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
Its so intrinsic memory that its hard to get free from what kids would come to our town for sports teams and then say your town smellslike [bleep]. Kerri, tell us about the bleach room at the mill. Ive never been there. My grandfather worked there but what happens in the bleach room is where the magic happens. Its where the pulp turns white. And to do that, at the beginning our paper mill opened in 1901 and up until 1997 a process was basically the same. Two bleach paper they would use elemental chlorine to bleach it and what happened in the combustion process of that had this byproduct, its a family of dioxins. And fat dioxins are one of the most dangerous toxins known to humankind. There the thing that is used in agent orange. Equally as nefarious. And that bleach room up until 1997 the use elemental chlorine and created those dioxins all over across the us and the world and the mills had to change their bleaching process and they changed it to elemental chlorine free bleaching, whic
Have witnessed what is the greatest failure of any president ial administration in history of our country. Politics and peoples lives. Would. Cope with the death toll on the country seeing a new surge of Infection Health ministers praise for the governments handling of the crisis is called into question. The state of the u. S. Economy as it faces a socalled recovery ahead of the u. S. Election. To bring you the Morning Headlines in just under an hours time join us again that. Hello and welcome to. You considered im Peter Lavelle him. Maines unclear who will be the occupant in the white house this january what can be easily predicted is the state of the economy where tens of millions of citizens it appears what is called the case shaped recovery is permanently dividing the country and the haves and the 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 univers