Economic Crisis

Economyfthead

October 09, 2009: Study: Foreclosure Crisis Worsened by Scarcity of Legal Assistance for Struggling Homeowners
new study by the Brennan Center for Justice concludes the national foreclosure crisis is also “a legal crisis. Many homeowners are losing their homes because they lack the ability to navigate the landscape of our lending laws…and too few people are ever able to obtain qualified legal guidance.” We speak to report co-author and attorney Melanca Clark.

October 06, 2009: A Hidden $34 Billion Bank Subsidy? Study Exposes How Taxpayers Are Subsidizing Bank of America, Citigroup, Wells Fargo and Other Large Banks
A new study has calculated the tab of the “too big to fail” approach, and it amounts to a far larger taxpayer-funded subsidy than previously thought. The Center for Economic and Policy Research says the bailout has allowed “too big to fail” banks to pay significantly lower interest rates than those paid by smaller banks. We speak to the study’s author, Dean Baker.

September 29, 2009: As Senate Panel Debates Public Option, Groups Take Direct Action to Promote Single-Payer
As debate continues over healthcare reform on Capitol Hill, we hear from two groups taking action to call for a single-payer system: Mad as Hell Doctors, who have been driving across the country in the lead-up to a rally tomorrow in Washington, D.C.; and Mobilization for Health Care for All, which is launching “Patients Not Profit” sit-ins at insurance company offices nationwide.

September 24, 2009: After 20 Years of Filmmaking on U.S. Injustices, Michael Moore Goes to the Source in “Capitalism: A Love Story”
With his new film, Capitalism: A Love Story, Moore tackles the financial system, and the interchanging circles of Washington politicians and corporate managers that run it. Moore says: “I thought I’d cut to the chase and propose we deal with this economic system and restructure it in a way that benefits people and not the wealthiest one percent.”

September 21, 2009: Ralph Nader on the G-20, Healthcare Reform, Mideast Talks and His First Work of Fiction, 'Only the Super-Rich Can Save Us!'
Nader discusses Congress’s failure to pass any meaningful financial reform on Wall Street over the past year and critiques Obama’s healthcare reform proposal. Ralph Nader also talks about his first work of fiction, “Only the Super-Rich Can Save Us!” Nader describes the book in terms of a practical utopia, a fictional vision that could become a new reality.

September 17, 2009: Philosopher Grace Lee Boggs and Sociologist, Monthly Review Editor John Bellamy Foster on the Financial Meltdown, Social Change and Redefining Democracy
While Wall Street appears to be recovering from the financial meltdown, Main Street has not. We speak to two guests who for decades have advocated for a radical rethinking of how the nation’s economy is structured: Grace Lee Boggs, a 94-year old Detroit-based philosopher and activist involved with the civil rights, black power, labor, environmental justice, and feminist movements for the past seven decades; and John Bellamy Foster, editor of the socialist journal Monthly Review and a professor of sociology at the University of Oregon.

September 15, 2009: Nomi Prins: 'Obama Banking Too Much on Banks'
Obama visited Wall Street Monday on the one-year anniversary of the collapse of the investment bank Lehman Brothers. Speaking at Federal Hall, Obama promoted Democratic proposals for new financial oversight and a consumer protection agency to protect Americans from unfair loans, but Nomi Prins, an investment banker turned journalist, says Obama’s proposed reforms don’t go deep enough.

August 28, 2009: 'From Recession to Depression: The Destruction of the Black Middle Class'
We speak with Dedrick Muhammad of the Institute for Policy Studies about his latest article with Barbara Ehrenreich called 'The Destruction of the Black Middle Class.' They write, 'For African Americans—and to a large extent, Latinos—the recession is over. It occurred between 2000 and 2007…What’s happening now is a depression.'

August 28, 2009: Former Wells Fargo Subprime Loan Officer: Bank Targeted Black Churches as Part of Predatory Subprime Lending Scheme
Up until two years ago, Elizabeth Jacobson was the top producing loan officer in the subprime division at Wells Fargo. Today she is speaking out against the practices of her former company. Earlier this summer, she filed a sworn affidavit with a federal court in support of the city of Baltimore’s lawsuit against Wells Fargo for pushing high-interest, subprime loans onto African Americans in Baltimore and the Maryland suburbs, leading hundreds into foreclosure.

August 28, 2009: Report: Taxpayers to Pay Subprime Players Billions to Fix Loan Mess
A new report by the Center for Public Integrity has found that any of the lenders that helped fuel the housing crisis by issuing risky subprime loans are now lining up to receive more than $21 billion in taxpayer money intended to help bail out borrowers. At least twenty-one out of the top twenty-five participants in the Making Home Affordable program specialized in servicing or originating subprime loans.

August 25, 2009: 'One Nation, Two Economies'–As Obama Nominates Bernanke to Second Term, A Look at Who Benefits From Economic 'Recovery'
President Obama is nominating federal reserve chair Ben Bernanke to a second term today because of his attempts to combat the financial crisis and the recession. We speak with economist Max Fraad-Wolff, who cuts through the numbers to expose the deepening long-term inequality in the United States.

