John Peeler: One of the most striking features of our current global economic morass is that many Third World economies are weathering the crisis rather well, while the supposed leaders of the world economy (the United States, the European Union, the Japanese) are in deep trouble that looks to get deeper.
Shamus Cooke: Because both parties simply threw money at the banks and hedge funds instead of punishing them, a condition of “moral hazard” was created, meaning, that banks would assume another bailout would come their way if they destroyed the economy again — too big too fail, remember?
Judith Stein: If President Obama wants the United States to manufacture again, he must change foreign and domestic priorities. The United States is more committed to maintaining its open market than to providing jobs for Americans.
Robert Reich: The question on everyone’s mind: Will the Fed signal it’s now more worried about inflation than recession?
Robert Reich: Obama won’t actively fight the budget battle if the current White House view of how he wins in 2012 continues to prevail.
Steven Hill: So according to Krugmanomics, taking on too much debt is not the problem – it’s not being able to pay the debt that is the problem. And Krugman’s solution, apparently, is to be able to depreciate your currency and/or default on your debts, leaving the creditors holding the bag.
Robert Reich: With corporate profits are through the roof, the Dow is flirting with 12,000, Wall Street paychecks are fat again, and big corporations are sitting on more than $1 trillion in cash, you’d expect jobs be coming back. But you’d be wrong.
Mark Vorpahl: As in the 1930s, today we must organize in a way that creates unity between the employed and unemployed. To start, we can organize the largest possible union-led demonstrations to realize this unity in the streets.
Robert Reich: China is eating our lunch. Why? It has a national economic strategy designed to create more and better jobs. We have global corporations designed to make money for shareholders.
Michele Waslin: States considering anti-immigrant legislation will have to reconsider whether forcing out immigrants is worth potentially losing a Congressional seat, federal funding for schools, roads, and infrastructure, and its reputation.
Shamus Cooke: To deal with working people more ruthlessly, the radical right is being unleashed. In normal times these bigots yell furiously but no one listens. But in times of economic crisis they’re given endless airtime on all major media outlets.
Robert Reich: The Democratic Party can no longer ignore critical investments in the productivity of average workers. Nor can it ignore the increasing concentration of income and wealth at the very top, and the inability of America’s middle and working class to get the economy moving again.
Steven Hill: No one has been more influential in defining this narrative than New York Times columnist and Nobel Prize-winning economist Paul Krugman.