Understanding the Impact of Wall Street on the Working Class
- Understanding the Impact of Wall Street on the Working Class Evergreen Podcasts 1:11:38
In this episode of the EZ Conversations podcast, the host welcomes Les Leopold, co-founder and director of the Labor Institute, who advocates for labour Education and working-class issues. The conversation begins with exploring Les’s background, highlighting his lifetime work as an educator, turning academic ideas into practical, actionable knowledge for working people since the mid-1970s. Les discusses his transition to writing, revealing how a notable campaign involving Bruce Springsteen and personal experiences prompted him to author several books, including his latest on financial and labour issues. The discussion delves into the undervaluation of the working class due to deregulation, outsourcing, and economic manipulation like stock buybacks and leveraged buyouts. Les emphasizes the need for strong labour unions, community mobilization, and systemic changes to prevent Wall Street-induced layoffs. The conversation also touches on job instability’s personal and societal impacts, and Les shares his vision for a more equitable future. Listeners are provided with resources to explore further, including Les’s educational materials and books.
After graduating from Oberlin College and the Princeton School of Public and International Affairs (MPA 1975), Les co-founded the Labor Institute (1976). This non-profit organization designs research and educational programs on occupational safety and health, as well as the environment and economics for unions, worker centers, and community organizations. In addition to his most recent book, Wall Street’s War on Workers: How Mass Layoffs and Greed are Destroying the Working Class and What to do about it (Chelsea Green 2024), he is also the author of Defiant German, Defiant Jew (Amsterdam Publishers, 2020) he is the author of Runaway Inequality: An Activist’s Guide to Economic Justice (Labor Institute Press, 2015, 2016, 2018), How to Make a Million Dollars an Hour (John Wiley and Sons, 2013); The Looting of America, (Chelsea Green Publishing, June 2009); The Man Who Hated Work and Loved Labor: The Life and Times of Tony Mazzocchi, (Chelsea Green Publishing, June 2006). The Mazzocchi story won the Independent Publisher Award for best biography.
He is helping build a national economic educational train-the-trainer program with unions and community groups. All proceeds from his books are donated to non-profit organizations.
04:39 Welcome to EZ Conversations
05:17 Les’s Background and Career Journey
07:25 The Joy of Writing
11:52 The Power of the Working Class
17:28 Challenges Facing the Working Class
22:22 Impact of Deregulation and Outsourcing
24:13 The Role of Unions and Labor Laws
26:10 Potential Changes Under Trump Administration
29:29 Corporate Responsibility and Worker Rights
31:34 Global Examples of Labor Power
33:43 Automation and the Future of Work
34:56 Automation and Labor: A Historical Perspective
36:35 The Impact of Stock Buybacks on Workers
37:49 The Mechanism and Consequences of Stock Buybacks
47:35 Corporate Greed and Its Philosophical Implications
01:00:50 The Human Cost of Mass Layoffs
01:03:43 Solutions and Call to Action for Workers
01:06:41 Resources and Final Thoughts
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