June 30, 2009: Judge Sentences Madoff to 150 Years, But Will Regulatory System that Allowed Massive Financial Fraud Really Change?
Bernard Madoff, the convicted mastermind behind one of the biggest financial frauds in US history, was ordered Monday to serve 150 years in prison, the maximum sentence allowed.

June 22, 2009: Report: Goldman Sachs on Pace to Pay Out Record Bonuses this Year
The Guardian newspaper reports staff at Goldman Sachs can look forward to the biggest bonus payouts in the firm’s 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms. We speak to Nomi Prins, a former managing director for Goldman Sachs in New York, about the possible record bonuses, President Obama’s proposed reforms of the financial regulatory system and the “The Big Bank Bailout Payback Bamboozle.”

June 02, 2009: Ralph Nader and Labor Professor Harley Shaiken Discuss the Bankruptcy and Future of General Motors
Auto giant General Motors filed for Chapter 11 yesterday in one of the largest bankruptcy cases in U.S. history. Shortly after the filing, GM said it would close 14 more plants–including seven in Michigan, and cut up to 21,000 more jobs.

May 15, 2009: Fire the Boss: Naomi Klein & Avi Lewis on 'The Worker Control Solution from Buenos Aires to Chicago'
Shock Doctrine author Naomi Klein and Al Jazeera host Avi Lewis discuss the workers who are taking over their factories and plants rather than lose their jobs, some to owners who owe money to bailed-out banks.

May 15, 2009: Chicago Window Factory Reopens with Occupying Workers Back on the Job
Workers at Chicago’s Republic Windows and Doors factory occupied their plant in December after the plant’s owners gave workers just three days’ notice of the plant’s closure. They won a settlement, and now the factory has remained open under new management. We speak to Armando Robles, a maintenance worker at the factory and local union president.

May 05, 2009: William Greider: 'Come Home, America: The Rise and Fall (and Redeeming Promise) of Our Country'
The Nation‘s national affairs correspondent William Greider on the roots of the economic crisis, how US militarism is making the country less safe, Wall Street’s inflated power, the role of the Federal Reserve, and the future of healthcare reform. “My belief is, and I feel it strongly, is that we are just at the beginning of a really long, hard passage in which Americans, like it or not, have to adjust to these new realities,” says Greider.

May 01, 2009: Ralph Nader: Obama 'Indecisiveness' in Chrysler Bankruptcy Leaves 'Everything up in the Air'
Chrysler has filed for federal bankruptcy protection, becoming the first major American automaker to do so since 1933. The arrangement came after an intensive round of White House-sponsored negotiations among the Treasury Department, the union and Chrysler’s executives and creditors.

April 13, 2009: Noam Chomsky on the Global Economic Crisis, Health Care, U.S. Foreign Policy and Resistance to American Empire
Part II of our conversation with MIT professor and author, Noam Chomsky, on the global economic crisis, health care, the media, U.S. foreign policy, the expanding wars in Afghanistan and Pakistan, resistance to American empire and more.

April 10, 2009: A New Way Forward: Protests Scheduled Across the Country Calling on Banks to Nationalize, Reorganize, Decentralize
National demonstrations are scheduled in more than 50 cities across the country tomorrow to protest the government’s handling of the economic crisis. The demonstrations are organized by the recently launched group “A New Way Forward.” They are calling on the government to take three main actions on the country’s banks: nationalize, reorganize and decentralize.

April 09, 2009: North Carolina Town Prints Own Currency to Support Local Business
We take a look at how one North Carolina town is trying to become more self-sufficient by moving towards being able to feed, fuel and finance itself. The town of Pittsboro houses the nation’s largest biodiesel cooperative, a food co-op, a farmers market and, most recently, its own currency, the Pittsboro Plenty.

April 09, 2009: With High Unemployment, Carolinas Reel From Economic Crisis
As we broadcast from Raleigh, we look at how the economic crisis has impacted the Carolinas with Chris Kromm, executive director of the Institute For Southern Studies and a writer for the blog Facing South.

April 06, 2009: 'A Ponzi State'–Univ. of South Florida Professor Examines the Economic Crisis in Florida
Florida has been hit particularly hard by the recession. Its facing its worst unemployment rate since 1976, with nearly one in ten people out of work and it has the second-highest foreclosure rate in the country.

April 02, 2009: Marxist Geographer David Harvey on the G20, the Financial Crisis and Neoliberalism
For some analysis on the G20 summit and the financial crisis, we speak to a leading thinker on the global economy. David Harvey is a Marxist geographer and distinguished professor of anthropology at the Graduate Center of the City University of New York.

April 01, 2009: As Obama Arrives in London for G20, Tens of Thousands Gather to Protest in the Streets
President Obama is in London today ahead of the G20 summit, where world leaders are gathering to discuss the global economic crisis.

March 30, 2009: A 21st Century Hooverville: Seattle’s Homeless Population Builds 'Nickelsville,' a Tent City Named After the City’s Mayor
As the nation’s economic and housing crisis worsens, homelessness is also on the rise, and an increasing number of people are setting up roving encampments or shanty towns that are popularly known as tent cities. Seattle’s newest tent city is called Nickelsville.

