Economic Update with Richard Wolff: Big Banks and the Leaky Dakota Access Pipeline

On this episode of Economic Update, Professor Richard Wolff informs viewers that the new government in Australia intends to raise taxes on the major banks in that country (ANZ Bank, Westpac, Macquarie, Commonwealth Bank, and the National Australian Bank). The vast majority of the Australian people want to see progressive changes and are tired of an economic system that mainly serves the 1% at the top at the expense of everyone else.

The next economic update has to do with Dakota Access Pipeline; it turns out that the only way that Energy Transfer Partners (The Parent Company behind this construction) can keep working at the Dakota Access Pipeline is if the major banks funding this project continue to do so, if these banks withdraw their support, then the construction of such pipeline will most likely be halted. So far, foreign banks have been the ones that have withdrawn their support for this pipeline under pressure have been foreign banks such as the ING Bank, DNB Bank, as well The Norwegian Pension Fund. Even some American cities such as Seattle and Santa Monica have taken action by ending their business ties to the Wells Fargo Bank (a leading financier of the Dakota Access Pipeline along with CIti Bank).

Professor Wolff also talks about the outcome of the French presidential elections. A total of eleven candidates participated in the first round and the two presidential candidates with most votes had a runoff. The runoff was between Marine Le Pen and Emmanuel Macron. Le Pen is a far-right and nationalist politician who displays anti-immigrant views. On the hand, Macron is former banker who represents the status quo and will most likely push for austerity programs and favor the establishment at the expense of the working class. Emmanuel Macron eventually won the French Presidential election. However, both candidates were not very popular to begin with.

On a different note, Professor Wolff states that the state tax raises approximately $23 billion a year for the federal government. Nonetheless, the Trump administration along with GOP leaders have shown intentions of eliminating the state tax, which will not only deprive the federal government of $23 billion dollars in revenue, but it will also lower taxes on the rich and benefit the 1% and make things harder for the 99%.

Another economic update has to do with the fact that the Sinclair Broadcast Group has recently purchased the Tribune Company, which will make Sinclair the largest single owner Of TV local stations. This latest acquisition will lead to a huge concentration of power where a small group of directors will be able to control/regulate the type of content that people can watch on local TV. Professor Wolff also tells his audience that the Coach Bag Company just acquired the Kate Spade Bag Company, which will lead to ore monopolistic policies and ultimately raise prices on on women's items and accessories, etc.

Lastly, Dr. Wolff interviews professor Jessica Gordon Nembhard, author of Collective Courage and teaches Community Justice and Socio-economic development at John Jay College. During this interview, Professor Jessica Gordon Nembhard talks about the history worker coops involving the African American Community and other minorities. #MNN #EconomicUpdate #RichardWolff #Banks #DakotaAcessPipeline #DivestFossilFuels #StateTax #Monopoly #Corporations #Coops #LaborMovement #Unions
Updates on Australian government taxes big banks, big banks fund Dakota Access Pipeline, meaning of French elections, Trump/GOP want to end estate taxes, rising role of monopoly in US economy. Interview with Prof. Jessica Gordon Nembhard, historian of worker coops and African-American community.

Economic Update airs Tuesday nights at 8PM on MNN 1 (TWC 34 & 1995, RCN 82, FiOS 33 and streaming on www.mnn.org). Previously aired episodes of Economic Update can be found on the Manhattan Neighborhood Network YouTube page.

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