The economy looks like a drunk staggering around.
Bailout bill no relief on foreclosures as 159,000 more jobs were lost in September, markets down again.
The financial bailout package was passed by the US House of Representatives on Friday but 108 Republicans and 63 Democrats still refuse to approve the bill. Markets drop anyway with the Dow Jones losing 818 points on the week. Jobs in September slashed by 159,000 and home foreclosures at 770,000 since August 2007 expected to continue to rise. The Real News Network talks to Michael Perelman, Professor of Economics at California State University, Chico.
Michael Perelman teaches economics at California State University, Chico. He has published 19 books, including, The Confiscation of American Prosperity, Railroading Economics, Manufacturing Discontent, The Perverse Economy , and The Invention of Capitalism . He writes a blog Unsettling Economics: A Progressive Look At Economics and the Rest of the Screwed Up World at michaelperelman.wordpress.com.