49:07 minutes (23.58 MB)
Download this Episode
The Federal Government has announced its pouring billions of dollars into Fannie Mae and Freddie Mac, the troubled mortgage companiesâ€¦but with that news comes another troubling report, that as many as 150 US banks could go under, with the government unwilling to continue a string of big bailouts.
It points to the tenuous position of the US economy, and our political system, heading into the November elections.
This news is, well, not news to commentator Kevin Phillips. Heâ€™s been pointing to the troubled state of the American economy for years â€“ and his new book brings his commentary into clear focus. Itâ€™s called Bad Money: Reckless Finance, Failed Politics and the Global Crisis of American Capitalism.
Today, Kevin Philips joins us, along with an audience gathered at the Oliver Wolcott Library in Litchfield, Connecticut. The library is just off the town green, one of the most beautiful in New England, and we have an enthusiastic audience here to ask questions.
Kevin Philips is a long-time contributor to NPR and the Los Angeles Times, and heâ€™s written several books, which I assume you can find here in the library.
You can see more pictures from our live show at Oliver Wolcott Library on WNPR's Flickr site.
Join the conversation! Add your suggestions, questions and comments below.