Robert Reich's undergraduate course on Wealth And Inequality
July 14, 2023 11:27 AM Subscribe
Welcome to my [Robert Reich's] final UC Berkeley course on Wealth and Poverty. [YT playlist, 14 lectures, ~1h30m each] Drawing on my 40+ years in politics, including my time as secretary of labor, I offer a deeper look at why inequalities of income and wealth have widened significantly since the late 1970s in the United States, and why this poses dangerous risks to our society. Class 1: “What’s Happened to Income & Wealth” [1h30m] Each class page has a link to a syllabus of notes and readings in the "more inside" of the description.
MFH - Masters Of Fine Hearts degree?
posted by hippybear at 11:41 AM on July 14, 2023 [1 favorite]
posted by hippybear at 11:41 AM on July 14, 2023 [1 favorite]
Okay. Use of blind acronyms always causes me to struggle. I'd been at it for 20 minutes and still had never come up with that.
posted by hippybear at 12:03 PM on July 14, 2023 [22 favorites]
posted by hippybear at 12:03 PM on July 14, 2023 [22 favorites]
As far as I'm concerned, his NIMBYism, which materially affects people lives, renders him very much not one of the good guys. Talking a good game doesn't make you one of the good guys if you act in a way that contravenes all your pretty leftist theories. And acting to block people from having decent housing in a desirable neighborhood because you want to preserve, and here I quote, the "character of the neighborhood" (code for "I like my cool view of the bay and I like my upper-class white neighbors even more") and "charm of an older era of Berkeley" (I mean, "older era"? Seriously?) squarely makes you one of the bad ones.
posted by holborne at 2:23 PM on July 14, 2023 [18 favorites]
posted by holborne at 2:23 PM on July 14, 2023 [18 favorites]
Maybe he could look into how the Bay Area’s housing crisis, exacerbated by NIMBYs like himself, have widened inequality and wealth gaps. He could even look into how Berkeley, a place that pioneered redlining, was previously much more diverse than it is today. But I suspect it would take a level of self awareness that he lacks.
posted by so much modern time at 2:25 PM on July 14, 2023 [14 favorites]
posted by so much modern time at 2:25 PM on July 14, 2023 [14 favorites]
Today I ran across a link to an article (didn't save it) on how, despite the ongoing boom in apartment construction, the supply of affordable housing is shrinking.
posted by neuron at 2:30 PM on July 14, 2023 [3 favorites]
posted by neuron at 2:30 PM on July 14, 2023 [3 favorites]
I think the NIMBYism and the policies that exacerbated income inequality under Clinton, and his support of the Earned Income Tax Credit (the key is earned income - most the poorest people in the US don't work, and thus have no earned income) make him ok at best. A bit misguided.
Home Ownership Percent since 1960
I mean look at this chart - he talks a good game, but was only able to moderate Reagan's horrible policies with Clinton by 2% in 8 years, which Bush erased in 8, Obama did nothing in 8, and Trump continued in 4 years. Terrible. It doesn't include Biden's years so can't judge there.
This chart shows that 49% of 35-54 year olds earning less than $40k in 2021 dollars owned property in 1960, and by 2021, it's down to 37% today. 70% of people earning less than $80k did and now that's down to 58%.
That is income inequality in action.
One might say that owning a home is not necessarily a good idea for everyone, and I'd agree, but it is a forced savings account (get rich slowly) as you replace debt with equity, even if it doesn't rise in value beyond inflation. And that was replaced by what? The stock market? For that income class? LOL, no.
posted by The_Vegetables at 2:46 PM on July 14, 2023 [4 favorites]
Home Ownership Percent since 1960
I mean look at this chart - he talks a good game, but was only able to moderate Reagan's horrible policies with Clinton by 2% in 8 years, which Bush erased in 8, Obama did nothing in 8, and Trump continued in 4 years. Terrible. It doesn't include Biden's years so can't judge there.
