2009-2010: An Economic Crossroads


by Richard C Cook
richardccook.com
December 10, 2009


The crisis of 2008-2009 exposed the U.S. financial system as being unstable, subject to abuse, and tending to favor the rich while putting everyone else deeper into debt.

The housing bubble was based on the biggest credit inflation in history. It raised the prices of homes to unprecedented levels but created the deepest recession in a generation when it collapsed. $6 trillion in wealth has now simply disappeared.

Meanwhile, unregulated global capitalism continues to concentrate wealth, outsource jobs to the cheapest possible labor markets, accelerate U.S. unemployment, and destroy local and regional economies.

Even if the recession results in a modest recovery, it is likely to be of the “joblessâ€