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GRITtv: Michael Hudson on the Financial Crisis

Summary:
With the United States facing the greatest financial crisis since the Great Depression, Treasury Secretary Paulson is looking to tax-payers to provide a massive bailout of the very financial institutions responsible for fueling the crisis in the first place. The plan appears to be a bail out of Wall Street, more YOYO (you’re on your ...

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With the United States facing the greatest financial crisis since the Great Depression, Treasury Secretary Paulson is looking to tax-payers to provide a massive bailout of the very financial institutions responsible for fueling the crisis in the first place. The plan appears to be a bail out of Wall Street, more YOYO (you’re on your own) economics for Main Street. Socialization of debt, while maintaining privatized profit.



So what do the candidates have on offer? Will Obama, the candidate of change challenge the fundamentalist free market economics that led to this mess? Can McCain, the fundamental deregulator, reinvent himself as an economic reformer?



We are joined by Michael Hudson, Chief Economic Policy Advisor to Dennis Kucinich in 2007 and the author of Super Imperialism; Ed Ott, Executive Director of the New York City Central Labor Council; May Chen, International Vice-President of UNITE HERE!; and Max Fraad Wolff, Professor in the Graduate Program of International Politics at the New School.



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