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BTL: Deregulation Frenzy of Past Decades Responsible for... |
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by Interview by Between the Lines' Scott Harris
Email: betweenthelines (nospam) snet.net (unverified!)
Address: © 2002 Between the Lines C/O WPKN Radio, Bridgeport, Connecticut USA. |
25 Jul 2002
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...for Today's Corporate Failures and Corruption. Between the Lines' Scott Harris Interviews Doug Dowd, editor of the book "Understanding Capitalism". |
Deregulation Frenzy of Past Decades Responsible for Today's Corporate Failures and Corruption
Interview with Doug Dowd, editor of the book "Understanding Capitalism," by Scott Harris
The recent string of U.S. business failures coupled with revelations of massive fraud carried out by the nation's corporate elite, has shaken confidence among investors across the globe. As WorldCom filed for the largest bankruptcy in U.S. history, the American stock market plummeted. Ten days after President Bush went to Wall Street to outline his administration's response to the corporate crime wave, the Dow Jones Average had fallen 16 percent. In fact the U.S. stock market, in recent days, has seen its worst performance since the crash of 1987.
Many analysts believe that the recent U.S. recession was made less severe by continued consumer spending. But there is widespread concern that the economy could take a precipitous dive if the public, frightened by the instability of the markets, decides to stop buying. Consumer confidence is bound to become even more uncertain after disclosures that Citigroup and JP Morgan Chase had made a secret deal with Enron -- before the energy giant's collapse -- that allowed the company to evade accounting regulations concealing its' financial condition.
Between The Lines' Scott Harris spoke with Doug Dowd, professor of economics and author of the book, "Understanding Capitalism," who examines the downward spiral of the stockmarket and what it may mean for the U.S. and global economy.
"Understanding Capitalism is published by Pluto Press. Visit Doug Dowd's Web site at www.dougdowd.org
Related links
The Left Business Observer
www.corporatepredators.org
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