It’s been at least a year since people started talking about a possible recession. What Causes a Recession? Youtube 19.31, Second Thought 2023
These crises where profits go down are, counter-intuitively, a good thing for capitalists. ibid.
We could stop recessions almost entirely if we wanted to. ibid.
There’s a recession every four-to-seven years on average. ibid.
It’s cyclical and that’s we know recessions are always on their way. ibid.
2008: The world would go through one of the biggest crises it had ever witnessed. $19.2 trillion of household wealth would be lost. The Death of the ‘Real’ Economy, Youtube 38.48, Cold Fusion 2022
Speculation started to migrate from stocks into real estate. ibid.
The ratings agencies completely screwed up. ibid.
These products created no value in the economy but were making banks a whole bunch of money … There was no-one supervising any of these products. ibid.
These banks became extremely vulnerable to financial shocks. ibid.
One subprime lender after another files for bankruptcy. ibid.
Wages and incomes continued to languish: the ‘real’ economy was limping … 6 million Americans lost their jobs and 8 million Americans lost their homes. ibid.
These stupid financial experiments aren’t helping. ibid.
Printing trillions of dollars as the economy was slowing to a halt. ibid.
Von Hayek was wrong. In strong and vibrant democracies, a generous social-welfare state is not a road to serfdom but rather to fairness, economic equality, and international competitiveness. Jeffrey Sachs, article Scientific American, ‘Beyond Ideology’, 2006
Anyone who believes in infinite growth on a finite planet is either a madman or an economist. David Attenborough
We just our economy not by the presence of billionaires but by the absence of poverty. Jeremy Corbyn