This chart shows that 49% of 35-54 year olds earning less than $40k in 2021 dollars owned property in 1960, and by 2021, it's down to 37% today. 70% of people earning less than $80k did and now that's down to 58%.
That is income inequality in action.
One might say that owning a home is not necessarily a good idea for everyone, and I'd agree, but it is a forced savings account (get rich slowly) as you replace debt with equity, even if it doesn't rise in value beyond inflation. And that was replaced by what? The stock market? For that income class? LOL, no.
posted by The_Vegetables at 2:46 PM on July 14, 2023 [4 favorites]
Dear good gracious Lord, did Robert Reich oppose a particular development on his block and that is all anyone has to say here? Please watch the 21 hours of his class on wealth, poverty, maldistribution, and redistribution, and come back and comment if you think that's still an important observation.
posted by Scarf Joint at 3:04 PM on July 14, 2023 [44 favorites]
posted by Scarf Joint at 3:04 PM on July 14, 2023 [44 favorites]
I mean, I live next door in Oakland, and everyone is opposing something on every block all the time. But Robert Reich is a national treasure, and if his name got attached to a story about opposing a particular development project, I know one thing -- that is not the story.
posted by Scarf Joint at 3:08 PM on July 14, 2023 [12 favorites]
posted by Scarf Joint at 3:08 PM on July 14, 2023 [12 favorites]
It's both sad and typical to see how easily a debate about wealth inequality can get completely derailed.
I watched part of the second video, "The Investor's View", and it does a great job of presenting the basic workings of the system clearly, simply, and without euphemisms. Whether Robert Reich is a morally consistent person or not is irrelevant to his arguments.
This is a fine post about the actual mechanisms of wealth inequality, and it deserves a conversation about that.
posted by fuzz at 3:10 PM on July 14, 2023 [15 favorites]
I watched part of the second video, "The Investor's View", and it does a great job of presenting the basic workings of the system clearly, simply, and without euphemisms. Whether Robert Reich is a morally consistent person or not is irrelevant to his arguments.
This is a fine post about the actual mechanisms of wealth inequality, and it deserves a conversation about that.
posted by fuzz at 3:10 PM on July 14, 2023 [15 favorites]
I think this sounds absolutely fascinating and I cannot wait to dive in.
For anyone who's open to AI/statistically-generated summaries of the videos, summarize.tech can do that - for example, here's the auto-summary of Class 11: Reducing Health Inequities.
Maybe if I get a chance to watch a few before the thread closes, I'll get to come back and post some thoughtful responses, but for now, I just wanted to express how pleased I am that I'll get the opportunity to see these.
I'm so very grateful you posted this, hippybear.
posted by kristi at 3:29 PM on July 14, 2023 [5 favorites]
For anyone who's open to AI/statistically-generated summaries of the videos, summarize.tech can do that - for example, here's the auto-summary of Class 11: Reducing Health Inequities.
Maybe if I get a chance to watch a few before the thread closes, I'll get to come back and post some thoughtful responses, but for now, I just wanted to express how pleased I am that I'll get the opportunity to see these.
I'm so very grateful you posted this, hippybear.
posted by kristi at 3:29 PM on July 14, 2023 [5 favorites]
The Vegetables, what is the ideal rate of homeownership? It appears to keep rising, albeit slowly
posted by Selena777 at 3:36 PM on July 14, 2023
posted by Selena777 at 3:36 PM on July 14, 2023
I wonder if I can get some kind of continuing ed credit for watching all of this.
Reich is a wonderful speaker and teacher. I never had anyone this engaging as a college professor. I might have been more successful if I had.
posted by hippybear at 4:15 PM on July 14, 2023 [4 favorites]
Reich is a wonderful speaker and teacher. I never had anyone this engaging as a college professor. I might have been more successful if I had.
posted by hippybear at 4:15 PM on July 14, 2023 [4 favorites]
He could even look into how Berkeley, a place that pioneered redlining, was previously much more diverse than it is today.
