Richard Wolff, American Economist well-known for his work on Marxian economics, economic methodology and class analysis, Yale University Ph.D. in Economics, and Professor at The New School University in New York City, talks with Real News CEO Paul Jay about the reform needed to pull the United States out of economic crisis.
“If we say something is too important to let it die, too big to fail, then we’re saying it’s so important to the society as a whole, but if it’s that important, it can’t be in the hands of a few people in the first place. If you’re too big to fail, your too big to be in private hands.” He goes on to suggest that if there is chaos in the US economy, the rest of the world will have chaos as well. “We have an unknown situation, the outcome of which could be very bad, we actually have a vision of that already, Mexico, it’s a society in free fall.”
Real News Network – May 2, 2009
Too big to fail, too big to be privately owned
Auto industry affects the whole society, it’s too significant for private ownership