I will reflect on Tuesday’s election with ROB JOHNSON of the INSTITUTE FOR NEW ECONOMIC THOUGHT and SHERLE SCHWENNINGER of NEW AMERICA FOUNDATION.
Asking things like: Who does the campaign and the result say we are as a nation or a culture? Where are we likely to go from here? What does the election mean — in the broadest sense: about money, politics, power, media, culture, parties, movements, as well as in relationship to Europe, China, the Middle East, and the rest of the world?
We’ll talk about the (ideal) (evolving) (actual) role of the United States in the unfolding global story.
Among the things that most people agree are in big trouble these days are the European Union and democracy in the US. I will talk with today’s guest, STEVEN HILL, about both.
We have been hearing for two years about the trouble Europe is in. The debt crisis in Greece, Spain, Portugal, Ireland and beyond is challenging this federation of nations and economies to share the solutions to problems that have proven worst in individual countries who took greater risks than their more prudent neighbors. After Europe seemed to have fared better than the US in the early stages of this prolonged crash, what brought on this crisis? How close are they to solving it? How close are they to blowing it? What would Hill’s advice be? And what does it mean for the rest of the world and for the US in particular?
While the bad news of this Euro crisis makes headlines in the US, what has not made headlines is the good news contained in HILL’s 2010 book EUROPE’S PROMISE. I will check in with Hill about the current state of that promise.
Closer to home, HILL believes that America’s recent economic collapse was preceded by a longer-term political collapse. Even before the economic crisis, the US faced choice-less elections, out-of-control campaign spending,partisan polarization, a rigidly divided Congress, a filibuster-wild U.S. Senate, superficial debate, mindless media, a partisan Supreme Court, and paralysis in the face of new global challenges.
As the middle collapses and partisans take over, Americans’ frustration grows – witness the Tea Party and the 99%. In a brand new 2012 Election edition of his 2006 book, Steven Hill renews his 10 Steps to Repair American Democracy.
I've been trying to book William Greider ever since I read an article of his last August about restructuring the Federal Reserve. For some, the Fed is the at the center of all that ails us. For others, it is the right place to house any new financial regulatory powers we might gain as a result of the current crisis.
There are now 32 co-sponsors for S604 in the Senate and 317 for HR1207 in the House for bills to audit the Federal Reserve, and 95,000 have signed a petition at http://www.auditthefed.com/
Just yesterday The U.S. Court of Appeals for the Second Circuit in New York ruled the Federal Reserve must disclose the names of banks that could have collapsed if they had not received emergency loans.
Greider wrote perhaps the finest book on the Federal Reserve and always seems to keep an eye on its secretive and too powerful ways. He challenged Greenspan and Paulson long before it was fashionable. And he was right.
We'll focus on the Fed and deal with other economic and political issues if we have time.