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Friday, November 16, 2007
Stockbroker and business analyst David Johnson talks with Kai Ryssdal about what happened on Wall Street this week and what may lie ahead.
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"Chris Farrell calls this a 'blue-collar recession'. According to journalist Nan Mooney and professor of financial law Elizabeth Warren, the white-collar middle-class may not be losing jobs, but they are falling behind in earnings and growing in debt, so are feeling -- and are -- less secure than their parents. Job loss, wage stagnation (or retreat) for white-collar workers, job insecurity . . . really rankle when we see the top 1 percent continue to grow richer each year, and often because today's business practices squeeze the rest of us till we bleed."
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What is "sustainability?" It boils down to this: Don't eat your seed corn.
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