The market meltdown is spurring an urgent response from Congress, with both houses debating and revising versions of the Troubled Asset Relief Program (TARP) bill on an hourly basis. The bill revises the President’s proposed bailout of financial institutions, which some call “Cash for Trash.” CWR co-hosts Francesca Rheannon and Bill Baue interview US Representative (D-MA) Barney Frank, chair of the House Financial Services Committee that is now ushering the Troubled Asset Relief Program bill, or TARP, through Congress. While many question whether this bailout is the best path out of the market meltdown, others are proposing a road to recovery paved in green. Bob Pollin of the Political Economy Research Institute co-authored a report on the Green Recovery that was released last week with the Center for American Progress. Francesca and Bill interviewed him here at the University of Massachusetts in Amherst the day after he testified before the House Select Committee on Energy Independence and Global Warming at a hearing entitled “The Green Road to Economic Recovery.”
In this special preview edition of this week’s show, CWR co-hosts Francesca Rheannon and Bill Baue interview US Representative (D-MA) Barney Frank, chair of the House Financial Services Committee that is now ushering the Troubled Asset Relief Program bill, or TARP, through Congress. The bill revises the President’s proposed bailout of financial institutions to the tune of $1 trillion, which has been labeled “Cash for Trash.” The bill is changing practically by the hour, and we caught Rep Frank today as the bill makes its way toward debate in Congress.
Check back and tune in Wednesday for the full show, which will include this interview, as well as a conversation with Bob Pollin of the Political Economy Research Institute at the University of Massachusetts in Amherst in his new Green Recovery report, and the CWR ViewPoint from futurist Hazel Henderson of Ethical Markets on the market meltdown.
We woke up this week to find Lehman Brothers, the venerable bank founded over a century ago, belly up, and Merrill Lynch merged with Bank of America in a shot-gun wedding. And late last night, the Fed announced it had taken control the mega-insurer American International Group, or AIG. As the subprime meltdown continues, it feels as if the market is crumbling around us. What caused this crisis, and where do we go from here? To address these questions, we speak with three experts. Economics Professor Jim Crotty of the University of Massachusetts in Amherst explains the underpinnings of the problem. Interfaith Center on Corporate Responsibility Executive Director Laura Berry talks about how the faith-based lens exposed problems in predatory subprime lending a decade-and-a-half ago. And independent economic analyst Chris Martenson gazes into his crystal ball to project the likely trajectory of the credit crisis.
In place of CWR headlines, this week we hear extended comments from Steve Adamske, communications director of the House Financial Services Committee, about Chair Barney Frank’s plan to create a new federal entity to oversee government management of companies collapsing due to mortgage debt.