In “The Age of Greed,” Jeff Madrick, former economic columnist for the New York Times and current Senior Fellow at the Roosevelt Institute and the Schwartz Center for Economic Policy Analysis at the New School, recounts the history of the people, organizations and policies that lead to our present economic woes. This book outlines the effects of de-regulation of the financial sector and how that contributed to unbridled greed by banks and other financial institutions and the undermining of a fair and equitable economic system for all.
09-19-11 1b – Do The Math, with Jeff Madrick – Countdown with Keith Olbermann
Madrick thinks President Obama’s new jobs plan is bold and focuses on needed investment in infrastructure and development of jobs.
The Real News: How Dangerous is this Moment?
In this interview with The Real News, Madrick talks about the problems that de-regulation has created in today’s American economy:
“We’ve allowed finance to dominate the American economy and the world economy as a consequence.
When finance dominates an economy, it begins, I think it’s become quite clear, to play games among themselves to make money…It becomes paper shuffling.”
History Shows: Myopic Focus on Cutting the Deficit will Worsen Economy and Prolong the Recession
In a C-Span Book TV program from 8/30/2011, Madrick talked about how the Tea Party and other Americans have been mislead by the media and politicians into thinking less government and less regulation will improve the economy. Madrick points out the fact that few to no leaders stood up in 2010 to clearly explain that in a time of recession, focusing on cutting the deficit makes the economy worse and increases the suffering of working people.
Solutions to Getting Out of the Recession and Improving the Economy
Jeff Madrick said President Obama should clearly explain to the American public that history proves that the way to get out of a recession is to:
Require spending on Jobs programs
Have serious energy investment
Invest in modern infrastructure
Revitalize social programs to benefit others
Give more support for research and development
According to Madrick we have had a “war economy” for a long time and it failed to help us. He said that government has accomplished few “big things” since the 1980s. He said this is primarily due to the financial sector gaining increasing control of the political process through their financial contributions to Congress on both sides of the aisle.
As a result, the claims of some politicians who erroneously focus on the myth that we have to cut deficits and can’t spend on social programs is increasing the gap between rich and poor and keeping our nation’s working people’s wages static while the corporate class increase their own profits and personal wealth.