Tuesday, November 30, 2010

A Renegade Economist on Financial Crisis


An alternative view of how to deal with the household debt problem. His view is that we should save the economy and not the creditors who made the bad loans. He feels that the bad loans should be written off by the banks who made the loans to restore household balance sheets. He has a radical view of the financial sector in which it is viewed as a parasite on the real economy. The parasite extracts nourishment from the host but it also takes over the host and tricks it into thinking that it is part of the host. A very interesting video.

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