Tag Archive for Housing

CPEG Endorses Chicago Global Teach-In for a 99% Economy

The Chicago Political Economy Group is among a huge number of organizations supporting and endorsing the upcoming Global Teach-In, an event being held simultaneously in seven countries around the world, in an effort to build a new global economy for the 99%.

The Chicago Teach-In will take place from 11am, to 3pm on April 25th at Columbia College, 600 S Michigan, in room 101 at Ferguson Lecture Hall. The event will feature key speakers from around the world and will focus on three major principles; creating global democracy networks, green jobs and planning, and building a new financial system that benefits the 99%.

For more information visit globalteachin.com.

Neoclassical Economics is Immoral – Essay and Workshop

At the recent Occupy Chicago Spring Event in Grant Park, participants in CPEG’s workshop didn’t just have the opportunity to focus on the problems facing the world economy, they got to design their own! The workshop included both an essay authored by CPEG’s Ron Baiman which points out the “deep immorality” of traditional mainstream economics, and an exercise called “Design Your Own Utopia”, a workshop developed by “radical” economics graduate students at the University of Massachusetts in the 1980’s but perhaps even more relevant today.

In particular, the essay argues, though it pretends to be a value-free and objective “science”, Neoclassical economics is actually a thinly-veiled, blatantly immoral social system, and thus clearly an ideology rather than a school of thought that represents a reasonable and meaningful value-based “economic science”.

Download the Essay and Workshop Instructions (PDF)

Image: ddpavumba / FreeDigitalPhotos.net

New CPEG Working Paper – ‘Housing: The Root of it All’

Sometimes it seems as if the housing bubble (which was the trigger for the ongoing Long Depression, or as some call it, the Great Recession) has been forgotten. That is very unfortunate – both for the success of policies designed to restart the US economy and for building a politics that could change the US political economy to benefit the 99% rather than the 1%. Authored by CPEG’s Bill Barclay, this new working paper examines the political economy of housing as the root of the Long Depression.

The paper begins by summarizing the scope of the existing housing catastrophe and then provides an overview of the policies and practices that created the housing bubble and collapse. The final two sections describe the work of the Home Owners Loan Corporation in the 1930s/40s and, using this model, outlines some possible policies to address the housing problem we face today.

Read the Working Paper (PDF)

Image: cooldesign / FreeDigitalPhotos.net

CPEG Commentary on Settlement to End Foreclosure Probe

Authored by CPEG’s Bill Barclay, an expert on the housing crisis with 22 years of experience in the Financial Services Sector

According to press accounts, there will be a deal between the banks and the state Attorney Generals over housing/foreclosures, etc. A bubble in housing prices (driven by finance) got us into the Lesser Depression and it could get us out. But I don’t think this deal is it.

The banks are going to fork over $25 billion, plus access to refinancing by 300,000 homeowners now shut out, and perhaps some payments to 750,000 people who lost homes to foreclosure. This may sound like a lot of money – until you remember the scope of the problem.

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