James K. Galbraith teaches economics at the University of Texas where he is a Senior Scholar of the Levy Economics Institute and the Chair of the Board of Economists for Peace and Security. The son of renowned economist, the late, John Kenneth Galbraith, he writes a column called "Econoclast" for Mother Jones, and occasional commentary in many other publications, including The Texas Observer, The American Prospect, and The Nation. He is an occasional commentator for Public Radio International's Marketplace.He directs the University of Texas Inequality Project, an informal research group based at the LBJ School.
I'm all for nationalizing the banks and financial institutions who have NOT used the bail out money for the public good.
Dednam 2009-01-22
"Bring back Peter Schiff, bring on Bob Chapman, Richard Daughty and GATA and get REAL". What's REAL about the freemarket? I'm refering to what market anarchists call a freemarket. It's never been tried in the REAL world, nor in a REAL country. Just because it sounds nice and is conceptually appealling doesn't mean it'll work (ditto a perpetual motion machine - as I pointed out below) I'm always wary of "one size fit all" solutions like the "freemarket", and we all should be.
wildpett 2009-01-21
What is Obamanomics ?? Why does TRRN keep bringing on the commie weirdoes that shout PRINT MORE MONEY. I am surprised that people dont understand that Obama cannot fix anything, the system is broken. Bring back Peter Schiff, bring on Bob Chapman, Richard Daughty and GATA and get REAL. TRRN is just a feelgood channel praising Obama.
Damien 2009-01-21
Its not just about "greed and insanity". Economic crisis is a ongoing innate feature under capitalism. This is a problem of the economic system itself. Greed and excess have been common features under capitalism ever since the dawn of it.
WarrenMetzler 2009-01-21
I have a cardinal rule, which is that sons are NEVER to enter the field of work occupied by their fathers. And Jamie is an excellent example as to why this rule exists. His views are absurd.
But we need to recognize that there is a very good possibility that no government is capable of making a smidgen of improvement in the lives of any citizen. That all citizens are personally responsible for their own welfare. Which is why the Declaration of Independance states that pursuit of life (dynamic living), being free, and pursuing happiness are inalienable rights.
Finally, why is no one willing to recognize that this crisis is due to greed and insanity: insane consumers wanting to purchase homes they knew they couldn't afford, insane bankers making loans that were almost guaranteed to not be repaid, and insane financial types making financial bets that were unavoidably doomed (the 62 trillion dollars of derivatives, that few discuss nowadays).
In other words, this is a crisis of
a567and8 2009-01-21
Yes, Dednam. The best thing about this crisis is that the invisible hand has turned into a fist. It's punched out a lot of crooks and parasites who took advantage of it. Of course, when they fall they fall on top of a world economically full of relative small-fry. Some of us will survive and some won't. But the crooks and vampires have a better chance of doing so than the rest of us. Which is why the aptly named WarDog comes out on the wrong end, in my small-fry opinion.
Viva limited socialism!
sshenfield 2009-01-21
Obama is caught on the horns of a contradiction that has always been basic to capitalism. To improve (or even maintain) competitiveness costs, i.e. wages and social security, have to be cut, but that runs directly counter to efforts to stimulate the economy by raising effective demand. Borrowing papers over the contradiction, but only temporarily, until the bubble bursts, as it now has. In theory the pressure of global competition could be relieved by isolating the national economy. But is this still feasible, or has globalization gone too far? In that case, what else remains but to replace competition by cooperation at the global level, that is, world socialism?
Dednam 2009-01-21
WarDogLRS, you provide what basis for your assertion? How do I know that people who believe blindly in the freemarket would possess a better real-world understanding of the current state of the global economy? The freemarket and its tenets are akin to a perpetual motion machine, conceptually beautiful and appealling but utterly simplistic.
WarDogLRS 2009-01-21
A far better source is
http://www.lewrockwell.com/
http://www.ronpaullibrary.org/
http://mises.org/
http://www.europac.net/
These are the guys you want to listen to not this guy
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