90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Has Capitalism Failed?
The cartoon of a dollar note is seen sticked to computer screens at the stock exchange in Frankfurt, central Germany, on Friday, Oct. 10, 2008. European stock markets slumped further on Friday following massive losses on Wall Street and Asia on mounting fears that this week's efforts by central banks and governments to break the logjam in credit markets have failed to ease lending rates between banks. (AP)

The cartoon of a dollar note is seen stuck to computer screens at the stock exchange in Frankfurt, Germany, on Oct. 10, 2008. (AP)

Judge Richard Posner is one of the nation’s most prolific legal defenders of free-market economics. Appointed by Ronald Reagan, he’s a “Chicago school” laissez-faire man from way back — a creator and defender of the free-market theory that has guided American thinking and deregulation for thirty years.

And now, Judge Posner is talking about a “failure of capitalism.” About “re-regulating.” This isn’t a recession, he says. It’s a depression. And we have to change.

This hour, On Point: Richard Posner, and former Labor Secretary Robert Reich, on capitalism and the U.S. economy now.

Tell us what you think — here on this page, on Twitter, and on Facebook.

Guests:

Richard Posner joins us from Chicago. He has been one of the leading lights in the conservative “Chicago School” of economics and of the so-called “Law and Economics” school of thought. He is a prolific author of the law and the marketplace, and his most recent book is called “A Failure of Capitalism: The Crisis of ’08 and the Descent into Depression.”

Judge Posner is posting updates on the economic situation and policy responses on a new blog at TheAtlantic.com.

Robert Reich joins us from Berkeley, Calif. He was Secretary of Labor under President Bill Clinton and is now a professor of public policy at the University of California at Berkeley. His most recent book is “Supercapitalism: The Transformation of Business, Democracy, and Everyday Life.”

More links:

Nobel economist Robert Solow reviews “A Failure of Capitalism” in The New York Review of Books. He says the book is “an event,” and notes that if he had made these arguments it wouldn’t be news. But “from Richard Posner, it is.”

Robert Kuttner reviews Posner’s book, along with several others, in The American Prospect. He writes: “conversions would be a little easier to take if the convert had the decency to concede that his earlier mistaken theories had collided with reality. Posner, however, doesn’t look back.” Still, “one should welcome Posner’s book even if it is a reversal without a recantation.”

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
Dec 19, 2014
Alan Gross, waves as he and his wife Judy leave following his statement at his lawyer's office in Washington, Wednesday, Dec. 17, 2014. Gross was released from Cuba after 5 years in a Cuban prison. (AP)

Cuba reset. Russia’s rubble troubles. School massacre in Pakistan. Jeb explores 2016. Our weekly news roundtable goes behind the headlines.

Dec 19, 2014
Soledad, and from left, Nina Pastori, and Lila Downs perform on stage at the Latin Recording Academy Person of the Year Tribute honoring Joan Manuel Serrat at the Mandalay Bay Resort and Casino on Wednesday, Nov. 19, 2014, in Las Vegas. (AP)

From crossover hits to hip-hop to soul, we look at a big year in the wide world of Latin music.

RECENT
SHOWS
Dec 18, 2014
A poster for the movie "The Interview" is carried away by a worker after being pulled from a display case at a Carmike Cinemas movie theater, Wednesday, Dec. 17, 2014, in Atlanta. (AP)

A big Sony hack gets weirder and wider. And Hollywood and Homeland Security are on edge.

 
Dec 18, 2014
This handout photo from the Twitter account of Sen. Jeff Flake, R-Ariz. shows Alan Gross arriving at Andrews Air Force Base, Md., Wednesday, Dec. 17, 2014. The US and Cuba have agreed to re-establish diplomatic relations and open economic and travel ties, marking a historic shift in U.S. policy toward the communist island after a half-century of enmity dating back to the Cold War, American officials said Wednesday. (AP)

Following months of secret talks the US will restore full diplomatic relations with Cuba after more than fifty years.

On Point Blog
On Point Blog
Our Week In The Web: December 19, 2014
Friday, Dec 19, 2014

Rage, shortlinks and things you people seem to be into, we guess. Also, Putin.

More »
Comment
 
Cosby Accuser Beverly Johnson: ‘He's A Black Man. I Had To Separate The Trayvon Martins, The Michael Browns From What Happened To Me’
Tuesday, Dec 16, 2014

Beverly Johnson accused comedian Bill Cosby of drugging her in a high-profile Vanity Fair column. She tells us why she waited so long to share her story, and why it was even harder to share now.

More »
3 Comments
 
Our Week In The Web: December 12, 2014
Friday, Dec 12, 2014

On listener engagement, the meeting of trans-Atlantic royalty and the elusive origins of the chicken. (We promise this feed hasn’t been taken over the BBC…yet)

More »
Comment