The Economic Crisis
Articles about the recession and financial crisis that began in late 2007.
Updates on key economic causes of Obamacare difficulties, risks of global deflation, Madrid's garbage strike, and the $13 billion settlement with JP Morgan Chase. Interview with Prof Sheila D. Collins on new book about lessons from the New Deal for today's crisis. Response to listeners on super PACs and issues of socialism.
This article originally appeared at Truth-out.org
Capitalism as a system seems incapable of solving its unemployment problem. It keeps generating long-term joblessness, punctuated by spikes of recurring short-term extreme joblessness. The system's leaders cannot solve or overcome the problem. Before the latest capitalist crisis hit in 2007, the unemployment rate was near 5 percent. In 2013, it is near 7.5 percent. That is 50 percent higher despite the last six years of so-called "effective policies to address unemployment."
Updates on Janet Yellen, minimum wages, Twitter, and Cuba trade embargo. Major discussions of a bankruptcy inside Mondragon and "private" universities that aren't. Response to questions on full employment and inflation.
Updates on major economic events in the news over the last month. Major attention is devoted to the following:The federal government’s austerity policy, compromises with the Republicans over social security, medicare, Obamacare, etc. The state and local governments’ austerity policies (summary of a major new report on state and local cutbacks) How and why changes in federal, state and local taxes could remove the need for austerity and achieve tax justice.
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Updates on big bank's manipulation of foreign exchange market, Ireland pays for bank bailouts, big pharma guilty of "recklessly endangering health, new book on US poverty. Major discussions of economics education as Manchester University students protest, unemployment and falling share of labor in total national income. Response to frustrated listener's question about obstacles to needed change with focus on DiBlasio mayoral victory in New York and Richmond, CA mayor's use of eminent domain.
This article originally appeared at The Guardian.
Barack Obama speaking in March 2013 about the sequester, the automatic spending cuts mandated by Congress. Photograph: Carolyn Kaster/AP
Updates on Goldman Sachs charity/PR, bank scandals, housing "recovery" exposed, suicides rise in Kansas, and Benedictine Nun leads new anti-austerity party in Catalonia. Major discussions of public banking (as in North Dakota) and the basic analysis of continuing "austerity" policies around the world. Response to questions on nature, impact, and injustice of US property taxes.
Updates on big banks' misdeeds, inadequate health care, the social costs of low wages, and Nobel prizes in economics. Major discussions about poverty and education and important economic events on Bolivia (workers taking over enterprises), Spain (indignados form new political Party X), and China (raising value of yuan to change China's and world's economy). Response to questions on (1) how Great Recession affects retirees and retirement, and (2) latest data on the highest incomes in US.
Steve Lambert's artwork allows the public to engage in a conversation about Capitalism and its strengths and weaknesses. Professor Wolff and Dr. Harriet Fraad participate in the discussion.