The ramifications of wealth disparity: Robert Reich gets itby Pamela Powers Hannley on Sep. 29, 2010, under Capitalism, corporatists, economy, jobs, Politics
Robert Reich is one of my heroes. He gets it (unlike the delusional Tea Partiers who also were on National Public Radio [NPR] this morning, but more on those jokers later).
Here is a quote from his interview today on NPR. (Check out the link for the whole interview.)
“[The middle class] can’t go deeper and deeper into debt. They can’t work longer hours. They’ve exhausted all of their coping mechanisms,” he says. “And people at the top are taking home so much that they are almost inevitably going to speculate in stocks or commodities or whatever the speculative vehicles are going to be. … Unless we understand the relationship between the extraordinary concentration of income and wealth we have this in country and the failure of the economy to rebound, we are going to be destined for many, many years of high unemployment, anemic job recoveries and then periods of booms and busts that may even dwarf what we just had.”