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William Greider on Wall Street
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July 18, 2008

Few in 2008, presidential candidate or otherwise, need to be reminded that "it's the economy" people are worried about. Some in the press are sounding grim — noting that there might be more to this situation than a "self-correction" can contain. THE ECONOMIST noted a difference in spring 2008: "The Federal Reserve offered emergency funding to the investment banks for the first time since the 1930s, and there were bank bail-outs in Britain and Germany too."

Veteran Journalist William Grieder thinks that we're not witnessing a temporary financial hiccup, but rather at the dawn on "Wall Street's great deflation."

If Washington wants real results, it has to abandon the wishful posture that is simply helping the private firms get over their fright. The government must instead act decisively to take charge in more convincing ways. That means acknowledging to the general public the depth of the national crisis and the need for more dramatic interventions. "Wall Street's Great Deflation"
William Greider

photo by Robin Holland Now THE NATION's National affairs correspondent, William Greider has been a political journalist for more than thirty-five years. A former ROLLING STONE and WASHINGTON POST editor, he is the author of the national bestsellers ONE WORLD, READY OR NOT, SECRETS OF THE TEMPLE, WHO WILL TELL THE PEOPLE and, most recently, THE SOUL OF CAPITALISM.

Guest photo by Robin Holland.

Related Media:
Wall StreetAn American Recession?
Veteran market watcher Robert Kuttner and Wall Street insider William H. Donaldson give their read of the current economic landscape and discuss the risks of the deregulation of the financial industry. (October 12, 2007)

John BogleJohn Bogle
Investment industry giant John Bogle says that as more and more money managers take control over corporations on Wall Street, Main Street is paying the price. (September 28, 2007)

Katherine Newman, photo by Robin HollandGretchen Morgenson Financial columnist Gretchen Morgenson on the SEC, the mortgage crisis and other matters fiscal. (June 29, 2007)


globeTRADING DEMOCRACY
William Greider talks about the "other" Chapter 11 — the one in NAFTA — the North American Free Trade Agreement. From the 2002 Bill Moyers documentary TRADING DEMOCRACY.
References and Reading:
"Wall Street's Great Deflation"
Read William Greider's July 14, 2008 article in THE NATION. You can also read a selection of Greider's earlier reporting for THE NATION in the NATION archive.

FRONTLINE: "The Crash"
For its 1998 documentary on the world financial crisis FRONTLINE conducted an extended interview with William Greider. In 1998 Greider also suggested the need for some governmental role in the markets. "The world system, led by the U.S., has pursued what is really a utopian idea. The idea that self-regulating markets, cut free from any moderating controls and regulations, will always correct themselves ... History has demonstrated repeatedly over 300-400 years of capitalism that it's wrong."

Published July 18, 2008

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WILLIAM GREIDER ON WALL STREET
Veteran journalist William Greider on the current financial crisis and what he calls "the great deflation of Wall Street."

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