Check this out, too

[Kerry F]

At the risk of starting a political discussion, whatever party you are, this guy really tells the historical truth simply and clearly about how we got where we are today. I saw this lecture on Link TV through Direct TV last year.  You used to be able to watch it free on his website, but you have to buy it. But

you can still watch it on this u-tube link for free.  I think this guy is brilliant.

 

http://www.youtube.com/watch?v=TZU3wfjtIJY

[Martha R]

I am writing this as I listen.

 

I like the way he starts out the talk with:  that  the explanation of the cause for the crises says more about the speaker who is giving the explanation than anything else.   So true.  You could find as many explanations as there are economists probably.  

 

Dr. Wolff is kind of a Marxist, so his thoughts tend to anti-capitalism.  

 

He makes some interesting points but contradicts himself a little.  He says Roosevelt's efforts didn't end the depression, WWII did.

 Then later he praises Roosevelt's action in putting people to work during the Great Depression as if it accomplished a lot.

  I think he oversimplifies a lot of things.  But it's a good effort at explaining how we got here.  Greed was certainly a part of it.

  I think he's leaving a lot out, like how much government has increased over the last 100 years.

Of course, at the very end of his talk he reveals he's really a communist.  Perhaps some of his ideas might work, but that's really not what this country is about.    

 

Milton Friedman, the most famous economist of all, would probably disagree with Dr. Wolff  (only a minute video) http://www.youtube.com/watch?v=76frHHpoNFs

 

One thing I wonder is why did wages stop growing in 1970's?   No explanation given except "it did."    Was it because we went off the gold standard?  

I don't know if there is a connection.

 

 

 

 

 

 

 

 

 

 

[Kerry F]

Thanks Martha!  Very good feedback.  I'm not great at knowing history.  But what I found most striking is that wages stopped going up in 1970 and the corporations got more and more profit, then loaned that money to the workers and made more money on the interest on the loans to the workers.  This Wolffe was on Democracy Now on PBS last night (see if you can get it online) and was taking about the current situation.  I'll have to check out your analysis, though, interesting.  Also, with all the greed and corruption going on, I feel we need more regulations so government then has to get bigger. 

 

Wow, I just watched your Milton Friedman video........very interesting!

 

Kerry