The Economic Crisis
Articles about the recession and financial crisis that began in late 2007.
Interview with Richard Wolff: The United States and the Global Capitalist Crisis
Interview done by Ian J. Seda-Irizarry, graduate student and instructor at the University of Massachusetts at Amherst. Originally published in the Puerto Rican weekly newspaper Claridad (July 29th- August 4th, 2010).
Ian Seda (IS): Many economists are claiming that the “Great Recession” is finally over given a rebound in GDP growth in the US. What is your take on these types of analyzes?
Economic Recovery for the Few
Where is this elusive recovery? The banks, some say, have "recovered." Yet they remain dependent on Washington, they do not make the loans needed for a general recovery, and many medium and small banks keep collapsing. The stock market shows no recovery. The Dow index was 14,000 in late 2007 when capitalism hit the fan, and it is around 10,000 now. The Nasdaq market index was 2800 then and is 2300 now. Everywhere else -- unemployment, foreclosures, bankruptcies, depressed housing market, and so on -- no recovery in sight.
Critique of 'Financial Reform' Bill and of Republican Opposition
President Barack Obama had harsh words for "unscrupulous" lenders and others he said had taken risks that endangered the economy. He says that the newly signed bill was aimed at curbing abuses and excesses on Wall Street and stopping taxpayer bailouts of failing companies. Richard Wolff says that the reform doesn't do anything and this is nothing but theatre for the public which is unfortunate because nothing will have been learned.
Russia Today - TV
The Regulation and Reform Dilemma
With financial reform now newly passed, politicians who supported it go into overdrive to exaggerate its likely effects. Their cultivated enthusiasms culminate in the same promises made by every president and congressperson after similar reforms were enacted in the wake of earlier capitalist crises. “This reform,” they all insist, “will prevent crises in the future.” That promise has been broken every time as our current global capitalist crisis proves yet again.
Book Review of Capitalism Hits the Fan in Cuadernos de Economía
En tiempos donde la discusión gira en torno a si salimos o no de la crisis económica, es importante no perder la perspectiva histórica de los acontecimientos que contribuyeron a la presente coyuntura. Son muchos los análisis que prefieren referirse a burócratas ineptos, individuos irresponsables o funcionarios corruptos como los causantes de la catástrofe que atraviesa el sistema capitalista global.
Austerity: Why and for Whom?
Clearly, the global capitalist crisis that started in 2007 will be neither short nor shallow. The government rescue of the US financial industry pumped enough extra money into the economy and sufficiently reduced interest rates to give banks and the stock market the heavily hyped "recovery" that started March 2009 and is now over. What is worse, their recovery never reached much of the rest of the economy. Efforts to broaden the recovery or extend it beyond one limp year have failed.
Law and Disorder Radio Show
Professor Wolff joins Michael Smith on WBAI's Law and Disorder radio show along with National Lawyers Guild Attorney Eric Poulos. Both have recently returned from Greece. Rick Wolff’s recent articles outline an economic theater playing out in Greece and across the globe. There is no alternative and this is all the worker’s fault, is the mantra from rulers who are cutting wages and pensions in Greece. It’s deceptive and false says Rick Wolff, and the economic conditions in Greece is an old pattern that is replicating everywhere.
