It’s Sam’s triumphant return to the show! He and Emma host Sandy Jacoby, Research Professor at the UCLA Anderson School of Management, to discuss his recent book Labor in the Age of Finance: Pensions, Politics, and Corporations from Deindustrialization to Dodd-Frank, on the contradictions ingrained in the relationship between organizing and shareholders. Professor Jacoby begins by situating the first era of union financialization at the end of the 19th Century with the birth of labor banks as a way to bolster worker funds, until the Great Depression flipped nearly every single one belly up, burning the relationship between the two sectors for much of the next fifty years over the New Deal era. The start of the neoliberal era in the 70s forced unions to look for ways to boost their power once again, turning to union pension funds, which offered both direct and indirect control over money for their workers, with a particular focus on the public State and Local funds such as CalPERS, which used their billions to bolster myriad labor fights in their state. After briefly touching on the different structures of the public pension funds, Professor Jacoby, Emma, and Sam dive into how this led to these funds putting in place shareholder policies, trading financial support for policies that favor shareholders’ profits over workers, particularly pushing stock options and stock-based pay for executives, seeing a complete shift to marketization, including swapping pensions for 401ks, and commitments to labor squeezes to bolster share prices. Next, Professor Jacoby dives into how this financialization tied the roles of these pensions, shareholders, and CEOs together, fighting for the same short term returns despite their inverse relationship with the health of corporations, labor, and community, and how this structure forced union objections to be made in alignment with shareholder profits. They wrap up the interview by exploring what separating unions’ organizing interests from their pension interests could look like, the role that de-financializing corporations plays, and where the world of labor is at in this conversation. Sam also unpacks his personal pandemic experience these past two weeks, before he and Emma unpack the continued escalation of Russian violence in Ukraine, Kevin McCarthy scrambling to get back in Trump’s good graces, and how the labor movement got to the incredible moment it finds itself in.
And in the Fun Half: Sam celebrates his return as he and Emma take calls from Kowalski and John from San Antonio, giving their typical rundowns on the worlds of agriculture and progressive campaigns, respectively, Nancy Mace and Marjorie Taylor Greene show off the right’s ability to never acknowledge any potential shortcomings, and Trump campaigns for JD Vance and his ability to clamor back to Trump’s feet. The Georgia Governor’s debate sees political elite and political elite battle over who’s LESS elite, Steven Crowder and Megyn Kelly discuss the horrors of watching trans people beat women (at sports) in public, and Brennan calls in to explore unionizing his workplace. Plus, your calls and IMs!
Check out Sandy’s book here: https://sanfordjacoby.com/
Become a member at JoinTheMajorityReport.com: https://fans.fm/majority/join
Subscribe to the AMQuickie newsletter here: https://madmimi.com/signups/170390/join
Join the Majority Report Discord! http://majoritydiscord.com/
Get all your MR merch at our store: https://shop.majorityreportradio.com/
Check out today’s sponsors:
LiquidIV: When you push your body too hard or just feel run down, it’s extremely important to stay hydrated – making hydration a priority helps us feel better on a day-to-day basis. Liquid I.V. contains 5 essential vitamins—more Vitamin C than an orange and as much potassium as a banana. Healthier than sugary sports drinks, there are no artificial flavors or preservatives and less sugar than an apple. Grab your favorite Liquid I.V. flavors nationwide at Walmart or you can get 25% off when you go to https://www.liquid-iv.com/ and use code MAJORITYREP at checkout. That’s 25% off ANYTHING you order when you get better hydration today using promo code MAJORITYREP at https://www.liquid-iv.com/.
ZipRecruiter: Some things in life we like to pick out for ourselves – so we know we’ve got the one that’s best for us – like cuts of steak or mattresses. What if you could do the same for hiring – choose your ideal candidate before they even apply? That’s where ZipRecruiter’s ‘Invite to Apply’ comes in – it gives YOU, as the hiring manager, the power to pick your favorites from top candidates. According to ZipRecruiter Internal Data, jobs where employers use ZipRecruiter’s ‘Invite to Apply’ get on average two and a half times more candidates — which helps make for a faster hiring process. See for yourself! Just go to this exclusive web address, https://www.ziprecruiter.com/majority to try ZipRecruiter for free!
Stamps.com: Taking trips to the Post Office is probably not how you want to spend your time. – that’s why you should mail and ship online at Stamps dot com., the place where you get the services of the Post Office and UPS all in one place. There’s NO risk – and with my promo code, MAJORITYREPORT, you get a special offer that includes a 4-week trial PLUS free postage and a digital scale. Just go to https://www.stamps.com/, click on the Microphone at the TOP of the homepage and type in MAJORITYREPORT – that’s https://www.stamps.com/, promo code MAJORITYREPORT. Stamps.com – never go to the post office again.
Support the St. Vincent Nurses today! https://action.massnurses.org/we-stand-with-st-vincents-nurses/
Check out Matt’s show, Left Reckoning, on Youtube, and subscribe on Patreon! https://www.patreon.com/leftreckoning
Subscribe to Matt’s other show Literary Hangover on Patreon! https://www.patreon.com/literaryhangover
Check out The Nomiki Show on YouTube. https://www.patreon.com/thenomikishow
Check out Matt Binder’s YouTube channel: https://www.youtube.com/mattbinder
Subscribe to Brandon’s show The Discourse on Patreon! https://www.patreon.com/ExpandTheDiscourse
Check out The Letterhack’s upcoming Kickstarter project for his new graphic novel! https://www.kickstarter.com/projects/milagrocomic/milagro-heroe-de-las-calles
Check out Jamie’s podcast, The Antifada. https://www.patreon.com/theantifada, on iTunes, or at https://www.twitch.tv/theantifada (streaming every Monday, Wednesday, Thursday and Friday at 7pm ET!)
Subscribe to Discourse Blog, a newsletter and website for progressive essays and related fun partly run by AM Quickie writer Jack Crosbie. https://discourseblog.com/
Subscribe to AM Quickie writer Corey Pein’s podcast News from Nowhere. https://www.patreon.com/newsfromnowhere
Follow the Majority Report crew on Twitter:
The Majority Report with Sam Seder – https://majorityreportradio.com/