In order to be an economist these days, you have to participate in this fairytale that somehow we can recover and still make the banks rich. And it is a fairytale.
Michael HudsonWhen you say "paying the banks," what they really mean is paying the bank bondholders. They are basically the One Percent.
Michael HudsonThe companies aren't hiring, because consumers don't have enough money to buy the goods and services.
Michael HudsonElites play the role today that landlords played under feudalism. They levy interest and financial fees that are like a tax, to support what the classical economists called "unproductive activity."
Michael Hudson