“Most Serious Financial Crisis Since Great Depression”:"“ Result of Right-Wing Ideology..."

Democracy Now

Economics Journalist Robert Kuttner on the “Most Serious Financial Crisis Since the Great Depression”: “This is the Result of Right-Wing Ideology and the Political Power of Wall Street”

Amid growing fears of a worldwide recession, the Federal Reserve slashed a key interest rate by three quarters of a percentage point on Tuesday, the biggest single cut in nearly a quarter of a century. Meanwhile, President Bush and Congressional leaders pledged to work together on a stimulus measure that would inject about $150 billion dollars in additional money into the economy. But many economists are skeptical over whether any measures can turn around a severe slump in the housing market and the subprime mortgage crisis, signs of growing unemployment and weakening consumer spending and the added blow of record high oil prices. We speak to veteran economics journalist Robert Kuttner and Robert Weissman, co-director of the corporate accountability group Essential Action, and editor of Multinational Monitor magazine.


Robert Kuttner, Veteran economics and financial journalist. He is a founder and co-editor of the American Prospect magazine and a former investigator for the Senate Banking Committee. He is the author of seven books, his latest is “The Squandering of America: How the Failure of Our Politics Undermines Our Prosperity.”

Robert Weissman, Co-director of Essential Action, a corporate accountability group based in Washington, D.C. He is also editor of Multinational Monitor magazine.