I assume by “diverse” here you actually mean “Black” because it is true that Berkeley used to be more Black, but it also used to be more white. It has gotten closer to majority minority every census. The most recent demographics aren’t included here but it’s just a few percent away now.
posted by atoxyl at 4:55 PM on July 14, 2023 [3 favorites]
I assume by “diverse” here you actually mean “Black” because it is true that Berkeley used to be more Black, but it also used to be more white. It has gotten closer to majority minority every census. The most recent demographics aren’t included here but it’s just a few percent away now.
posted by atoxyl at 4:55 PM on July 14, 2023 [3 favorites]
I don’t mean to be dismissive of the problem you are pointing out, it’s just one of those ways of pointing out a problem that feels like it’s erasing a whole bunch of other people (who are obviously very much part of the fabric of Berkeley if you visit there) to make the point.
posted by atoxyl at 5:02 PM on July 14, 2023 [1 favorite]
posted by atoxyl at 5:02 PM on July 14, 2023 [1 favorite]
Very glad Reich and Berkeley are publishing this for free, for anyone who can see YouTube.
posted by doctornemo at 5:06 PM on July 14, 2023 [1 favorite]
posted by doctornemo at 5:06 PM on July 14, 2023 [1 favorite]
MOOCs still live!
posted by doctornemo at 5:07 PM on July 14, 2023 [2 favorites]
posted by doctornemo at 5:07 PM on July 14, 2023 [2 favorites]
Talking is annoying. It's better than doing bad stuff and NOT even talking about stuff. It's better than being insular and classist and reveling in it, rubbing peoples' noses in it, and telling them flat out... it's better than being proud of being cruel.
posted by amtho at 6:10 PM on July 14, 2023
posted by amtho at 6:10 PM on July 14, 2023
Dear good gracious Lord, did Robert Reich oppose a particular development on his block and that is all anyone has to say here? Please watch the 21 hours of his class on wealth, poverty, maldistribution, and redistribution, and come back and comment if you think that's still an important observation.
Yes, it is still an important observation, since in general, what you actually do is far more important than what you say.
posted by holborne at 6:58 PM on July 14, 2023 [3 favorites]
Yes, it is still an important observation, since in general, what you actually do is far more important than what you say.
posted by holborne at 6:58 PM on July 14, 2023 [3 favorites]
I've never watched Reich for this long. He's sort of a human pez dispenser, with a head way to large for his body. Kind of like Nancy Reagan.
I'm loving these lectures, though.
posted by hippybear at 7:01 PM on July 14, 2023
I'm loving these lectures, though.
posted by hippybear at 7:01 PM on July 14, 2023
I think I'll take a chance on the possibility that a morally imperfect human being might have something insightful to say, as crazy a concept as that apparently is.
posted by AdamCSnider at 7:02 PM on July 14, 2023 [17 favorites]
posted by AdamCSnider at 7:02 PM on July 14, 2023 [17 favorites]
Yes, it is still an important observation, since in general, what you actually do is far more important than what you say.
If we’re talking about you or me, that’s an easy conclusion. If we’re talking about an influential public figure, I don’t think that’s an easy conclusion at all, but it’s kind of an impossible comparison even to begin to make.
posted by atoxyl at 7:47 PM on July 14, 2023 [5 favorites]
If we’re talking about you or me, that’s an easy conclusion. If we’re talking about an influential public figure, I don’t think that’s an easy conclusion at all, but it’s kind of an impossible comparison even to begin to make.
posted by atoxyl at 7:47 PM on July 14, 2023 [5 favorites]
Oh look, Perfect being the mortal enemy of Good. Yet again. Yet again mainly on the Left. How surprising.
posted by aramaic at 9:09 PM on July 14, 2023 [15 favorites]
posted by aramaic at 9:09 PM on July 14, 2023 [15 favorites]
Forget a cat and a scanner and jokes, I can imagine no better anniversary celebration for metafilter than by arguing that the 40+ year research, teaching and public service career of an important figure is immaterial because someone said one time they behaved in a way that was only as pure as the 85th percentile.
posted by Superilla at 9:40 PM on July 14, 2023 [14 favorites]
posted by Superilla at 9:40 PM on July 14, 2023 [14 favorites]
I've never watched Reich for this long. He's sort of a human pez dispenser, with a head way to large for his body. Kind of like Nancy Reagan.
