Why the Economic Crisis Deepens | The New School

[GreggTheEgg]

Dr. Wolff has many answers to today's crisis. Check out his own website at rdwolff.org and see for yourself. If you enjoy this, you might also enjoy listening to Gar Alperovitz who recently appeared on Rick Wolff's weekly WBAI radio program -- Economic Update.

[Gonzokid2]

The 99% is screwed and stuck with the bill. Suckers )-:

[Viljarism]

Talk about prophetic. This was uploaded in October 2010, three months later, a couple of people gathering to protest in the Middle East would, incredibly quickly, get decades-old dictatorships to crumble.

[celainea]

Sad the seats aren't all full. At least he braved the weather & crowd to speak at OWS. Thank you Prof. Wolf.

[Poobel]

this should have at least 20 million views... but alas it only has 24 thousand. And that is why we are in the hole we are in: too few people try or even bother to try to understand why and how we all ended up here and what to do?

[MrPEDOCTOR]

actually what he said its the truth..

[DS2026]

@SurmountedbyScorn

I think, that a person can only be 1 idiot not 1.5 idiot.

[Lootraevefan]

42:50!!! Omg George Carlin was right, he was fucking right!

[FakeReallity1]

As per Tocqueville who predicted current culture, he claims that a reliance on government, although natural, should be avoided primary because it focuses to much power (without real control by the people) in government. Secondary institutions (community for example) should take care of its citizens, responsability should lie on the people not the government. People need to be more active not government.

[kobehal]

Housing Bubble - Buy your house with little or no money down - Re-fi and get your $50K to 100K in cash from the equity jump and you also get a lower interest rate - We buy our BMW and take a few trips to Maui. Then when the ARM comes due - Ooopppss. I can't afford the increase so I guess I'll have to default. (I have no real investment anyway and the house and now is worth less. (Oh Well)

[joecoool100]

@kobehal I dont see any homless people sleeping in BMW's with pic's of Maui for me to look at....just a thought....respectfully.

[MrVoulezvous]

He has a lot of good ideas, despite his annoying boomer habits, like "here's a thought," a ridiculous expression, and his question begging.  But again, the ideas are very good.

[richlyle]

Ideally, sure, let's all work together and make decisions for our various businesses and share in the take. Problem is, egos take everything personally. By nature the ego idea is a private separatist that doesn't get along with other egos, unless it can exploit. The ego is at war. It is fearful, greedy, lustful, jealous, deceitful and makes a mess of paradise. Be here now as simple basic consciousness and we return to living together as one. Stop believing the mind-made image of a separate 'me.'

[sirenlyfox]

The government needs to stop using  euphemisms such as "jobless recovery" and "double dipped recession" and admit to the public that we are in a depression that will last for decades.

[uelbek3]

Bravisimo!

[Ichtiostega]

@CommonSensePeter You should actually watch the video.

[tironi333]

3 people didn't watch the video.

[TheRacistsMustDie]

Just watched only 1 minute, but want to say 1 thing & STFU the rest of the 2 hours. Socialist parties are indeed more important, communist are more important but still marginalized. Only 10 EU member states have such a party in their (lower) house. The largest with 31.1% of the house is Cyprus (19/56 seats, 2nd party & holder of the presidency) & the smallest is I think Spain with 0.2857% of the house (1/350 seats).

[spartan2600]

@Poseidon99Jeus That comment is racist and anti-semitic. Richard Wolff is an economist, and you'd know that if you watched the video or read the description. Its an economists job to be concerned with interest and money.

[jjlinert]

I'm afraid of what is going to happen to the future of the US and its citizens. Hearing the good Professor talk only confirms my fears.

[SantaOfNeretva]

You, Americans, should have 3 copies of DVD, or what ever, with prof. Wolff's lectures in your homes, cars and PC's - you should listen these lectures (this and other available like Capitalism Hits the Fan, etc.) on a daily bases ! You and your country becoming with each passing day ever more scarier and scarier - with your existing and developing (some 12 new aircraft carriers till 2015 or '20) arsenal combining with "tea-party" mentality and religious radicalism multiplied with greed - hell!

[Scientisticsoviet]

@Azandex Loans are borrowed from banks, which citizens choose to keep their money in.

[Tasermaxx]

Isn't it ironic that the communists in China are making money hand over iron fist by servicing our capitalist debt.

We're looking at the most spectacular American failure in its history. Only if we're damn lucky will we ever get another chance to screw it up again.

