I want members to know that i plan to continue this committees long tradition of collegiality and substantive substantive debate, even as we conduct our business from afar. I will continue to work with the Ranking Member mr. Smith and his staff to ensure that the rights of all members are respected in this new virtual format. Before i turn to todays important topic, i want to remind members of a few procedures to help you navigate this new platform. First, consistent with regulations the committee will keep microphones muted to limit background noise. Members are responsible for unmuting themselves when they seek recognition or when recognized for their fiveminute statement. Second, members and witnesses must have their cameras on at all times. If you need to step away from the proceedings, please leave your camera on rather than logging out. Finally, we have several members who are waving on to the subcommittee for todays hearing. Given the large number i will recognize members in an
Good morning welcome to squawk box. Im becky quick with Andrew Ross Sorkin and joe kernen. Welcome back both of you some big moves we are looking at today. Lets look where things stand with the markets dow futures are off by 34. The big news is happening with technology stocks. Down 343 points. Thats big you are talking 3 of the market or 3 decline for the index. Thats a big deal when you look at what happened last week on thursday, nasdaq was off 5 on friday, another one and a quarter percent. You are taurking 6 and a quarter decline. Because of what is happening with the biggest stocks in that. Tesla indicated down 11 in the premarket Asml Holdings down nvidia down advanced microoff off 4 . Those that have boosted that weve seen selling off today you are still looking with these declines at a market at higher levels weve run up quickly and we are seeing it now joe. Watching it head higher watching it ever day, we are like this tech stuff is insane benefitting from what we are all liv
Every Small Business is going to be out of business i had time to selling is over not just wipe out an entire class of people because you allowed the wealthy to go out and thrive through these tough times getting access that they had all doing all the things that normal people dont get to do so the class divide will continue and its mostly because we dont really allow the true free markets work anymore we allow the the Upper Echelon they have a better chance and better access Going Forward and i think thats one of the big problems that i see here well so many go to richard so many of the wealthy you know look at socialism as something of a point but i mean this is exactly what they how they have to have socialism for the very very rich Concierge Service and you know the states not supposed to keep winners because thats against the markets but thats exactly what theyre doing theyre picking winners all of the time richard. Yeah i think i agree that we are in a sea instead. Of capitalisms
And all the International Stage should now for cross full coming up next kevin ill be here with you in the studio next hour to give you the latest news updates from around the world will see about that. Alone we welcome to cross talk were all things are considered im Peter Lavelle as the culture war d rages on and they did the billionaire class is only getting well you know their well iraq percent 184 1000000000. 00 since the start of the pandemic splash how will this back shape the coming recovery and is a permanent underclass the new normal. To discuss this and more im joined by my guest Richard Wolffe in new york hes a Professor Emeritus of economics at the university of massachusetts amherst as well as an author of the recent books understanding socialism and understanding marxism and in chicago or which he is a chief marketing strategist bubba trading all right gentleman stop rules in effect that means you can jump in time you want and i was appreciate todd let me go to you as you
Have a great day. Hello and welcome to cross talk where all things are considered im Peter Lavelle as the culture war rages on a baited the billionaire class is only getting well you know their well has skyrocketed 20 percent or 500 84000000000. 00 since the start of the pandemic splash how will this back shape the coming recovery and is a permanent underclass the new normal. To discuss this and more im joined by my guest Richard Wolffe in new yorks hes a Professor Emeritus of economics at the university of massachusetts amherst as well as the author. Of the recent books understanding socialism and understanding marxism and in chicago or which he is a chief marketing strategist bubba trading all right gentleman rules in effect that means you can jump in time you want and i was appreciate todd let me go to you as you just heard in my introduction you know that we have an ongoing deep recession i think as of this morning the i. M. F. Came out with their global projections and a contracti