Saturday, June 18, 2011
Why the Economy is So Screwed Up, in 135 Seconds
If you're like me, you don't really know why the economy is so screwed up. You feel like there is nothing you can do about it.
You worry about whether you'll have to work until you're 95. You see people you love come dangerously close to losing their houses. You see your friends and family unable to sell their houses and you wonder if you will ever be able to sell your own house, or buy another one.
You see your friends lose their jobs and go through horrifying turmoil because they can't find another one. You see young people, including your students and the children of your friends, unable to start careers, or even, in some cases, find summer employment. You see stores in your town closed and shuttered.
You see huge cutbacks at the university, with whole departments being slashed. You wonder whether your own department might be next.
You look around and sometimes you get this very very scary feeling that
this recession/depression or whatever it is is going to go on and on.
And you wonder. WHY? HOW DID THIS HAPPEN?
And then you hear former U.S. Labor Secretary Robert Reich explain the problem in a video circulated by MoveOn.Org.
It's quite amazing how smart and insightful this guy seems to be.
Check it out. Here. It will only take 135 seconds of your time.