The Coming Collapse of the Middle Class

Distinguished law scholar Elizabeth Warren teaches contract law, bankruptcy, and commercial law at Harvard Law School. She is an outspoken critic of America's credit economy, which she has linked to the continuing rise in bankruptcy among the middle-class. Series: "UC Berkeley Graduate Council Lectures" [6/2007] [Public Affairs] [Business] [Show ID: 12620]

Category:

Education

Tags:

• bankruptcy
• middle
• class
• economy

[Xeranx]

@Hypatia4242 It's why I disagreed with Obama when he said that companies that keep jobs here should get tax cuts. They pay little to nothing as it is and the middle-class still foots the bill while struggling to keep their eyes above water (never mind talking about making ends meet). We need another incentive to bring jobs home and unfortunately it rests in the hands of the people. I say unfortunately because few to none will boycott businesses to effect change.

[Xeranx]

@jaiba41 Once you can identify zealotry you can be sure that getting the other side to listen is pointless. So which non-corrupt politician are you going to hope gets into office come November?

[jaiba41]

@Hypatia4242 CRA (Community Reinvestment Act) forcing Banks to loan money to those who would otherwise not qualify, Freddie Mack and Fannie Mae assuming the risk of those loans plus artificially low interest rates caused the bubble. The economic crisis in Europe is a direct result of an expensive welfare system that is unsustainable with the present birth rates. Regarding Krugman and Keyne, have u noticed that they are never wrong? If things do not work is because we did not spend enough.Please

[Hypatia4242]

@jaiba41 The housing crisis, caused by the deregulation of banks, resulted in a catastrophic bubble. The housing bottom is targeted for 2013-2017. Noble winning economists Krugman & Stiglitz have argued the stimulus in 2008-onwards has been too small. The economic crisis impacted the EURO destabilizing the debt in the PIGS (Portugal, Italy, Greece, Spain) and the shock wave from the dual crisis hit us again. Obama's recovery act helped millions keep their homes.

[jaiba41]

@Hypatia4242 I'll be happy to. Congress is the branch of government that controls the purse. In 2006 Democrats controlled the Senate and the House. In 2008, Democrats controlled the House, the Senate (with Super majorities) and also the White House. Republicans became irrelevant. Obama had a blank check for spending. He did. Things did not improve. They got much worse. 2011 Americans elected Republicans to the House ONLY. 2012, by a ratio 2:1 Americans fear Obama will be re-elected,

[Hypatia4242]

@jaiba41 Do you even understand the issues? Bush bankrupted this nation, then in 2011 the Republican held congress nearly led our country to default on our debts. The brinkmanship led to a downgrade in our nation's credit. Bush entered with a surplus and left with the BIGGEST DEFICIT IN HUMAN HISTORY.

Exactly why do you think any of this is Obama's fault? You strike me as a fanatic, but you don't seem to understand your own position. Demonstrate why this is Obama's fault.

[Hypatia4242]

@Xeranx Excellent point. Corporations have an incentive to hire new employees if their profits will increase from additional labor. Having extra cash lying around in the form of tax rebates does NOTHING to increase hiring. Stimulating the middle class is better done through saving the middle class, a point Elizabeth Warren frequently makes.

[jaiba41]

@Xeranx My apologies again. I just took him at his word. I guess he is no more than another corrupt politician. Getting rich out of all the failed hopes of those who elected him.

[Xeranx]

@jaiba41

And you're making the case that he didn't try, of course. How much opposition did he have to the myriad of things he was trying to do?

You can fault him for being naive if you want, but to actually think that he would have fixed the economy in two (or three) years as so many were clamoring that he didn't do - that's incredibly naive. He allowed a tax break for the rich because they said they create jobs. When they received those tax breaks, the jobs just magically appeare, right?

[bvance09]

google: UN rights chief urges guantanamo closure.