March 25, 2009: Sen. Sanders Blocking Vote to Confirm Obama Nominee Who Worked to Deregulate Credit Default Swaps
We speak with Independent Senator Bernie Sanders of Vermont who is attempting to block President Obama’s nominee to head the Commodity Futures Trading Commission, Gary Gensler, a former Goldman Sachs employee.

March 25, 2009: AIG and the Big Takeover: Matt Taibbi on 'How Wall Street Insiders Are Using the Bailout to Stage a Revolution'
In a new article in Rolling Stone Magazine, journalist Matt Tabbi takes an in-depth look at the story behind AIG. “The reality is that the worldwide economic meltdown and the bailout that followed were together a kind of revolution, a coup d’état,” writes Taibbi.

March 24, 2009: Thomas Geoghegan on 'Infinite Debt: How Unlimited Interest Rates Destroyed the Economy'
The Obama administration unveils its $1 trillion dollar plan to buy toxic assets from banks and restore the financial system. But should we return to the way it was? We speak with Chicago lawyer Thomas Geoghegan about his new Harper’s magazine cover story, “Infinite Debt: How Unlimited Interest Rates Destroyed the Economy.”

March 23, 2009: 'The Zombie Ideas Have Won'–Paul Krugman on $1 Trillion Geithner Plan to Buy Toxic Bank Assets
Treasury Secretary Timothy Geithner is preparing to unveil a plan today to purchase as much as $1 trillion in troubled mortgages and other assets from banks. The government is reaching out to hedge funds, private equity firms and sovereign wealth funds to help buy the toxic assets.

March 19, 2009: As Economy Reels, Tariq Ali Calls for 'Reimagining Socialism'
The British author Tariq Ali weighs in on the economic crisis with an appeal to reject the taboos on discussing socialism in the United States. Ali says the popular movements in South America provide a model for US activists to follow in pushing for changes such as socialized healthcare.

March 19, 2009: 'Perp Walks Instead of Bonuses': Veteran Journalist Robert Scheer on AIG Bonuses, the 'Backdoor Bailout' and Why Obama Should Fire Geithner, Summers
Appearing on Capitol Hill, AIG CEO Edward Liddy was repeatedly questioned over why the failed insurance giant is paying out over $165 million in bonuses after it received a $170 billion taxpayer bailout. While the Obama administration is expressing outrage, more details have come to light indicating that some officials have known about the bonuses for months.

March 18, 2009: Public Outcry Forces Lawmakers to Say They’ll Recoup Millions in AIG Bonuses, But Why Not the Billions in Taxpayer Bailout Funds?
Lawmakers on Capitol Hill have responded to growing public outrage with a pledge to recoup million-dollar bonuses paid out by the bailed-out insurance giant AIG. But the hundreds of millions of dollars in bonus money pales to the billions used to bail out AIG a second time. We speak to consumer advocate Ralph Nader and economist Robert Kuttner, co-founder and co-editor of The American Prospect. Kuttner says, “I think [Treasury Secretary Timothy] Geithner is probably gone within sixty days, because he has become a liability to the administration.”

March 17, 2009: Report: Communities of Color Bear Heaviest Burden in Recession
As the rage around AIG bonuses continues to grow, underscoring again the question of who benefits in an economic meltdown, we look at who is hurt the worst: communities of color around the country. A new report by the Center for Social Inclusion finds that communities of color continue to be disproportionately deprived of infrastructure spending, job creation and other key government services. The report’s authors call for the government to use some of the billions in federal stimulus money to focus on the needs of communities of color.

March 12, 2009: Reduce the Rate: Rev. Jesse Jackson Joins Movement Against Crippling Rates on Student Loans
Amid massive government bailouts of the nation’s banks, we speak to the Reverend Jesse Jackson about “Reduce the Rate”, his new campaign urging the Obama administration to slash the interest rates on crippling student loans. We also speak with Alan Collinge, founder of Student Loan Justice and author of “The Student Loan Scam: The Most Oppressive Debt in U.S. History–and How We Can Fight Back.”

March 10, 2009: Economist Ha-Joon Chang on 'The Myth of Free Trade and the Secret History of Capitalism'
The U.S. government has poured hundreds of billions of dollars into the U.S. economy in the wake of the financial crisis. But what steps are being taken to address the crisis on a global scale? The worldwide financial crisis is forcing some to rethink the neo-liberal policies widely blamed for the financial collapse.

March 04, 2009: 'Sold Out': New Report Follows Lobbying Money Trail Behind Deregulation that Helped Cause Financial Crisis
In a new report, Robert Weissman of Multinational Monitor points to twelve deregulatory steps that led to the financial meltdown. It also does an analysis of the amount of money Wall Street poured into Washington in campaign contributions and lobbying over the last ten years. Their answer? A staggering $5.1 billion over the past decade.

