We discuss Dr. Baker's diagnosis and prescriptions for the economy. Unlike most of the econ folks I've spoken with, Dr. Baker expressed specific concern with our trade imbalances and argues making the dollar more competitive is important for recovery from our short-term economic crisis. Additionally, Dr. Baker has some really interesting ideas for tackling the housing crisis, including giving foreclosed upon homeowners the right to rent their former home for a significant period of time - an interesting solution that would give homeowners in default much-needed leverage in their negotiations with lenders.
Thanks, as always, to everyone with the Occupy Missoula Communications Working Group and a huge thanks to video editor Paul Shockey who took days fixing the sound on this video.
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I was not satisfied with Dean Baker's dismissal of debt restructuring as insignificant. I hope someone is in a position to question him on why he differs with Axel Leijonhuvfud on this, who thinks consumers balance sheets (debt restructuring) is essential. You seem to be familiar with this eg,
ReplyDeletehttp://www.voxeu.org/index.php?q=node/3065
I know, I was really pretty surprised by it. I questioned him a little and he had some basis (if I recall) in terms of consumer spending, etc. But I think you could tell in the interview that I was a little taken aback.
ReplyDeleteTry Steven Keen on the role of private debt in general in this Great Recession.
ReplyDeleteI would suggest Thomas Palley on trade imbalances. You are correct in suggesting the trade issues are central to our economic woes