At 4’11, he’s unusually short. He spoke at my college graduation. His first line was (something like), “you’re probably thinking what I was thinking when I sat at my own college graduation, but don’t worry…I’ll be short.” He went on to give a good speech about continuing to give a shit about the world.
posted by vunder at 10:06 PM on July 14, 2023 [10 favorites]
At 4’11, he’s unusually short. He spoke at my college graduation. His first line was (something like), “you’re probably thinking what I was thinking when I sat at my own college graduation, but don’t worry…I’ll be short.” He went on to give a good speech about continuing to give a shit about the world.
posted by vunder at 10:06 PM on July 14, 2023 [10 favorites]
Sam Reich's dad! That is all I can think when I see him now. And he has time to give this series of lectures, but not to be on Game Changer?!
posted by dorothyisunderwood at 11:59 PM on July 14, 2023 [3 favorites]
posted by dorothyisunderwood at 11:59 PM on July 14, 2023 [3 favorites]
Mod note: Please refocus discussion on the content of the post; thank you.
posted by taz (staff) at 2:12 AM on July 15, 2023 [7 favorites]
posted by taz (staff) at 2:12 AM on July 15, 2023 [7 favorites]
This looks sooooo good! Thanks for posting this!
posted by ThatCanadianGirl at 8:14 AM on July 15, 2023
posted by ThatCanadianGirl at 8:14 AM on July 15, 2023
Reich is a wonderful speaker and teacher.
I'm not surprised to hear that. I used to work in IT at UC Berkeley, and one of the benefits was getting to go to lectures by some of the best educators in the world. I remember one lecture about astrophysics, which is way over my head (hiyo!), and the speaker was very engaging and made very complex stuff understandable.
posted by kirkaracha at 9:50 AM on July 15, 2023
I'm not surprised to hear that. I used to work in IT at UC Berkeley, and one of the benefits was getting to go to lectures by some of the best educators in the world. I remember one lecture about astrophysics, which is way over my head (hiyo!), and the speaker was very engaging and made very complex stuff understandable.
posted by kirkaracha at 9:50 AM on July 15, 2023
Thanks for posting. I'll certainly dip into these.
Among other things I'm curious if Reich's thinking have changed in 30 years and if he'll talk about the changes if it has.
There were essentially two factions when the Clinton administration began, finance first and workers first. Larry Summers was the face of the former, Robert Reich the latter. Despite Clinton's DLC routes you could have gone either way, but the Summers approach won pretty completely and Reich was sidelined.
Reich's argument was in favor of infrastructure, education and workers. IIRC the gist was that the world was that since the world was globalizing, capital and goods can flow freely, but a talented workforce with solid infrastructure was not something businesses would want to relocate away from.
It made sense to me at the time, and the US would be a better place if we'd pursued that, but in retrospect it feels so very '90s. Worker training was supposed to be a solution to massive shifts in technology and trade; trillions in capital flow favoring the rich could be undercut by a $100 billion government program or two. (Ironically this was Summers' criticism of Reich's program too, just Summers' conclusion could be caricatured as "so don't even try, just butter up capital.")
But I'm guessing he's changed a lot over the years and is identifying different problems. A lot of center left types from the era seem to have moved much further left in response to the last few decades of rising inequality (cf Paul Krugman, Brad de Long) even as the financial sector expands relentlessly in power.
posted by mark k at 11:41 AM on July 15, 2023 [2 favorites]
Among other things I'm curious if Reich's thinking have changed in 30 years and if he'll talk about the changes if it has.