February 25, 2009: Nobel Prize-Winning Economist Joseph Stiglitz: Obama Has Confused Saving the Banks with Saving the Bankers get reaction to President Obama’s speech from Nobel Prize winner and former World Bank chief economist Joseph Stiglitz. Stiglitz says the Obama administration has failed to address the structural and regulatory flaws at the heart of the financial crisis and in the way of economic recovery.

February 25, 2009: 'We Will Rebuild': In National Address, Obama Offers Ambitious Pledge on Economic Recovery, Healthcare Reform
In his first address to a joint session of Congress, President Obama vowed the nation will be able to rebuild and recover from the economic crisis that has left millions unemployed and pushed millions out of their homes. Obama called on Congress to invest in areas like energy, healthcare and education, while admitting that hard decisions need to be made to reduce the federal deficit.

February 24, 2009: Altering Bailout Rules, US Moves Closer to Nationalizing Troubled Banks
The Obama administration has revamped the terms of its emergency aid to troubled financial firms that could lead to the government nationalizing some of the country’s largest banks. With nationalized banks on the horizon, we speak to Robert Johnson, former chief economist of the Senate Banking Committee, and former investment banker turned journalist, Nomi Prins.

February 19, 2009: State of the Dream 2009: Report Finds People of Color in U.S. Endure Silent Economic Depression
The unemployment rate remains highest among people of color. Black unemployment is now at over 12.6 and the jobless rate for young black men is considerably higher. We speak to Dedrick Muhammad, co-author of the new report “State of the Dream 2009: The Silent Depression” published by United For A Fair Economy.

February 19, 2009: Will $275B Homeowner Assistance Plan Stem the Foreclosure Crisis?
President Obama has unveiled his first concrete plan to address the country’s dire housing crisis, a $275 billion measure that could help as many as nine million homeowners avoid foreclosure and reduce mortgage payments. Will it help those who need it? We speak to Josh Zinner of the New York-based Neighborhood Economic Development Advocacy Project.

February 18, 2009: As Obama Unveils Foreclosure Plan, Activists Place Homeless in Vacant Homes
As President Obama is scheduled to announce his $50 billion foreclosure prevention plan today, we go to Minneapolis to speak with Cheri Honkala of the Poor People’s Economic Human Rights Campaign. The group is taking matters into its own hands and finding housing for homeless people in foreclosed and vacant homes.

February 17, 2009: Martin Khor on The Global Economic Meltdown: 'We Could Have One Billion More People In The Developing World Plunging Into New Poverty Because Of This Crisis'
While there has been much discussion in the media on the state of the US economy, what about the rest of the world? From Greece to Guadeloupe, from Italy to Indonesia, from Chile to China, from Egypt to India, countries across the globe are feeling the heat of the recession that started over a year ago in the United States.

February 13, 2009: Robert Kuttner and Michael Hudson on the Obama Administration’s $789 Billion Economic Stimulus Package and $2.5 Trillion Bank Recovery Plans
Both the House and Senate are set to vote today on the $789 billion economic stimulus package. The vote follows weeks of political wrangling that culminated in compromise legislation struck on Wednesday. The final size of the package is less than what both the House and Senate originally passed and far smaller than what many economists say is needed.

February 10, 2009: Ahead of Senate Vote, Obama Warns of 'Catastrophe' Without Economic Stimulus
As the Senate prepares to vote on the $800 billion stimulus and recovery package, President Obama urged Congress to pass the bill Monday, first at a town hall meeting in Elkhart, Indiana and later at the first news conference of his presidency. He warned that not acting immediately to rescue the economy could lead to a “catastrophe” and emphasized that only the government could bail out the economy at this moment.

February 10, 2009: Economist James Galbraith: Bailed-Out Banks Should Be Declared Insolvent
With estimates of the cost of addressing the financial crisis at more than $9.7 trillion, we speak to economist and University of Texas professor James Galbraith, author of “The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too.”

February 10, 2009: Ahead of Senate Vote, Obama Warns of “Catastrophe” Without Economic Stimulus
As the Senate prepares to vote on the $800 billion dollar stimulus and recovery package, President Obama urged Congress to pass the bill Monday, first at a town hall meeting in Elkhart, Indiana and later at the first news conference of his presidency. He warned that not acting immediately to rescue the economy could lead to a “catastrophe” and emphasized that only the government could bail out the economy at this moment.

February 03, 2009: Rep. Marcy Kaptur (D-OH) Urges Homeowners to Stay in Foreclosed Homes
After an $850 billion bailout for Wall Street and another $25 billion for the auto industry, struggling homeowners still await large-scale government assistance. The Obama administration says it’s working out the details of its plan to stem foreclosures. In the absence of government action so far, some are taking action on the local level.

February 02, 2009: David Cay Johnston: More Corporate Tax Breaks Will Not Stimulate The Economy
“Getting the economy back on its feet, giving taxpayers a break, saving your retirement fund and your kid’s college tuition? Done. And it won’t cost you a penny.” David Cay Johnston outlines his own “fiscal therapy” to end the economic crisis.

January 29, 2009: Economic Stimulus Moves to Senate Following House Approval
The House has passed an $819 billion dollar stimulus package, marking one of the most expensive pieces of legislation ever to move through Congress. Not a single Republican voted for the bill. We speak to William Greider, National Affairs correspondent for The Nation magazine.

