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The roots and remedies of the financial crisis

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Leo Panitch: It's time to make banking a public utility. Part 4

In the last segment of Senior Editor Paul Jay's discussion with Leo Panitch, Leo describes the various decisions on the part of the US government which led to the crisis. In short, Leo claims that the effort to house the poor without mobilizing large public expenditure is what created the conditions for the crisis. As a result, the only way to resolve the situation is to return this role to the state itself, as funded by progressive taxation and a sharp decline in military spending.

Leo Panitch is the Canada Research Chair in Comparative Political Economy and a Distinguished Research Professor of Political Science at York University in Toronto. Panitch is also the author of "Global Capitalism and American Empire" and his most recent release "American Empire and the Political Economy of International Finance".
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