Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Thursday, 14 February 2019
Recession Looms as Subprime Borrowers Default Loans
A record 7 million Americans have stopped making car loan payments. Rick Sanchez reports on this supreme example of the continuing plight of American working people, who have by and large been left behind by Wall Street’s recovery from the brutal 2007-2008 financial crisis. Economists warn that the next recession to impact the US may be even more disastrous. What happens to these people if the next one hits? Economist and co-founder of Democracy at Work Prof. Richard Wolff joins Rick Sanchez to weigh in. He discusses the “very, very painful” circumstances of those facing unemployment, dwindling savings, and a deteriorating quality of life for American workers.
