The Subprime Debacle: New Problems & Dilemmas

Institute for the Critical Study of Society
http://www.tifcss.org
6501 Telegraph Ave, Oakland, CA 94609
Sunday, May 11th, 10am-12 noon.
The Subprime Debacle: New Problems and Dilemmas
Karl Beitel, Ph.D

The recent meltdown of subprime mortgage market has sent shock waves through financial markets. Estimates of the eventual loss of wealth in the US household sector from write-downs and foreclosures range from $300 billion to $1.2 trillion.
Is the crisis merely a bump on the road to a renewed phase of credit-fueled growth? Or does it portending to a much deeper dislocation in the finance-led model of accumulation? How will the US domestic economy adjust, and what are the implications for US imperial and financial power given the impact of the crisis on foreigner's confidence in the dollar? Most importantly, what are the implications for the US – and global – working class? Please join us for a discussion on these and related issues.