Wall Street's involvement in the housing market has been significant, with hedge funds and private equity firms buying up a large number of homes, especially after the 2008 financial crisis.

This trend has made home buying increasingly difficult for many Americans, as investors have been outbidding regular buyers and using algorithms to purchase homes quickly.

If the current trend continues, it is projected that by 2030, Wall Street investors may control 40% of U.S. single-family rental homes.

This has led to a situation where homeownership, a key aspect of generational wealth and the American dream, is becoming out of reach for a growing number of people, especially young individuals.

While rising home prices have slowed Wall Street's activity recently, they are now targeting more modestly priced homes and neighborhoods with communities of color.

Efforts are being made to address this issue, such as a proposed bill to ban hedge funds and private equity firms from buying single-family homes, which could potentially increase the supply of homes available to individual buyers and make housing more affordable.

President Biden has also proposed funding and tax credits to address the housing crisis.

The fight against Wall Street's dominance in the housing market is crucial to ensuring a fair and accessible housing market for all Americans.

• 00:59 💡 College education has become exceptionally expensive, rising more quickly than other essentials like food, health, and real estate, which poses challenges for many.
• 01:30 📉 Despite a widening skills gap with many non-degree jobs available, there's still a strong societal push for four-year degrees, though Gen Z is increasingly skeptical of this approach.
• 02:29 🔧 The shortage of skilled labor in trades like construction is a critical issue, where for every five workers retiring, only two are replacing them annually, leading to project delays and cost overruns.
• 03:43 📚 The increased cost of college is attributed to the availability of extensive financial aid, leading to a crisis where many students feel compelled to pursue higher education, despite alternatives being more viable for them.
• 03:57 🎓 A forthcoming public relations challenge in higher education is anticipated due to changing perceptions and societal pressures around college education versus vocational paths.

Washington's minimum wage of $16.28 (in 2024) is higher than the current federal rate of $7.25.

Under federal law and in most states, employers may pay tipped employees less than the minimum wage, as long as employees earn enough in tips to make up the difference. This is called a "tip credit."

However, Washington is one of the few states that does not allow employers to take a tip credit. Employers must pay all employees at least the state minimum wage, regardless of how much the employee earns in tips.

• 00:13 💰 Capitalist Success Secrets

  • Rich capitalists, including the speaker, have seen immense wealth growth.
  • The primary factor behind this success is attributed to economic policies favoring big corporations and billionaires.
  • Question posed: How do the rich continue to increase their share of the economic pie annually?

• 01:22 🌐 Neoliberal Era's Impact

  • Neoliberal economists advocate against policies like raising taxes on the rich, regulating corporations, or increasing wages.
  • Over the last 30 years, the top one percent in the USA grew $21 trillion richer while the bottom 50 percent became $900 billion poorer.
  • Despite widening inequality, neoliberal economists advocate for more austerity and globalization.

• 02:58 📉 Critique of Current Economics

  • Economics, as taught today, is criticized for being more mathematics than science.
  • Neoliberal economic theory is deemed dangerously wrong, leading to rising inequality and political instability.
  • Capital is challenged as the sole driver of economic growth, and the need for a new economics is emphasized.

• 04:53 🔄 Challenging Neoliberal Assumptions

  • Assumption 1: Market as an efficient equilibrium system is debunked with the example of Seattle's minimum wage increase.
  • Assumption 2: The price always equals value, debunked by the assertion that people are paid based on negotiation power, not their true value.
  • Assumption 3: Behavioral model "homo economicus" is criticized for its unrealistic portrayal of humans as purely selfish and rational.

• 08:34 💡 The Gospel of Selfishness

  • The ideology of selfishness is highlighted as the cornerstone of neoliberal economics.
  • Neoliberalism's acceptance of humans as fundamentally selfish is critiqued for supporting greed and widening inequality.
  • The shift to recognizing humans as cooperative, reciprocal, and morally intuitive is proposed for a more accurate understanding of prosperity.

• 10:36 🌍 New Economics Principles

  • The new economics is briefly outlined, incorporating insights from various disciplines.
  • Prosperity is described as emerging from a positive feedback loop between innovation and consumer demand.
  • The five rules of thumb for a sustainable and equitable society are presented, emphasizing the importance of tending to markets like gardens.

Study of 1918 flu pandemic shows U.S. cities that responded more aggressively in health terms also had better economic rebounds.