A market is going to shrink and shrink and so we look like greece looks up in the last 5 years the think of the normal slipping away groups that if lation and rent this lady should be ok stephen well im really glad that michael brought up the 2008 financial crisis as we have a reputation a reputation about it and it in this year where this was a artificially induced recession benefited the one percent you cant not keep stressing that year but what 202020 in 2008 have been common is that you have this massive transfer of wealth upward again upward again ok and so again i mean my underlying theme in this whole program is that half the country liberate speaking specifically about the United States that michaels reference to greece is a perfect one i think youre basically writing off tens of millions of people america hundreds of millions of people in the western more heads yeah i mean to do the work which sane. Is a process where the wealthy who go will they go through debts and this is s
It appears what is called the case shaped recovery is permanently dividing the country and to haves and have nots and this seems to be acceptable for those who are the house. To discuss this and more im joined by my guest Michael Hudson in new york is a professor of economics at the university of missouri kansas city and author of through give them their debts and in bangkok were joined by steve keen hes a crowdfunding professor of economics on a tree on as well as a distinguished Research Fellow of the institute for strategy resilience and security of University College london gentlemen crossed up rules in effect that means you can jump in anytime you want and i always appreciate it ok let me go to michael in new york you know this just term the new normal. Bandied about and what really worries me is the people that use the new normal where its a normal that is beneficial to them ok and theyre not particularly concerned about it ok because i hear more and more talk read more and more
It ok because i hear more and more top read more and more about a cave recovery and that is that in michigan a defeat in my in my opinion because it means the if you have the k. Its the the leg of the k. Youve given up on ok because the other part. Of the economy its true because its that in their benefit here i really worry when people talk about new normals and when they talk about the economy youre my friend well who has become normal since 2008 has been completely different from the old normal people have the normal youre go back to a balance but really the economy hasnt grown at all since the 2008 crisis all of the growth in g. D. P. All of the growth in wealth has accrued to the Financial Sector to the real estate sector to the one percent for the 99 percent oh theyve gone down and down and down so the new normal is you cant get rich again by hanging out. And joining the middle class like you goes through the new normal has all of the year increase in wages in service in rents an
Here, a century and a half ago, our nation was born. Here was adopted the declaration of independence, which proclaimed our freedom. All men are created equal. They are endowed by their creator with certain inalienable rights. Among these are life, liberty and the pursuit of happiness. The constitution of the United States guarantees our freedom, which determines neither king nor dictator, but only we the people shall rule. music dr. Franklin, you have just come from the Constitutional Convention. What have we got, a republic or a monarchy . A republic, if you can keep it so. A prophetic statement from Benjamin Franklin is the Constitutional Convention ended its labors in september 1787. A republic, if you can keep it so. It was here in philadelphia the George Washington penned his immortal farewell address, and which he established the Great American tradition unbroken for 145 years and our safeguard against dictatorship and tyranny, that no president should serve for a third term. mu
I stand before you without a single pledge or promise or understanding of any kind except for the advancement of your costs and that your cause and that of democracy. [applause] i expect the republicans, in we want wilkie, and as we watch on images of him on the campaign trail, we are joined here, in russia indiana, with wilkie. I want to introduce her audience, to some of these iconic images, of the campaign, they really surrounded the ground or thought. He ran for president , and try to defeat roosevelt, who is seeking a third term. The end of the hovered ministration, going for eight years in the result administration, roosevelt was president roosevelt right at the height of his power, and that opened up a time for a dark horse candidate to come outside of the political spectrum. Keep in mind the state of the Republican Party, this was a party that had been defeated by roosevelt in 1932. Off landed in 1836, so, what were the republicans looking for, and why was your grandfather the