This is a craziness. This is wild, out of control, but we shouldn’t be surprised. If we create an anomalous situation of exploding profitably on the one side, and a desperate exhausted population wanting and needing and measuring its own self in terms of rising consumption, we have a lethal combination. And so, of course, in the enthusiasm of business and the banks to lend the money and make more money in a time of so much money, and hundred billion dollars here and a hundred million dollar executive package over there, we’re surprised that they ended up lending to people who couldn’t pay it back? Oh, come on. The history of capitalism is punctuated by booms and busts. Where do you think that word comes from? Boom and bust is built into this system.
- Richard Wolff
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