Occupy Economics, Part 2: Capitalism, Foreclosures, and Responsibility

Summary: At the center of the U.S. financial crisis is the collapse of the housing market, the plummeting of home values, and the millions of foreclosures and evictions that followed (and disproportionately affected the black community). This is not an accident; it’s a crime, which means someone is responsible. In addition to an analysis of the mortgage industry, Wall Street influence, and the rise of mortgage securitization, this teach-in discusses the larger forces in capitalism that made the mortgage market such a tinderbox. To this end, we discuss what is called the financialization of capitalism, globalization of production, and neoliberalism. These are all responses to a crisis in capitalism that came to a head in the 1970s. Against this background we find the logic of the disastrous rise of the unregulated derivatives market and those who benefited from it, i.e. those responsible for the greatest financial crime of our time. Asking if Washington or Wall Street is to blame is a false choice (and an intentional distraction): It’s about class and class interests.

Dr. Chad Kautzer is Assistant Professor of Philosophy at the University of Colorado Denver.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: