economic meltdown

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News and Commentary from Citizen Journalist around the globe.
This Edition; Glenn Simpson Leeds, United Kingdom

With breathtaking clarity, renowned UMass Economics Professor Richard Wolff breaks down the root causes of today's economic crisis, showing how it was decades in the making and in fact reflects seismic and systemic failures within American-style capitalism as a whole. Wolff traces the source of the economic crisis to the 1970s, when wages began to stagnate and American workers were forced into a dysfunctional spiral of borrowing and debt that ultimately exploded in the mortgage meltdown. By placing the crisis within this larger historical and systemic frame, Wolff argues convincingly that both the government "bailouts" and calls for increased market regulation will not be enough to address the real causes of the crisis - in the end suggesting that more fundamental changes will be necessary to avoid future catastrophes. Richly illustrated with graphics and charts, this is a superb introduction that allows ordinary citizens to comprehend, and react to, the unraveling crisis. Available on DVD from the Media Education Foundation