Dr. Richard Wolff, professor of Economics Emeritus at the University of Massachusetts, Amherst, and author of many books, including Occupy the Economy, and Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, was interviewed by Lorene Mills on her weekly television show, Report from Santa Fe during his visit to Santa Fe where he was the Keynote Speaker at the WeArePeopleHere! sponsored Banking On New Mexico Symposium. The Symposium, whose principal topic was public banking, was held at the Santa Fe Community Convention Center on Saturday, September 27, 2014. Videos of the full program of events can be found on this website at Banking On New Mexico Symposium Complete Session Videos.
In this interview, Dr. Wolff reminds us that we are experiencing “the worst economic downturn since the Great Depression of the 1930s. Everyone agrees on that, whether you’re right wing, left wing or in the middle.”
Expanding on PBS-TV’s popular documentary series The Roosevelts: An Intimate History, Dr. Wolff analyzes the bold and courageous steps that Franklin Delano Roosevelt took in response to our last economic meltdown (the Great Depression) and proposes some basic structural changes needed, not only to fix today’s broken economy, but to prevent future crises. “[Roosevelt] is a president who really, in the midst of the Depression, did what you would hope a compassionate government could do, which is help people. Help them rich and poor, white and black, across the country.”
In his own unique speaking style, Dr. Wolff addresses the issue of why none of our economists saw this crisis coming, and how, seven years into the recession, no one seems to have a handle on how to deal with it. He provides ideas for discussion of this usually taboo subject, the state of the economy and how capitalism has failed us. He shows us how we have always expected “Capitalism to deliver the ‘goods,’ but now capitalism is also delivering the ‘bads.’”
The global economic meltdown is at the root of all our governmental, political, and social crises, and Wolff leads us into the crucial national debate we must have in order to successfully deal with these immense problems.
A video of that interview can be found at Richard Wolff on Report from Santa Fe as it aired on KNME on October 5, 2014.