​Cause and effect of a financialized economy and Francine McKenna on auditors, accounting and accountability

For several years, we have had technology available that allows one to pay for goods and services with smartphones, no wallet necessary. Bitcoin aficionados argue that digital money could provide a way to dispense with the transaction fees and penalties charged by banks. Erin Aide reports on the burgeoning mobile payments space, concluding that we should “count me as ‘officially’ onside with the new fee-less forms of banking that await us!”

Speaking of banks and finance, writer and independent blogger Francine McKenna follows the auditing industry assiduously. And her conclusion is that the accounting industry was complicit in the failures that created the financial crisis which began in 2007. Erin Aide interviews her to determine what’s going on in the world of accounting that needs fixing.

Some feel the problem may be too much finance. Yesterday we asked if America is a ‘financialized’ economy, dependent on bubbles for growth. Today we are putting this thesis to a viewing featuring four of our guests from the past week.

• We start with a clip of George Magnus, who tells us another financial crisis has begun.

• Then, a Tom Palley clip points to a dependence on the financial sector as the genesis of recurring crisis.

• While, Frances Coppola believes the last crisis was arrested by quantitative easing’s stabilizing asset prices. But she believes QE now is only driving a wedge between haves and have-nots.

• We round out the week in review clips with Larry Doyle, who believes breaking up the big banks is the only way to diminish their power and end too-big-to-fail.

Finally, Erin Ade and Edward Harrison do the weekly wrap segment built solely on viewer feedback, answering questions from you. Please ask us questions about our guests and the issues they discuss. We promise to pick good ones out to discuss on air every week.

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