Corporate Profits Hit Record High As Fed Blames Worker Wages For Inflation

On the same day that it was announced that corporate America posted their highest quarter of profits EVER, Federal Reserve chair Jerome Powell gave a speech saying that worker wages are one of the main barriers to combating inflation. Corporations are making more money than at any point in history due to Greedflation, and the government is saying that workers are the problem for making too much money. Ring of Fire's Farron Cousins discusses what's happening.

Check out our merch by visiting our store

Subscribe to our podcast

Become a member today!

Support us by becoming a monthly patron on Patreon, and help keep progressive media alive!

Spread the word! LIKE and SHARE this video or leave a comment to help direct attention to the stories that matter. And SUBSCRIBE to stay connected with Ring of Fire's video content!

Support Ring of Fire by subscribing to our YouTube channel

Be sociable! Follow us on:

*This transcript was generated by a third-party transcription software company, so please excuse any typos.

On Wednesday of this week, two separate reports came out that really don't mesh well with each other. Well, one was a report and one was a statement by Federal Reserve Chairman Jerome Powell. Jerome Powell on Wednesday came out and he said to be clear, strong wage growth is a good thing, but for wage growth to be sustainable, it needs to be consistent with 2% inflation. He then went on to say that, uh, we still have to increase on employment because workers are making too darn much money because there's more job openings than workers. So workers have the ability to negotiate better pay, and it's that worker pay. That's really the driver of inflation here, folks.

Shortly before Mr. Powell blamed workers for all the ills of the economy, a report came out showing that corporate profits in the third quarter of this year were literally higher than at any other point in human history. Corporations in the last three months literally made more money than they've ever made in any three month period in their existence. So corporate profits are at an all time high, and the Fed is out there saying, oh, you workers, you're making too much money. You're driving inflation. Jerome Powell needs to be removed immediately because the man is a moron, or He's smart. He's just a liar. So those are the two options, and either one is a horrible thing to have as the chairman of the Federal Reserve, because this is a disgusting statement. Workers are making too much money. Have you gone and actually talked to an American worker, Mr.

Powell? Have you traveled this country and seen the horrendous conditions under which workers are, are, are toiling? Did you not pay attention to the rail strike issue this week where even Congress stepped in and ended up screwing over those workers even more by not giving them a single day of sick leave? And you wanna come to this auditorium, wherever you were speaking and tell people that workers' wages are the problem in this country. The problem 100% is corporate greed, because yeah, inflation's bad, but most of inflation at this point is nothing more than greed, inflation, the extra that corporations are charging for goods and services simply because they can. That's the problem, and that's how, by the way, they're able to make these record profits right now for anyone, whether it's the Fed chair

Or whether it's your next door neighbor to blame. What is happening in this economy on workers shows either a complete lack of knowledge or it shows that they're a pathological liar. Either way, don't listen to these people. They are lying to you, whether intentionally or not, I don't know, and I don't care. The corporations are the problem. They're greed is the problem. They're never ending. Quest for profits is the problem, and we are the ones getting screwed. We're not the ones causing the problem. But those in power would love for you to believe otherwise.