There were essentially two factions when the Clinton administration began, finance first and workers first. Larry Summers was the face of the former, Robert Reich the latter. Despite Clinton's DLC routes you could have gone either way, but the Summers approach won pretty completely and Reich was sidelined.
Reich's argument was in favor of infrastructure, education and workers. IIRC the gist was that the world was that since the world was globalizing, capital and goods can flow freely, but a talented workforce with solid infrastructure was not something businesses would want to relocate away from.
It made sense to me at the time, and the US would be a better place if we'd pursued that, but in retrospect it feels so very '90s. Worker training was supposed to be a solution to massive shifts in technology and trade; trillions in capital flow favoring the rich could be undercut by a $100 billion government program or two. (Ironically this was Summers' criticism of Reich's program too, just Summers' conclusion could be caricatured as "so don't even try, just butter up capital.")
But I'm guessing he's changed a lot over the years and is identifying different problems. A lot of center left types from the era seem to have moved much further left in response to the last few decades of rising inequality (cf Paul Krugman, Brad de Long) even as the financial sector expands relentlessly in power.
posted by mark k at 11:41 AM on July 15, 2023 [2 favorites]
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posted by Brandon Blatcher (staff) at 11:57 AM on July 15, 2023 [5 favorites]
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posted by Brandon Blatcher (staff) at 11:57 AM on July 15, 2023 [5 favorites]
Into lecture 5 now, and Reich states that Biden is the first president in 40 years to put anti-trust, as a phrase/word, into a state of the union speech. That's pretty astounding and speaks loudly for how we've gotten to where we are now.
posted by hippybear at 1:51 PM on July 15, 2023 [1 favorite]
posted by hippybear at 1:51 PM on July 15, 2023 [1 favorite]
Wow, difficult fact in lecture 6: By the end of the 18th Century, over 3/4 of all people alive in the world were in bondage, enslaved or as serfs.
posted by hippybear at 3:27 PM on July 15, 2023 [3 favorites]
posted by hippybear at 3:27 PM on July 15, 2023 [3 favorites]
More full course lecture series please! I've been watching the same decade-old playlists on the YaleCourses channel for years and desperately need more like this.
posted by I-Write-Essays at 3:30 PM on July 15, 2023 [2 favorites]
posted by I-Write-Essays at 3:30 PM on July 15, 2023 [2 favorites]
More full course lecture series please!
I only know of this one because YouTube decided to hand it to me in my stupidly mostly bad algorithm. Why did this come to me? I have no idea. I think I've posted at least one in the past, and if I find more in the future I will, because I'm always into continuing education. Maybe others will have their own sources and will share, either here or in their own FPP.
I encourage FPPs in general.
posted by hippybear at 3:34 PM on July 15, 2023 [1 favorite]
I only know of this one because YouTube decided to hand it to me in my stupidly mostly bad algorithm. Why did this come to me? I have no idea. I think I've posted at least one in the past, and if I find more in the future I will, because I'm always into continuing education. Maybe others will have their own sources and will share, either here or in their own FPP.
I encourage FPPs in general.
posted by hippybear at 3:34 PM on July 15, 2023 [1 favorite]
Ah, so for Lecture Nine, "Remedying Racial Inequality", Reich brings in David C Wilson as a guest lecturer. I like that he got a POC to do this lecture.
posted by hippybear at 3:54 PM on July 16, 2023
posted by hippybear at 3:54 PM on July 16, 2023
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Regarding inequality, I still want to create a dollar-level simulation of the US economy, since like Dr Steve Keen I think to understand the economy you’ve got to ‘follow the money’
posted by Heywood Mogroot III at 11:40 AM on July 14, 2023 [5 favorites]