[claudichameleon]

WE are Con-Trolled by Corporate Trolls who are sucking US dry, Devouring Our Children & Our Future, Monopolizing & Propagandizing Our Media. Every Single One of US is being Raped, Robbed, Pillaged, & Pulverized by Global Corporate RATS who are FEEDING on OUR CORPSES! WE (the People) are DEAD to Them! UNSeen, UNHeard, UNNoticed, UNConsidered. DEAD. WE are the "Waste in the Streets, hahahaha!" as They call US, that They "Step Over so we don't mess up our shoes, hahahaha." WE are less than SLAVES!

[sjskousen]

Prof. Wolff shows the move toward socialism by Roosevelt failed to pull us out of the depression the says Roosevelt did not do enough and capitalism does not work. He points out that wages went flat since 1978, but it started before that and traces back to Johnson in the '60's. As we move toward socialism our economy gets worse. Everything he argues for exists in systems that fail. Medical cost escalted only after the gov't got involved in health care

[spartan2600]

@sjskousen Except that the US has never moved toward socialism. We had Keynesian economics from the mid 30's through the early 70's, but we've never once moved an inch towards socialism. Since the late 70's what has taken over is something that is hyper-capitalism called neoliberalism.

[4patrickcharles]

Wow! the best economist I've ever heard speak on America's financial problems,excellent to the point,very intelligent!!!

[malangsob]

The reasoning is there but the solution "it didnt work because he couldnt get congress to let it be large enough" is pure horse shit.

They spent 50 Billion 1930's dollars on the New Deal...and it didnt work..not because it wasnt big enough but because whether you give American tax dollars to banks or to make work projects it generates no NEW money. He admits it took the WAR and private corp's. to get us out.

We need to now and needed to then..let the system adjust ITSELF.

Painful but needed.

[jeclairm]

@malangsob He just said it was the war that caused the government to finally employ half of the remaining unemployed by putting them in a uniform and the rest were hired to fill government contracts for weapons, bullets, tanks, planes, etc. It's all massive government spending, nothing private about it.

[spartan2600]

@malangsob Your comment is utterly illogical and misinformed. The very LAST thing that WWII brought about was a natural "adjustment" in the capitalist system. The government took over vast portions of the economy and ran everything very efficiently. Car factories were changed overnight into army tank factories, every important resource was rationed and the government, relative to the size of the economy, borrowed more money than it has ever borrowed, to this very day.

[jalks1]

he speaks in a tone similar to Carlin. just a thought.

[momosarik]

if i see a socialist america (not communist fasist state like china) in my life i'll come to party with you...this could be the biggest change in history...a friend from greece...having the same problems here these years...go on guys and change it...

TOGETHER WE STAND, DIVIDED WE FALL !

[AcePro]

Why'd you skip the questions? It's hard to follow the Q&A without knowing what the actual question was..

[RecordnRtist]

This message needs to be on the main stream media and 24hour cable news networks, but then there's always Lady Gaga!

America is moving too slow because we're preoccupied with the particular individual who is enriched by the progresses made in/by society.

A slave born a slave struggles to know anything besides the struggle.

[MrDorianz]

Trancelate this video (Greek Subs if someone can)

[thesoundsmith]

Amazing lecture! The true nature of this economy - and economic system - clearly, no bs, no histrionics. His solution is a truly workable one - only how to implement/transition? There are a few companies like this already, it is a wonderful, logical idea. But if it were to become a new significant business model, I would think that all the current 'powers' would line up against - unions at the top of the list, even ahead of the bankers and corporate lackeys. (Who are they to negotiate against?)

[persepolis80]

wonderful and insightful post, thank you

[mstfclk63]

Oh wait, there was something like that called 'UNIONS' which is precise reason why we are no longer competitive in the world when 'workers' dictate a high school drop out lug nut tightener in an auto plant should get paid $75 an hour and will receive most of his salary all of his life...give me a break.

[Banelion001]

@mstfclk63 Its incredible then how all the economies that outcompete the US in the world are also the ones most highly unionized. Also there is NO worked in the auto industry actually being paid 75$ an hour, get a grip.

[itsadeadmansparty]

@Banelion001 actually the starting Union salary for Ford Motors in USA is around 45 USD per hour for each Union Employee. Remember that is the minimum. I agree the workers deserve fair payment for labour. Since USA is communist technically the federal minimum wage should be increased, but that wont happen because it supports the ruling elite, actually a recent consensus shows 1 in 2 people in California are Poor, Cnn news wont tell you this, Just keep watching American Gladiators

[mstfclk63]

Wolff, you started good but lost all your credibility with the "barn' talk. Are you kidding us? People dictating what to do with their own wages? Who do you think will be stupid enough to invest their own money to start a business when his workers will dictate what to do with his profits? Oh wait, there was something like that called 'UNIONS' which is precise reason why we are no longer competitive in the world when 'workers' dictate a high school drop out lug nut tightener in an ....cont'd

[Christ724]

@mstfclk63 Actually unions are not analogous to what Wolff was describing, those would be Co-operatives. In Coops everyone is an owner and the workers decide their wages, what to produce, and how. In fact, the Mondragon corporation is an example of a coop and your local credit union is another. The problem you have is that you think that the profits belong to one person under such a system...the profits belong to all those who participate within this said business model.

