Bail out the banksters?

 

 

Lena Petrova

This is Part I of the interview with Professor Richard D. Wolff.

Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City.

Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne). Wolff was also regular lecturer at the Brecht Forum in New York City.

Prof. Wolff is the co-founder of Democracy at Work and host of their nationally syndicated show Economic Update.

In the interview, we discuss a rapid decline in the U.S. economy and reasons for a looming banking crisis. Professor Wolff points to the Fed's plan to prepare for an economic crisis while misrepresenting the data to the public. Professor Wolff concludes that even though it is clear that the United States will face a severe banking crisis and bank consolidations, the "plan" is to let it collapse in hopes of a government bailout.