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Must Go Viral Videos: Econ4 plus Bottom Line on Foreclosures

(Please don’t be alarmed; all of these videos are short, sharp, and sweet):

Yves Smith was on a softbox video last week with a few other heterodox economists.  This video can serve as a foreclosure primer to your friends and family members who really don’t know the basics of Wall Street’s creating the criminally fraudulent bubble that resulted in massive pain to many of the 99% and is still reaping huge profits and bonuses to Wall Street 2 Big 2 Fail banks and loan servicers.  Since the hat tip goes to her, and only through her site did I find the Econ4 series, she’s up first:

We might quibble with a couple points, and add some other key points like selling sliced-and-diced mortgage credit default swaps on bundles they knew were doomed to fail, MERS robo-signing of deeds, etc.

On to more from

Economics for our times and for our shared future requires profound departures from the orthodox economics of the past. We need an economics for the 21st century. is your guide to new ways of thinking about economics.

Now it’s on to the Introduction to Econ4.   These educational videos are brilliant: great graphics, simple explanations and fun music that allows a person enough to listen without putting up defenses automatically, imo.  I mentioned to Mr. wd that I might say: ‘Even Mr. wd liked them!’  (and he didn’t throw anything at me…Whew!)  ;o)

First, a simple explanation of ‘economics’ as opposed to ‘the economy’:

This Econ4’s solidarity with, and paean to OWS and Occupy Economics:

Here is the transcript of Econ4’s statement of solidarity with OWS and the economists who have cosigned it so far.  Thanks to all of them, including My. FDL’s Gar Alperovitz.  Their statement on housing is here, and mentions the next housing ‘train wreck’, securitized rentals, which odious ‘innovation’ Yves Smith says, ‘even ratings agencies won’t touch’.

And last,  The Challenge, ‘What is the economy for?’, which names the four characteristics that must be central to an economy that is good 4 the people, 4 the planet, and 4 the future; not the financial class.   The four goals of Econ4: a level playing field, resilience, true-cost pricing, and real democracy.

But these videos really need to be seen and shared widely, imo.  The tenets that ballast the Econ4 alternatives are great, whether or not you believe that capitalism can ever be reigned in again, or that socialism is the only possible key to the future.  Busting through the walls of market fundamentalism is a huge first step for most Americans; more understanding can follow in terms of socialist business models.

 “Love the quick profit, the annual raise,
vacation with pay. Want more
of everything ready-made. Be afraid
to know your neighbors and to die.
And you will have a window in your head.
Not even your future will be a mystery
any more. Your mind will be punched in a card
and shut away in a little drawer.
When they want you to buy something
they will call you. When they want you
to die for profit they will let you know.

So, friends, every day do something
that won’t compute. Love the Lord.
Love the world. Work for nothing.
Take all that you have and be poor.
Love someone who does not deserve it.
Denounce the government and embrace
the flag. Hope to live in that free
republic for which it stands.
Give your approval to all you cannot
understand. Praise ignorance, for what man
has not encountered he has not destroyed

 ~ Wendell Berry



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