Capitalism in Crisis: Why Do Recessions Happen?
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 30 December 2020
⏱️ 36 minutes
🧾️ Download transcript
Summary
Why does the capitalist economy lurch into a recession every few years with massive unemployment and job losses? Why is the debate between the millionaires in Congress only about whether working families should get $600 or $2,000 in a one-time payment when the banks and corporations already received trillions in subsidies and loan guarantees?
Brian speaks with Richard Wolff, the co-founder of the organization Democracy at Work and the author of many books, the latest being “The System is the Sickness: When Capitalism Fails to Save Us from Pandemics or Itself.”
Transcript
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| 0:00.0 | Even $2,000 is not enough to save millions of families in the United States from utter ruin. |
| 0:11.2 | Should it be $600 or $2,000? |
| 0:15.0 | Is this the real choice? |
| 0:18.1 | We need a new system. |
| 0:20.3 | We need a new society. We need a new society. |
| 0:22.2 | We need to demand that which may have sounded impossible even a few weeks ago, but is not |
| 0:27.6 | only realizable, but an imperative necessity. |
| 1:02.1 | Yeah. Deepening unemployment, a looming wave of evictions, massive and widening inequality, there's no denying it. |
| 1:07.7 | Capitalism is in crisis and capitalism is the crisis. |
| 1:13.2 | We are excited again to have Professor Richard Wolfe join us for our regular weekly segment where we talk about the biggest stories related to the economy, the state of the working |
| 1:18.9 | class, and the crimes of big business. We talk about how the economy can be reconstituted |
| 1:25.8 | on a new basis so that the needs of the people and the planet |
| 1:30.6 | come before profit. Richard Wolfe is the co-founder of the organization Democracy at Work. He is the |
| 1:37.8 | author of many books, the latest being the system is the sickness when capitalism fails to save us from pandemics or itself. |
| 1:47.1 | Be sure to check out his work at R.D. Wolf, that's R.D.W.O.F.F.com. Professor Wolf, welcome back. |
| 1:55.6 | Thank you very much. I'm glad to be here. So I'm looking at headlines from the last couple days. |
| 2:03.4 | Larry Summers, that he would have been, of course, |
| 2:05.8 | Obama's Treasury Secretary, $2,000 stimulus check, a serious mistake. |
| 2:11.6 | Not just a mistake, Professor Wolf, a serious mistake. |
| 2:15.3 | Biden, L.I. Larry Summers, a former Treasury Secretary, said $2,000 |
| 2:20.5 | stimulus check is bad. Here's from Forbes magazine. Former Clinton Treasury Secretary Larry |
| 2:27.7 | Summer comes out against $2,000 stimulus check. A weird world we live in, Richard, obviously anyone who's looking at the |
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