ICYMI: Coronavirus didn't bring the economy down — 40 years of greed and corporate malfeasance did
podcast, Nick Hanauer and David Goldstein answered listener questions about the economic impact of the coronavirus pandemic. Listeners reached out via Twitter, voicemail, even Instagram DMs with a lot of questions — too many to address in a single episode.
Hanauer pointed out that there is no evidence that coronavirus will spontaneously create a more inclusive form of capitalism: "I was baffled by how passive people were about these super-unfair arrangements before the virus," he exclaimed, adding that he's even more perplexed by that passivity given current events. He calls this well-intentioned belief that the wealthiest members of society will see the error of their ways a kind of "neoliberal framing.
Hanauer thinks this resentment is a logical response. "One of the reasons that we're having to bail out all of these industries," he said, "is that the industries themselves have been made fragile by decades of shareholder value maximization" instead of "building resilience." So the record-breaking corporate profits of the last 12 years were privatized in a series of grotesque stock buybacks for shareholders and huge payouts for executives, but the bill for coronavirus damages are being socialized and absorbed by all taxpayers, Hanauer says.
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