With breathtaking clarity, renowned University of Massachusetts 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 failures within the structures of American-style capitalism itself. 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 the proposed government "bailouts," stimulus packages, and calls for increased market regulation will not be enough to address the real causes of the crisis, in the end suggesting that far more fundamental change 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 in two different versions (57 mins and 34 mins) on the same DVD.
"With unerring coherence and unequaled breadth of knowledge, Rick Wolff offers a rich and much needed corrective to the views of mainstream economists and pundits. It would be difficult to come away from this viewing with anything but an acute appreciation of what is needed to get us out of this mess." - --Stanley Aronowitz | Distinguished Professor of Sociology and Urban Education | City University
"...Brimming with an electrifying explanation of how the 'American Dream' evolved into the 'Nightmare on Wall Street'...Wolff tautly strings together an economic theory (some of the observations with which we might differ) that offers a persuasive explanation of how Wall Street exploded by increasing our indebtedness as individuals and as a nation, at a time when wages remained stagnant. Normally lectures (if you remember them from college) leave a lot of time for day dreaming, but Wolff's explanation is so timely and cogent that you won't want to break away. Beyond Wolff's final conclusion about worker-owned companies, he succinctly has built a case about why leaving the arsonists on Wall Street in charge of putting out the fire that they started is an untenable strategy that will lead to even more economic implosion." - --BuzzFlash dot com