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"The US economy has ceased generating any net new jobs in internationally traded sectors in either manufacturing or services," he notes. "The comforting myth persists that America is shifting from low-tech to high-tech employment, but we are not. We are losing jobs in both in shifting to non-tradable services-which are mostly low value-added, and thus ill-paid jobs. According to the Commerce Department, all our net new jobs are in categories such as security guards, waitresses, and the like. The vaunted 'new economy' has not contributed a single net new job to America in this century. Not one."

The anti-globalisation movement suffered a dizzying setback on 9/11. Symbolic gatecrashing into the well-guarded meeting places of the super-rich suddenly seemed a much more sinister activity than before. Busting up branches of Starbucks and other Seattle-style antics became anathema in an atmosphere of injured and vindictive patriotism. But Naomi Klein, the combative theorist and publicist of anti-globalisation, was not about to accept such guilt by association. Her reply, The Shock Doctrine, deals with the corporate acquisitiveness that she sees as ravaging the planet and reformulates the ideas of the anti-globalisation and anti-corporate movements for a post-9/11 world. Klein believes she has found the answer to a question that has perplexed many on the left: if every modern American government has been a tool of powerful business interests, what, if anything, makes the Bush administration uniquely odious? Her answer is that the Bush administration draws its political support not from America's corporate class generally, but rather from a particular part of it: 'the sprawling disaster capitalism complex'. She has in mind the companies that reap huge profits from catastrophes, both man-made and natural. They include defence contractors, arms dealers, high-tech security firms, the oil and gas sectors, construction companies, private healthcare firms and so on. Not exactly ambulance-chasers, they are driving the ambulances themselves - for a profit. For the most part, they capitalise on emergencies rather than deliberately bringing them about. But the distinction is not always so clear: the stock price of Lockheed Martin, the world's largest defence contractor, almost tripled between 2003 and 2007 after a former vice president at the firm chaired a committee agitating for war with Iraq. The Iraq war was also 'the single most profitable event' in the history of Halliburton, whose former CEO, who still retains stock options, is Dick Cheney.

Elizabeth Warren discusses how the dreams of the middle class american family are being depleted by the dramatic increase in bankruptcies and foreclosures. Warren discusses the role that credit card companies and ballooning interests rates have played in rapidly increasing mortgage rates as well as the how the over consumption myth is clouding our understanding of the average middle class family, who is in fact experiencing a lower standard of living than their parents and still finding themselves one payment away from losing their home. Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School and chaired the Congressional Oversight Panel created to investigate the U.S. banking bailout . This program originally aired in April 2004. it is being re-aired because Professor Warren's predictions of economic disasters and the reasons for them have proven correct, and she is a candidate to head a commission to guard against recurrence. The Massachusetts School of Law also presents information on important current affairs to the general public in television and radio broadcasts, an intellectual journal, conferences, author appearances, blogs and books. For more information visit http://www.mslaw.edu

How hard will they look, though, really? Why did they go to all the trouble of scaring the bejeesus out of us with the hour-long sermon on the futility of escape, if we were really so hopelessly trapped? Starting to think it's all just hype.