January 26, 2009: David Korten: 'Agenda for a New Economy: From Phantom Wealth to Real Wealth'
As President Barack Obama reveals more details of his $825 billion economic stimulus plan, we turn to David Korten of YES! Magazine. In his new book, Korten argues that the nation faces a monumental economic challenge that goes far beyond anything being discussed in Congress.

October 28, 2008: Van Jones on 'The Green Collar Economy: How One Solution Can Fix Our Two Biggest Problems'
In a new book, the well-known community activist and attorney Van Jones lays out a plan for a green economy he says could help solve the nation’s economic inequality while also addressing the long term environmental threats to our survival as a planet.

October 17, 2008: Ex-Asst. Treasury Sec. Paul Craig Roberts on Wall St. Bailout: 'Has Deregulation Sired Fascism?'
As the Bush administration announces a $250 billion plan to partially nationalize the nation’s banking system, we speak to Paul Craig Roberts, former Assistant Secretary of the Treasury Department in the Reagan administration and a former associate editor of the Wall Street Journal. Roberts says the latest bank measure suggests the bailout is 'either incompetence or fraud.'

October 10, 2008: Stocks Plummet Across the Globe, Bush to Host Emergency Finance Meeting At White House
In the largest loss since the crash of 1987, the Dow Jones Industrial Average fell over seven percent on Thursday closing below 9,000 for the first time in five years. Over the past six trading days, the Dow has plummeted over 2200 points or about 21 percent. Earlier today global stock values fell in trading as fears grow of a world-wide recession.

October 08, 2008: European, Asian Markets Plunge as Recession Fears Spread Worldwide
As stock indexes plunge across Europe and Asia, Britain unveiled plans today to inject up to 50 billion pounds—close to $90 billion—into its biggest retail banks. Recent efforts to bolster world credit markets have failed to stem fears that the spreading financial crisis could lead to a global recession. We go to Rome to speak to economist Loretta Napoleoni, author of Rogue Economics: Capitalism’s New Reality.

October 08, 2008: Faltering Economy Takes Center Stage in McCain-Obama Debate
It was no surprise that the economy dominated last night’s presidential debate. We play excerpts and get reaction from Pulitzer-winning journalist David Cay Johnston, author of Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill).

October 06, 2008: Naomi Klein: Wall St. Crisis Should Be for Neo-Liberalism What Fall of Berlin Wall Was for Communism
As the world reels from the financial crisis on Wall Street and the taxpayer-funded $700 billion bailout, we spend the hour with Naomi Klein on the economy, politics and “disaster capitalism.” The “Shock Doctrine” author recently spoke at the University of Chicago to oppose the creation of an economic research center named after the University’s most famous economist–Milton Friedman. Klein says Friedman’s economic philosophy championed the kind of deregulation that led to the current crisis.

October 03, 2008: Wary of Public Outcry, Revised $800B Wall St. Bailout Stuffed with Earmarks to Sway Election-Year Incumbents
On Capitol Hill, the House is preparing to vote again on the revised $800 billion Wall Street bailout plan after rejecting a similar bill on Monday. All 432 seats in the House are up for election next month, and many “no” votes on Monday reflected lawmakers’ fears of a voter backlash for the unpopular bill. An array of “pork barrel” projects have been inserted into the legislation to win support from nervous incumbents.

October 02, 2008: Nobel Laureate Joseph Stiglitz: Bail Out Wall Street Now, Change Terms Later
The Senate has endorsed a revised version of the $700 billion Wall Street bailout plan. The legislation was easily approved last night on a 74-to-25 vote with a majority of Democrats and Republicans voting in favor—among them, presidential nominees Barack Obama and John McCain. Nobel Prize-winning economist Joseph Stiglitz says the measure, although flawed, should be supported now and revisited after the November elections.

October 01, 2008: As Senate Prepares to Vote on Revised Wall St. Bailout, Critics See Only Slight Changes Following Widespread Public Opposition
Following Monday’s rejection in the House, the Senate plans to vote today on the $700 billion bailout of Wall Street. Lawmakers are said to have revised the bill following public outcry, but critics say the measure includes only slight, cosmetic changes. We get an update from Washington insider and former Senate Banking Committee chief economist Robert Johnson and speak to veteran journalist William Greider of The Nation magazine.

September 30, 2008: 'Bridge Loan to Nowhere': Public Outcry Forces House to Reject $700 Billion Bailout of Financial Industry; Dow Falls Record 777 Points
On Monday, the House voted 228-to-205 against authorizing the largest government intervention in the financial market in US history. The measure would have granted the Treasury unprecedented authority and up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates. As the economic crisis worsens and spreads across the globe, we speak with Robert Johnson, former chief economist of the Senate Banking Committee, and Bruce Marks, the founder and CEO of NACA, the Neighborhood Assistance Corporation of America.

