwise, we end up with “more more more”; i.e., big (permanent?) spending programs without figuring out the dull, demanding work on what to scale back. Instead we fall back on it does not matter right now and besides, rates are low. On financial planning, it continues to tell me that if Trump is re-elected we can expect more spending like a drunken sailor, If the Democrats have a sweep then we can expect higher taxes and spending like two drunken sailors. Basically, deficits don't matter.
    • MS
      Michael S.
      14 October 2020 @ 04:10
      Dick Cheney, Republican war criminal was the one that said "deficits don't matter", just to be clear.
    • MB
      Michael B.
      14 October 2020 @ 10:24
      As a foreigner I see the Democrats as radical socialists now. My dad was a communist and I believed the stuff till my first job when I worked with a Russian woman who told me the realities of the Soviet system. Thankfully I was rescued from such propoganda
  • DB
    Donna B.
    12 October 2020 @ 22:15
    More doublespeak, "Economic Dignity." Beware!
    • MB
      Michael B.
      14 October 2020 @ 10:22
      I remember reading 1984 in school. It was then and is still now after reading 100s of book, by far the most destitute and depressing story I have ever encountered. and here we are ...
  • JW
    Jay W.
    12 October 2020 @ 23:27
    All the negative reviews filled with rage over here tell me that this is a must watch interview.
    • PB
      PHILLIP B.
      13 October 2020 @ 21:51
      Yeah. Same here.
  • AW
    Andrew W.
    13 October 2020 @ 01:17
    First-level thinking: What *ought* to be and why, given my political bias, which might be right or wrong. Second-level thinking: What *is* going to happen and why, regardless of whether it's right or wrong, regardless of my political bias, why each side thinks it's the thing to do, so that I can position my portfolio to profit. I auto-downvote first level thinkers like this, because I can get enough first-level thinking from partisan media networks. RV usually differentiates itself with second-level thinking. Let's keep the bar high.
    • SF
      Stephen F.
      13 October 2020 @ 18:54
      Agree. Successful investors are wired to think more independently than the average person for good reason.
  • CJ
    Charles J.
    13 October 2020 @ 18:53
    Important interview because it's representative of what could happen in the future, but my biggest takeaway is that politics really doesn't attract our best and brightest.
  • SB
    Stewart B.
    13 October 2020 @ 17:36
    Terrible interview. What Gene Sperling misses is that if you don't like the conditions of your job, you can always leave and join a competitor. If you don't like your profession, you can always change. A dynamic economy needs this. If it weren't, typewriter salespeople would still be employed.
  • RY
    Roy Y.
    13 October 2020 @ 12:04
    Heavy going but enjoyed this ... Thank you both.
  • SC
    Sejong C.
    13 October 2020 @ 02:29
    Love your new hairstyle, Pedro. Didn't see you for a while, and I was a bit worried if you departed from RV. I miss many talented interviewers ; Grant Williams, Brian Price, Jake Merl, or Justine Underhill, to name a few.
  • mw
    michael w.
    12 October 2020 @ 22:39
    "Never let a good crisis go to waste"
    • JM
      Jim M.
      13 October 2020 @ 00:11
      Close. That was Rahm Emanuel
  • JP
    John P.
    12 October 2020 @ 18:09
    It is fairly predictable that there are more thumbs down here than thumbs up. Doesn't mean RV shouldn't keep having interviews like this.
    • GH
      Gloria H.
      12 October 2020 @ 23:52
      Yes, but it’s troubling (at least to me) how many of the thumbs down/critical comments stem solely from disagreement with Sperling, as opposed to the quality of the interview. The RV audience is certainly not ignorant, so I can’t understand why so many here don’t seem to realize that the “system” hasn’t worked for the majority for decades.
  • DS
    David S.
    12 October 2020 @ 23:47
    As a US citizen, I can say for the most part we do not have a sense of community. For many US citizens not caring about other citizens is the easiest and cheapest way to ignore any human responsibility to care. This behavior is as old as time. It is economic Darwinism. It is embraced until it is your cookie that is crumbling. When your cookie is crumbling, it is too late to effect change. As a young nation when a neighbor's barn burned down you helped to build a new barn. Those days are gone. Now it is that guy must be stupid to let his barn burn down. Why take care of stupid people? I think I gave to the Stupid People’s Foundation at the office. Sad. DLS
  • RB
    Rahul B.
    12 October 2020 @ 18:31
    If you understand this, and see the impetus this will create, you can make a lot of money in the stock market over the next decade.
