2020-02-14 15:34:17
Professor Richard Wolff talks with Thom Hartmann about the state of the economy. He has some good news and some not so good news. The good news is that the next economic crash doesn't have to happen, the bad news is that stopping it won't be as simple some would like it to be.
The signs are everywhere. Auto Loans are slowing down and so are the asset backed securities based on those car loans. Similar securities trading is happening with credit cards. Meanwhile, Donald Trump just pushed a big hole through Dodd Frank, a consumer protection bill that helped protect citizens from dangerous bank trading. All of this is reminiscent of the 2008 housing crash that took out Wall Street after assets became toxic, and now we have to ask if this will all happen again.
Wolff says that the crash doesn't need to happen, but it will unless we take bold action right now. We need to fundamentally change the way our economy works.
