BTS 3/12/07: Falling Wages, Exploding Debt

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Our theme tonight is the economy.

The New York Times front page yesterday lead with a déjà vu story, warning of the looming crisis in mortgage securities, while recalling the bursting of the tech bubble. We spend the hour looking at what is happening and what’s at stake.

We begin with Richard D. Wolff on wage stagnation and growing insecurity, then talk to Nomi Prins and Max Fraad-Wolff on debt traps – personal and national; and in the last segment. film producer Danny Schechter talks to us about his latest film, In Debt We Trust.

Read More for info on tonight's guests:

1. Richard D. Wolff is professor or economics at the University of Massachusetts Amherst. His latest book is New Departures in Marxist Theory (Routledge), co-authored with Stephen Resnick, with whom he has collaborated for decades, producing seven books and dozens of articles. He teaches at the Brecht Forum and serves on the Editorial board of Rethinking Marxism.

2. Nomi Prins is an author, journalist and Senior Fellow at Demos a NYC-based public policy think tank. Her Other People’s Money: The Corporate Mugging of America (featured on this program) was chosen as a best book by the Economist, Barron’s and The Library Journal. Also featured here on Beneath The Surface was her latest book Jacked: How “Conservatives” are Picking your Pocket (whether you voted for them or not). Before journalism, Nomi worked as a managing director at Goldman Sachs, and at Bear Stearns in London. She publishes widely on economic issues.

3. Max Fraad Wolff is an economist, Managing Editor of Global MacroScope and a researcher and writer in international finance. His writes on finance and foreign policy, and his work can be seen in Global MacroScope, Prudent Bear, Foreign Policy Forum, and the Asia Times.

4. Danny Schechter, “The News Dissector," has produced and directed many TV specials and documentary films, including the internationally distributed and award-winning WMD (Weapons of Mass Deception), an expose of the media's role in the Iraq War. The Emmy-winning former ABC News and CNN producer's new hard-hitting documentary investigates why so many Americans are being strangled by debt: In Debt We Trust: America Before the Bubble Bursts.