Economic Update: Government Bailouts, Corporate Takeovers and Unemployment

Economics Professor Richard D. Wolff and guests discuss the current state of the economy, both locally and globally in relation to the economic crisis. This weeks show provides updates on the impact of subprime mortgage abuses and their impact on racial and ethnic minorities, on Japan’s nationalization of the Tepco Corp., and the mixed results of the bailouts of GM and Chrysler. Major discussions include: (1) Why government takeovers of private enterprise are rarely “socialistic” and mostly pro-capitalist, and (2) the basic causes and cures for unemployment in capitalist economies. The radio segment concludes with responses to comments on the decision-making process of workers’ self-directed enterprises and about claims of recovery in the housing market.