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Another crisis on the way, says Wray, but shared sacrifice may also be looming, says Hochol

June 7, 2011

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L Randall Wray

That was L.Randall Wray speaking to the Real News Netrowk.  Wray is exactly right, and he is right to say that the rational restructuring of banks will not occur absent another, if inevitable, crisis.  But there is some hope.  Lost in the Medicare, Mediscare spinning of last week’s victory by Democrat Kathy Hochol in New York’s 26th District was her message of sharing the burden of government by taxing the wealthy and corporations.  Supposedly an anathema to Republicans, it instead seems to have touched a sense of common purpose.  Revenue increases from ending the Bush tax cuts are enormously important, not so much for their revenue impact, but for the spending they might free up when the crisis hits.

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