I really enjoy the great breadth of topics and interviewees on the Leonard Lopate Show. On yesterday’s show, Lopate’s guests added an interesting view to the conversation about the economic crisis.
Have you found yourself wondering latley “who or what destroyed the economy?” Well, New York Times columnist David Leonhardt and labor lawyer Thomas Geoghegan have a simple answer to that question: we’ve been robbed. In his article “Infinite Debt” for the April issue of Harpers Geoghegan theorizes that the legalization of usury created perverse incentives for investors that led to a flight of capital. Leonhardt takes the theory a step further in his Times article by suggesting that investors knowingly looted money from the government in the form of bailouts.
Listen for yourself.