Makro & Cheese – L. Randall Wray: OK, Boomer. Great Again Isn’t Good Enough

Randy states the only reason the policies proposed by Bernie Sanders seem so far outside the mainstream is because the mainstream has become so regressive. The ideas aren’t radical — the Democratic Party is conservative.

Steve asks him why our society is so regressive. Much of the answer lies in the rise of finance capital — the financialization of the economy. Wall Street has its fingers in every aspect of society, yet it doesn’t produce anything, so the net value added to the economy is massively negative. Randy likens them to the rentier class. They take a percentage of corporate profit right off the top. A percentage of one’s paycheck goes to the FIRE sector — finance, insurance, and real estate. (Obamacare is a recent example that furthered the process.) Obviously they’re not going to support democracy.

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