  • PT
    Philip T.
    12 October 2020 @ 18:13
    His comments on taking the high road on dignity would have more weight had he not been involved in the conflict-of-interest scandal of receiving an unsecured, below market-rate loan from Howard Shapiro while serving in the Obama administration, Do as I say, not as I do.
  • gj
    gail j.
    12 October 2020 @ 18:04
    I appreciate Real Vision provides content that helps me challenge my assumptions. I may or may not change my opinion, but I will have reviewed facts, numbers, and clarified the argument to support that opinion. What keeps me up at night? People who can't have a reasoned disagreement without trashing the other person intellect or integrity. If we lose that, democracy is in the trash can.
  • DJ
    Damien J.
    12 October 2020 @ 17:05
    I bet this guy gets invited to all the parties.
  • JT
    John T.
    12 October 2020 @ 16:17
    Good luck fighting the prevailing narrative human rights = "communism" Corporate monopolies fed by the Federal Reserve = "capitalism" People forget that the true problem of communism is centralized power and control.
  • HK
    H K.
    12 October 2020 @ 16:15
    The cringe is real
  • TA
    Timothy A.
    12 October 2020 @ 15:54
    Watching this interview will give you Corona Virus symptoms. Shortness of breath, make you feel like your going to throw up.
  • PM
    Phil M.
    12 October 2020 @ 15:44
    Lost me in the first 3 minutes. Not the stuff I expect from Real Vision.
  • LR
    Leon R.
    12 October 2020 @ 15:41
    It's nice, sometimes, to have my bias confirmed - this time by the thumbs up/down on this video. Seems I'm not alone.
  • WM
    William M.
    12 October 2020 @ 15:38
    utterly awful..
  • TE
    Tito E.
    12 October 2020 @ 15:35
    So little dignity
  • WM
    William M.
    12 October 2020 @ 15:24
    political drivel with no actionable intelligence .. not a fan.
  • JM
    Jim M.
    12 October 2020 @ 14:55
    Anything but RV's finest moment.
  • KS
    KEVIN S.
    12 October 2020 @ 13:00
    "If people do their part, they should have economic dignity"...Agreed. "We should have a system that allows for second and third chances"...Agreed. What drives me nuts about these type of discussions is it paints all individuals as just one big group of hard working, moral people only worried about feeding their families and trying to survive but denied dignity from some outside force. Reality is that is simply not true. I have watched time and time again so many individuals given opportunity, help, and assistance and they constantly don't "do their part". Given the opportunity to be trusted, they lie or steal. Given the opportunity of a job, they don't show up. Given the opportunity to buy food, they buy drugs or gamble. Where does simple self-dignity and individual responsibility factor in? I have a family member who is a teacher and no matter how much she "lowers the bar", no matter how simple she makes a task or assignment to accomplish, there is just a certain amount of capable individuals who just simply refuse to do it. Short of an authoritarian rule to force people to conform or suffer severe penalty, in a society of free individual choice, someone please answer the question what happens to the individuals (and there's a shit load of them) who time and time again freely choose not to respect the opportunities their given?
    • JK
      John K.
      12 October 2020 @ 14:45
      I think we have to accept the fact that there are some people who don’t want to do anything ever. The question is do we let them go hungry?
  • MB
    Michael B.
    12 October 2020 @ 09:21
    This is far too politically biased and I am not even American or can vote there. I fully agree with giving people a voice though unlike the left which appears to be doing a lot to shut up voices they don't like. I watched when the thumbs up and down were 7 for both so that alone was a good warning of what was to come.
    • GB
      GREGORY B.
      12 October 2020 @ 13:04
      Ignoring politics is a mistake. It’s like deliberately designing a blind spot for yourself. Look at the economic implications of Brexit and trade wars. If you ignore the implications of political pressures you would’ve been blindsided by these factors. There’s a reason why Real Vision talks about politics and it has nothing to do with any political agenda.
    • CB
      Clifford B.
      12 October 2020 @ 14:20
      @Gregory B. Agreed
  • DM
    Dom M.
    12 October 2020 @ 13:51
    This video is approved by Joe Biden
  • TW
    Troy W.
    12 October 2020 @ 11:37
    Another bias guy who reads bias research that confirms his obvious bias imho.
  • JW
    Jim W.
    12 October 2020 @ 10:36
    Please have Chris Arnade on instead. He wrote "Dignity, looking for respect in back row America", and would have added much more to the conversation than this one.
  • PU
    Peter U.
    12 October 2020 @ 09:25
    OMG