cross-posted from: https://lemmy.world/post/18411047

On Monday the Dow Jones Industrial Average and NASDAQ both nosedived, recording substantial losses totaling trillions of dollars. Other economic indicators remain poor as well, and despite what alleged efforts the Fed may take, the signs of a coming recession are impossible to ignore. One individual who anticipated the crash was billionaire investor Warren Buffett, who unloaded a substantial amount of his Apple stock holdings just before the crash.

Jimmy talks to Economics Professor Richard Wolff about how investors like Buffett help drive crashes, and why crashes like this are typical for a capitalist system and should be expected to happen every 4-7 years.