Online Video: How's That Economic Recovery Thing Working OUt?

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How's That Economic Recovery Thing Working Out?
May 4, 2010

Jack Rasmus, Ph.D.
Author of Epic Recession: Prelude to Gloabl Depression
Economics writer for Z magazine

Jack Rasmus returns to Other Voices to discuss his just-published new book, "Epic Recession: Prelude to Global Depression". The book reveals the deep origins of the current economic crisis, explains why current Obama policies have failed, and offers an alternative, comprehensive 28 point program for economic recovery.

Jack explains how the current crisis is similar to prior Epic Recessions in the U.S., in 1907-1914 and 1929-1931, and quite unlike 'normal' recessions since 1945. Jack describes how the current crisis is neither a full-blown depression nor a short-lived contraction followed by a swift return to growth, but a crisis followed by a period of extended stagnation that may yet slip into a classic depression.

Developing a new theory of its causes and evolution that departs from mainstream economic analysis, Jack argues that preventing a possible descent into depression will require a basic restructuring the U.S. economy through a massive job creation program, a nationalizing of residential housing and consumer credit markets, a fundamental restructuring of the tax system, a new type of Federal Reserve and banking structure, and measures that restore a long term redistribution of income.

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