Updates on real-wage decline 2010-2012, more on Walmart, Greece's bailout benefits only banks. Major discussions of small versus big business in US and of role of state in the US economy. Response to questions on transitional paths from capitalist to workers self-directed enterprises.

On Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.

The article first appeared on Truthout.org

Obama and most Democrats are so dependent on contributions and support from business and the rich that they dare not discuss, let alone implement, the kinds of policies Roosevelt employed the last time US capitalism crashed.

  Sean Gittins (@sean_gittins) is insolvent. As part of an Arts Council funded project he decided to tell people about it and find out why everyone these days, just like him, seems to be in debt and what it might mean.   In this week's episode Sean looks at debt, politics and economics from two perspectives; through the work of academic and economist and economic historian Professor Richard Wolff (http://rdwolff.com/content/about) and the Arthur C.

  The ironies and absurdities of the Nobel Prize in economics announced today are more than any short note could possibly cover. So I will comment here on only one of them.   The two winners, Alvin E. Roth of Harvard University and Lloyd Shapley of UCLA, worked on the details of markets, on market “failures,” and on how markets might be adjusted to fail less.

  Professor Wolff provides his post-debate anaylsis airing for thirty minutes after the debate on all Pacifica radio stations across the country.

  Today’s New York Times column by Paul Krugman achieves a new low. "Good news" for workers? Wow. Maybe ignoring criticisms of Keynesian economics from the left all these years has made Krugman see no need to deal with them; after all his job now seems to be to attack the Republicans for Mr Obama's benefit.   Lets see; as important as having a job - and we are not yet even half way from the crisis peak of 10% unemployment back to the pre-crisis outrage of 5% unemployment - is what kind of job.

Updates on declining graduate school enrollment and how wealthy evade taxes. Expose of Romney's "double taxation" excuse to lower taxes on the rich. Response to questions on relation of workers self-directed enterprises to markets and issue of workers' competence to run enterprises.

On Economic Update with Professor Richard Wolff, Wolff and guests will discuss the current state of the economy, both locally and globally in relation to the economic crisis.

This article originally appeared on The Guardian's website.

A Washington state supreme court finding against improper foreclosures is just the latest instance of banks' malfeasance.

A long string of socially costly misdeeds by major private US banks have been exposed since the current crisis hit in 2007. The latest concerns an obscure enterprise named Mortgage Electronic Registration Systems, or Mers.