September 29, 2008: 'Is This the United States Congress or the Board of Directors of Goldman Sachs?' Rep. Dennis Kucinich Rejects $700 Billion Bailout
The House is set to vote today on a $700 billion emergency bailout plan for the financial industry. The proposed legislation was forged during a marathon negotiating session over the weekend between lawmakers from both parties and Treasury Secretary Henry Paulson. The 110-page bill would authorize Paulson to initiate what is likely to become the biggest government bailout in US history, allowing him to spend up to $700 billion to relieve faltering banks and other firms of bad assets backed by home mortgages, which are falling into foreclosure at record rates.

September 29, 2008: FDR in 1933: 'There Must Be A Strict Supervision Of All Banking and Credits and Investments. There Must Be An End To Speculation With Other People’s Money.'
We now move three-quarters of a century back in time, to 1933. It was the middle of an era that our current moment is sometimes compared to. The Great Depression. When Franklin Delano Roosevelt took his oath of office in March of that year, over 10,000 banks had collapsed following the stock market crash of 1929. One quarter of American workers were unemployed and people were fighting over scraps of food.

September 26, 2008: Bailout Talks Stall, WaMu Collapses in Deepening Financial Crisis
The nation’s financial crisis has intensified as federal regulators seized Washington Mutual on Thursday in what is the largest bank failure in American history. Federal regulators have arranged to sell off most of the bank at a bargain rate to JPMorgan Chase. We get analysis from New York Times columnist Paul Krugman and economics professor Michael Zweig.

September 26, 2008: Demonstrators Rally on Wall St. Against Federal Bailout
As President Bush was holding an emergency economic summit at the White House, protesters took to the streets across the country to oppose a Wall Street bailout. In New York, a series of demonstrations occurred near the Stock Exchange.

September 25, 2008: As Bush Admin Pushes $700B for Wall Street, Ralph Nader Asks, 'Why Is There Need for a Bailout?'
As the Bush administration intensifies its pressure for Congress to quickly approve a $700 billion bailout of the financial industry, we get reaction from Independent presidential candidate and consumer advocate Ralph Nader. Nader calls Democratic claims of White House concessions “wish fulfillment” and says the bailout might not be needed in the first place.

September 25, 2008: 'Cash for Trash': Unwanted 'Junk' in Hand, Demonstrators Head to Wall Street to Protest Bailout
Among the more than 100 protests against the $700 bailout plan is a rally today on Wall Street. We speak to Arun Gupta, a reporter/editor at The Indypendent newspaper, whose email to friends and colleagues helped inspire the protest. Participants are planning on bringing their own personal, unwanted “junk” to illustrate what they call the federal bailout of Wall Street’s worthless securities.

September 24, 2008: Bush Admin Faces Congressional Skeptics on $700B Wall St. Bailout
Both Democratic and Republican members of the Senate Banking Committee lambasted the Bush administration’s proposed $700 billion bailout plan Tuesday. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke repeatedly clashed with almost every senator on the committee, all of whom focused on Wall Street’s culpability for the crisis. Many also brought up executive pay and emphasized the need for oversight of the Treasury.

September 24, 2008: Naomi Klein: 'Now is the Time to Resist Wall Street’s Shock Doctrine'
While the collapse of this country’s financial system continues to send shock waves around the world, we speak to the bestselling author of “The Shock Doctrine.” Naomi Klein says the public should be wary of the Bush administration trying to use the crisis to push through more of the radical pro-corporate policies that helped cause it in the first place.

September 24, 2008: Bush Admin Faces Congressional Skeptics on $700B Wall St. Bailout
Both Democratic and Republican members of the Senate Banking Committee lambasted the Bush administration’s proposed $700 billion bailout plan Tuesday. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke repeatedly clashed with almost every senator on the committee, all of whom focused on Wall Street’s culpability for the crisis. Many also brought up executive pay and emphasized the need for oversight of the Treasury.

September 22, 2008: Sen. Bernie Sanders, Robert Scheer and Dean Baker on the Proposed $700 Billion Bailout of Wall Street, the Largest Government Bailout of Private Industry in US History
It’s being described as the largest government intervention in private markets since the Great Depression. The Bush administration has asked Congress to swiftly approve a massive $700 billion package to rescue the crippled financial institutions on Wall Street. Some analysts say the final cost to taxpayers could top one trillion dollars. Over the weekend, the size of the proposed bailout grew as the Bush administration said foreign banks, including Barclays and UBS, should be eligible for the bailout.

September 19, 2008: Amidst Wall Street Woes, Labor Activist & Writer Bill Fletcher on 'Solidarity Divided: The Crisis in Organized Labor and a New Path toward Social Justice'
While the press has extensively covered the Wall Street meltdown, little attention has been paid to what this means to the American worker. We speak to longtime labor activist and writer Bill Fletcher, co-author with Fernando Gapasin of the new book Solidarity Divided: The Crisis in Organized Labor and a New Path toward Social Justice. Fletcher is the executive editor of BlackCommentator.com and the former president of TransAfrica Forum.