[bapyou]

@mstfclk63 "Who do you think will be stupid enough to invest their own money to start a business when his workers will dictate what to do with his profits?"

Marx 101: A capitalist's "profits" are another name for the worker's surplus value. That "profit" doesn't belong to him; it was created by his workers' labor. You are but one of the many millions of idiots who has no clue about Marx's ideas. Read Marx or watch Dr. Wolff's 'Intro to Marx' videos on his channel. Otherwise don't comment.

[Hkepfer]

@bapyou The only thing that belongs to the worker is the mutually agreed too contracted rate where government is at most the "rights" referee.

[spartan2600]

@Hkepfer Workers create profit, therefore it belongs to them. The process of bosses paying workers less than the value the workers create is theft. Profit is theft. You're concept of every man being an island with nothing but contracts connecting us is a feudalist mindset. It is anti-worker and anti-human.

[Nyquirk]

Great video but I'm disliking it. The info contained within is not something to like.

[nkmarks]

When the stock market operates exactly like a casino does then something is wrong! Really wrong!!!

We are insane!

And it's as simple as that!

[apagoogoo]

at 1:40:35 he starts to sound like george carlin.

[redliner251]

thanks for posting

[SolarJakee]

@CommonSensePeter When R Wolff talks about communism, he is merely talking about the way in which the surplus produced by any given workforce is controlled and distributed - namely, by the workforce. I assume you are talking about the "communist" systems of the past like the Soviet Union, which any sane economist will tell wasn't even close to communism (in the Marxian sense) anyway. You should check out Wolff's intensive introduction to Marxism on his website. I'm sure you will be surprised.

[McDohnuts]

Hear Hear.

Good spoken mr Wolf.

[manoverde84]

Dr. Wolff is a brilliant economist. He speaks in a clear and lucid manner for all to understand.

Oh and CommonSensePeter, I do not think that Dr. Wolff denied the errors of the former Communist States. In fact in a historical sense, the Communist states failed because of a siege mentality. They were bombarded by the Western powers and chose to militarize their nations, thus leaving them succumbed to internal corruption, autarky, and heavy bureaucracy.

[Scientisticsoviet]

@manoverde84 Failed is using historical revisionism quite heavily. The ratio of 1970 to 1928 gdp (or gnp) per capita of the Soviet Union was only surpassed by one nation: Japan.

[jeopardor]

great talk

[kanefreeman1]

Fantastic!

[ONESNZER0S]

Bravo, an economist that restores my faith in economists. spot on

[Nyquirk]

@ONESNZER0S This man's words are inflammatory and he must be stopped! ;)

[MarkoKraguljac]

Great talk. Woudnt it be great to gather people like Prof. Wolff and Chris Hedges to one huge and better exposed discussion in front of a bigger audience.. maybe even a series of talks?

[Elin48]

@MarkoKraguljac ...how about in lieu of Fox News. Fox News will be interrupted by Prof. Wolff and Chris Hedges during prime time TV, and not in competition with any major sporting event.

[MarkoKraguljac]

@Elin48 Dissemination to a wider anesthetized audience would be nice but is just a dream for now. Its fascinating that even if you seek informations and facts you mostly get nowhere. Even those who seek (minority) mostly find only a huge cloud of paid clowns and courtiers (frequently called "experts"). Conflict of interest is key word and only true law.

[sutherlandjoan]

@MarkoKraguljac I agree!!!! My thoughts exactly. I would add Gar Alperovitz who made the New economics Institute 2011 Schumacher Lecture, and then I would add Naomi Klein, author of No Logo and the Shock Doctrine. 4 people who have with great sacrifice, paid continuous attention for decades to a crisis now becoming public.

[GreggTheEgg]

@MarkoKraguljac Better exposed is right. People the world over need to get together and find a real alternative to either greed-driven corporate capitalism and oppressive state-socialism. I favor creating many economically independent (or nearly so) regions of the world where people manufacture what they need for themselves and use their own currency to encourage independence so that neither corporations or governments can become too powerful.