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The financial crisis at the local level
Posted
October 8, 2008
Views
5,071
Likes
59
Comments
31
Engagement
1.77%
October 8, 2008
5,071
59
31
1.77%
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10:51Now PlayingIn the third segment of Senior Editor Paul Jay's discussion with Leo Panitch, Leo explains how the credit crunch will affect state and municipal governments. Leo points out that the Great Depression had its roots in the bankruptcy of state and municipal governments, offering that in such a situation the national government must intervene to keep the states and municipalities solvent. Leo advocates for a hybrid of increased taxation and deficit spending to finance this, adding finally that a real solution requires more than a change in policy, but a change in deep structures.
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