Richard Wolff: Too big to fail, too big to be privately owned

Could union ownership reshape auto?

May 4, 2009

Richard Wolff, Economist and Professor at the New School in New York City, speaks to Paul Jay about the reform needed to pull the United States out of crisis.

Too big to fail, too big to be privately owned

May 2, 2009

Richard Wolff, Economist and Professor at the New School in New York City, speaks to Paul Jay about the reform needed to pull the United States out of crisis. "If we say something is too important to let it die, too big to fail, then we’re saying it’s so important to the society as a whole, but if it’s that important, it can’t be in the hands of a few people in the first place. If you’re too big to fail, your too big to be in private hands." He goes on to suggest that if there is chaos in the US economy, the rest of the world will have chaos as well. "We have an unknown situation, the outcome of which could be very bad, we actually have a vision of that already, Mexico, it’s a society in free fall."

Retired auto workers handed the risk

April 30, 2009

Richard Wolff, Economist and Professor at the New School in New York City speaks to Paul Jay about the troubled auto industry in the United States. He says the important question right now is whether the bondholders will be willing to give up their share for foreign shareholders and make the sacrifices necessary to make American auto companies survive. If they refuse, as many of them claim they will, then the only option will be bankruptcy. He also says that both GM and Chrysler are going to give their largely worthless shares to the fund for health-care programs insuring their workers. This means workers’ health care will be gambled in the stock market.