September 18, 2008: Lost Homes, Lost Votes: Are Republicans Trying to Block Foreclosed Homeowners from Voting in Michigan?
The Democratic National Committee and the Obama campaign have filed a federal lawsuit to block a controversial voter suppression tactic in Michigan. The Michigan Messenger reported this week that the chairman of the Republican Party in Macomb County is planning to use a list of foreclosed homes to block people from voting in the upcoming election as part of a Republican effort to challenge some voters on Election Day.

September 17, 2008: US Seizes Control of AIG with $85 Billion Bailout
The US government has seized control of insurance giant American International Group in an unprecedented $85 billion bailout. The Federal Reserve made the deal on Tuesday to save AIG from collapse in what the New York Times describes as “the most radical intervention in private business in the central bank’s history.” The move comes as a series of financial crises has altered the landscape of Wall Street. We speak with investment banker turned journalist, Nomi Prins, and Michael Hudson, president of the Institute for the Study of Long-Term Economic Trends.

September 09, 2008: US Bails Out Fannie Mae & Freddie Mac
The US government has seized control of the mortgage finance companies Fannie Mae and Freddie Mac in what could become the largest corporate bailout ever. The Treasury Department has pledged to provide as much as $200 billion as the two quasi-public companies deal with heavy losses on mortgage defaults. We speak with economist and writer, Max Fraad Wolff.

July 29, 2008: The Big Squeeze: Steven Greenhouse on Tough Times for the American Worker
A new book by New York Times labor reporter Steven Greenhouse examines how much of the American workforce is working more but earning less. Wages have stagnated, health and pension benefits have grown stingier, and job security has shriveled. Greenhouse joins us to talk about The Big Squeeze: Tough Times for the American Worker.

July 17, 2008: Bailout for Mortgage Giants, IndyMac Bank Collapse, Dollar Hits New Low, Inflation at 26-Year High, Dow Falls Below 11K…A Look at the Financial Crisis
It has been a tough seven days for the US economy. On Friday, the FDIC seized control of the failed California-based IndyMac Bank. It was second largest bank failure in US history. Analysts project another 150 banks could collapse. On Sunday, Treasury Secretary Henry Paulson announced extraordinary moves to bail out the mortgage giants Freddie Mac and Fannie Mae. On Tuesday, the Dow Jones Industrial Average dipped below 11,000 for the first time since 2006 and the dollar hit a record low against the euro. And Wednesday, it was announced that inflation is now rising at its fastest pace in twenty-six years. We take an in-depth look an the economic crisis.

July 15, 2008: With Crises in Fuel, Food, Housing and Banking, What Gvt. Policies Are Being Pushed Through? Naomi Klein Reexamines 'The Shock Doctrine'
As the country and the world reel from crises ranging from skyrocketing oil prices and global food shortages to housing and climate change, how best to understand the government policies being pushed through? We spend the hour with Naomi Klein, author of The Shock Doctrine: The Rise of Disaster Capitalism. Klein also discusses Barack Obama’s economic advisory team, whom she calls “Obama’s Chicago Boys”; why she’s suing the US government for spying on journalists like her; as well as her recent trip to China, where she says the government is building a high-tech police state with the help of US military contractors.

July 09, 2008: Foreclosure Phil: Journalist David Corn on How McCain Campaign Adviser Phil Gramm Helped Create the Subprime Mortgage Crisis
In the latest issue of Mother Jones magazine, David Corn writes, “Who’s to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly. Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain’s presidential campaign and advises the Republican candidate on economic matters.”

July 09, 2008: Five Ways Wall Street and Washington Set Us Up for the Crash: Author Nomi Prins Explains Where Congress Went Wrong on Lending
The worst of the economic crisis may be far from over. That was the message of Federal Reserve Chairman Ben Bernanke Tuesday. He indicated that the housing and financial turmoil will persist deep into next year. The Senate, meanwhile, is deliberating a bill this week that would provide government-backed loans to 400,000 homeowners on the brink of foreclosure. We speak with former investment banker turned journalist and author, Nomi Prins, about “Why the Economy Went South.”

April 10, 2008: Report: 40 Years After King, Little Progress in Closing Economic Inequality Gap Between African Americans and Whites
In the late 1960s, Dr. Martin Luther King recognized that the next phase in the quest for civil rights and equality would focus on the economic divide. A new report from the Institute for Policy Studies titled “40 Years Later: The Unrealized American Dream” lays out key elements of the inequality that African Americans still experience in the United States around education, employment and wealth accumulation. We speak with the co-author of the report, Dedrick Muhammad.

March 31, 2008: Loretta Napoleoni on “Rogue Economics: Capitalism’s New Reality”
Italian economist, journalist and author Loretta Napoleoni argues that recent events on Wall Street indicate a much larger upheaval and could “signal the end of the ‘Roaring Nineties,’ nearly two decades of easy money, cheap credit, and soaring global debt.” It’s an argument Napoleoni develops in her latest book called Rogue Economics: Capitalism’s New Reality.

