GRITtv: Michael Hudson on the Financial Crisis

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.

Category:

News & Politics

Tags:

• grittv
• grit
• tv
• laura
• flanders
• newsmakers
• economy
• wall
• street
• buyout
• Max
• Wolff
• Michael
• Hudson
• financial
• crisis

[blkcola]

China was pissed. We had to pay their money back.

[teraris]

And now consider this for a truly dystopian future scenario. consider the advancements in life extension technologies which may result in treatments which ultimately significantly extend human life. Such treatments may be with us within the next 20 years. If so could we see these new oligarchs of our new neo-feudalist state living greatly extended lives. After all, given their megalomania and sociapathic natures, they will be the first and perhaps the only ones to jump on them.

[vmpt4787]

for sure... that's honestly, not even joking,,,in all seriousness TRUE

[ourearthhome]

There is absolutely nothing wrong and everything right with what he says. By BS inoculation I mean once you get what he is saying you cannot be BSed any more.

[zoryaodin]

well what's wrong with what he says?

[ourearthhome]

zoryaodin: Hadn't thought of the girlfriend angle. 

At the very least anyone who gets what he says has a BS inoculation. Congratulations.

[zoryaodin]

@ourearthhome Maybe he's got a young girlfriend..lol...

I like Mike. He's spot on and that's why he won't get a lot of play ......

[ourearthhome]

Hudson is now 70 years old. The guy is not only been thinking the right stuff he is doing something else to be looking so damn good. Please don't tell me only his hair dresser knows. Oh and by the way the economic bailout is what Neo-Liberals do because they are really Neo-Feudalists/Neo-Colonialist­s. The only difference is that now the populations of the developed countries are the serfs and exploited peasants. There is a way out that one can learn about by going to Hudson's website.

[desongliu]

It takes a revolution to fix the problem!

[BernardBluth]

Truth.