Friday, September 19, 2008

Socialized captialism

Long time readers know I'm a big fan of Robert Reich, having come to know him slightly as a result of my work on his gubernatorial campaign in MA. I've always described him as a very tiny man with a very big brain. If he wasn't so tiny, and he barely tops 4 feet 5 inches tall, he could possibly have made a successful run for the presidency and we could do much worse than having him lead us out of the financial quagmire we're stuck in now.

Read his take on the bailout and see if you don't agree with me. Here's my favorite graf:
Congress, the Fed, and the Administration shouldn't be giving more help to Wall Street. Policymakers should focus instead on people who really need a safety net right now -- workers who have lost or are about to lose their jobs, who need extended unemployment insurance and health insurance for themselves and their families; homeowners who have lost or are likely to lose their homes, who need additional help meeting mortgage payments and reorganizing their debts; and people who have lost or are in danger of losing their savings or pensions, who need better insurance against possible loss.
Reich is a pragmatic economist who believes a strong economy and a robust social safety net can co-exist. He gives really good advice but no one will take it because it would require those who created the mess to admit they were wrong. We're the poorer for it.

[More posts daily at The Newshoggers and The Detroit News.]


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Blogger Swampcracker said...

Libby, actually I agree with Reich 100% because the liquidity crisis resides not just within credit markets but also within the middle class which is driving this crisis. Shoring up the middle class makes perfect sense because "The Buck," or rather the lack thereof, starts there.

4:29:00 PM  
Blogger Libby Spencer said...

I love Reich. I think he has the best plan nearly always but no one listens to him. If you read more of his work, he always has a better idea. At least I think so.

5:53:00 PM  

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