March 26, 2008: Homeowners Plan Demonstration at NYC Offices of Bear Stearns, JPMorgan Chase to Protest Government Bailout
Hundreds of homeowners are planning a demonstration today in Manhattan in front of the corporate offices of Bear Stearns and JPMorgan Chase to protest the “taxpayer bailout…and refusal of the government and Federal Reserve to provide real solutions for the millions of homeowners at risk of foreclosure.” We speak with Bruce Marks, the founder of the Neighborhood Assistance Corporation of America that is organizing the demonstration.

March 20, 2008: Fed Bailout of Bear Stearns First of its Kind Since Great Depression
The nation’s fifth largest investment bank Bear Stearns nearly collapsed last week. It was saved only after the Federal Reserve took extraordinary measures to help JPMorgan purchase the eighty-five-year-old firm. The Fed has become the lender of last resort for other investment banks in a move that marks one of the broadest expansions of the Fed’s lending authority since the 1930s. We speak with Nomi Prins, an author and former investment banker at Bear Stearns, and Max Fraad Wolff, an economist and writer.

February 08, 2008: Examining Clinton & Obama’s Stances on the Subprime Mortgage Crisis, Universal Healthcare, Privatizing Social Security and Nuclear Energy
With Senators Hillary Clinton and Barack Obama in a dead heat, we look at their stances on some of the most pressing domestic issues with Robert Kuttner of the American Prospect, Max Fraser of The Nation and Paul Gunter of Beyond Nuclear.

January 29, 2008: Kathleen Newman & Barbara Ehrenreich: Bush Has Ignored the Working Poor and Failed to Address Growing Economic Inequality
During last night’s State of the Union, President Bush pushed for Congress to approve a $150 billion economic stimulus. Newman and Ehrenreich examine how Bush’s plan fails to help most homeowners facing foreclosures and fails to expand benefits for the poor such as unemployment insurance or food stamp allotment.

January 23, 2008: Economics Journalist Robert Kuttner on the 'Most Serious Financial Crisis Since the Great Depression': 'This is the Result of Right-Wing Ideology and the Political Power of Wall Street'
Amid growing fears of a worldwide recession, the Federal Reserve slashed a key interest rate by three quarters of a percentage point on Tuesday, the biggest single cut in nearly a quarter of a century. Meanwhile, President Bush and Congressional leaders pledged to work together on a stimulus measure that would inject about $150 billion dollars in additional money into the economy. But many economists are skeptical over whether any measures can turn around a severe slump in the housing market and the subprime mortgage crisis, signs of growing unemployment and weakening consumer spending and the added blow of record high oil prices.

January 18, 2008: 'Free Lunch: How The Wealthiest Americans Enrich Themselves At Government Expense (And Stick You With the Bill)'
Pulitzer Prize winning journalist David Cay Johnston joins us to talk about his new book, “Free Lunch: How The Wealthiest Americans Enrich Themselves At Government Expense (And Stick You With the Bill).” Johnston reveals how government subsidies and new regulations have quietly funneled money from the poor and the middle class to the rich and politically connected.

January 17, 2008: Report: Subprime Mortgage Crisis Causing African-Americans to Experience Greatest Loss of Wealth in Modern U.S. History
A startling new report has predicted the subprime mortgage crisis will cause people of color to lose up to two hundred thirteen billion dollars leading to the greatest loss of wealth in modern U.S. history. The figure appears in a new report from United For a Fair Economy called “Foreclosed: The State of the Dream 2008.” The group accuses mortgage lenders of deliberately targeting the poor and people of color with high-cost loans.

January 02, 2008: Community Activists in Des Moines Speak Out on Thursday’s Iowa Caucus
Hugh Espey and Robin Ghormley of the Citizens for Community Improvement and Deepak Bhargava, executive director of Center for Community Change, discuss Thursday’s caucus.

December 10, 2007: 'Bush Offers an Umbrella When We Need a Tent'–Jesse Jackson Says President’s Plan to Prevent Foreclosures Doesn’t Go Far Enough

President Bush announced a plan last week to freeze interest rates for some homeowners facing foreclosure. But critics say the plan’s strict guidelines will leave out the most vulnerable. We speak with the Rev. Jesse Jackson

November 29, 2007: Abu Dhabi Becomes Largest Citigroup Shareholder with $7.5B Investment, Bailout Comes Amidst Subprime Mortgage Crisis, Record-High Oil Prices
The Gulf Arab emirate of Abu Dhabi bought a $7.5 billion stake in Citigroup, America’s largest bank, on Tuesday, making it the bank’s largest shareholder. As the U.S. credit crisis worsens and the price of oil hovers close to $100 a barrel, the injection of capital from oil-rich Gulf states is seen as a bailout of banks in trouble.

November 29, 2007: Minorities Hit Hardest by Subprime Mortgage Crisis
We take a look at how the subprime mortgage crisis is affecting homeowners. The latest statistics show U.S. foreclosure filings nearly doubled in October from the same month last year. African American and Latino homeowners have been particularly hard hit.

April 04, 2007: Subprime Lending Crisis: Millions of Families Face Losing Their Homes to Foreclosure
Subprime loans have led to one million American families losing their homes in the past decade, a new study by the Center for Responsible Lending has found. In the last ten years, the subprime loan industry has emerged as a major, and controversial, player in the housing market.