Economic Update: US Banks Are Invading the Payday Loan Industry

Economics Professor Richard D. Wolff and guests discuss the current state of the economy, both locally and globally, in relation to the economic crisis. In this week’s show, Wolff updates us on how major US banks are invading the payday loan, small loan and prepaid credit card businesses for big profits. Following this is a discussion on the French presidential election results, which are undermining European austerity regimes. Last, Wolff explains the US growth rate that is declining to an anemic 2.2%. Following these economic updates, Wolff is joined by Sarah Jaffe, labor editor for, for an interview about Occupy Wall Street, May Day demonstrations and the student debt crisis.