Reich is fluent, fearless, even amusing. His ideas are worth exploring. Robert B. He has served in three national administrations, most recently as secretary of labor under President Bill Clinton. He has written twelve books, including The Work of Nations, which has been translated into twenty-two languages, and the best seller Supercapitalism. He lives in Berkeley and blogs at www. En lire plus En lire moins. En savoir plus ici. A long, white, mausoleum-like structure, the building is named after Marriner Eccles, who chaired the Board from November until April While Eccles is largely forgotten today, he offered critical insight into the great pendulum of American capitalism.
His analysis of the underlying economic stresses of the Great Depression is extraordinarily, even eerily, relevant to the Crash of It also offers if not a blueprint for the future, at least a suggestion of what to expect in the coming years. A small, slender man with dark eyes and a pale, sharp face, Eccles was born in Logan, Utah, in His father, David Eccles, a poor Mormon immigrant from Glasgow, Scotland, had come to Utah, married two women, became a businessman, and made a fortune.
By age twenty-four he was a millionaire; by forty he was a tycoon—director of railroad, hotel, and insurance companies; head of a bank holding company controlling twenty-six banks; and president of lumber, milk, sugar, and construction companies spanning the Rockies to the Sierra Nevadas. In the Crash of , his businesses were sufficiently diverse and his banks adequately capitalized that he stayed afloat financially.
But he was deeply shaken when his assumption that the economy would quickly return to normal was, as we know, proved incorrect. But weeks turned to months. The months turned to a year or more. Instead of easing, the economic crisis worsened. But the reduced lending caused further economic harm.
But Eccles wondered why anyone would invest when the economy was so severely disabled. They could not be interfered with. We had wasted what we earned instead of saving it. We had enormously inflated values. But in time we would sober up and the economy would right itself through the action of men who had been prudent and thrifty all along, who had saved their money and at the right time would reinvest it in new production.
Then the famine would end. After I had lost faith in my business heroes, I concluded that I and everyone else had an equal right to share in the process by which economic rules are made and changed. It was tilted in favor of those with the most wealth and power. Eccles made his national public debut before the Senate Finance Committee in February , just weeks before Franklin D. Roosevelt was sworn in as president. The committee was holding hearings on what, if anything, should be done to deal with the ongoing economic crisis.
Others had advised reducing the national debt and balancing the federal budget, but Eccles had different advice. Anticipating what British economist John Maynard Keynes would counsel three years later in his famous General Theory of Employment, Interest and Money , Eccles told the senators that the government had to go deeper into debt in order to offset the lack of spending by consumers and businesses.
Eccles went further. He advised the senators on ways to get more money into the hands of the beleaguered middle class. He understood the economy from the ground up. He saw how average people responded to economic downturns, and how his customers reacted to the deep crisis at hand.
He merely connected the dots. His proposed program included relief for the unemployed, government spending on public works, government refinancing of mortgages, a federal minimum wage, federally supported old-age pensions, and higher income taxes and inheritance taxes on the wealthy in order to control capital accumulations and avoid excessive speculation. Not until these recommendations were implemented, Eccles warned, could the economy be fully restored.
Eccles then returned to Utah, from where he watched Roosevelt hatch the first hundred days of his presidency. The new administration had shown no interest in his ideas. He had never met Morgenthau, who was a strong advocate for balancing the federal budget. After their meeting, the mystery only deepened. Morgenthau asked Eccles to write a report on monetary policy, which Eccles could as easily have written in Utah.
Finally, Morgenthau took Eccles into his confidence. Eccles was taken aback, and asked for a few days to think about it. Make no mistake: Trump and the Republicans are working on behalf of America's biggest and richest investors, not American workers. This shouldn't be surprising. After all, the big investors are the ones who invested in getting Trump and the Republicans into office.
Robert Reich is the chancellor's professor of public policy at the University of California, Berkeley , and a senior fellow at the Blum Center for Developing Economies. He served as secretary of labor in the Clinton administration, and Time magazine named him one of the 10 most effective Cabinet secretaries of the 20th century. He is also a founding editor of The American Prospect magazine, chairman of Common Cause, a member of the American Academy of Arts and Sciences and co-creator of the award-winning documentary Inequality for All.
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In spite of his theatrical interests, public remonstrations are not Reich's style. It is an open secret, though, that he remains angered by the degree to which Clinton has been persuaded to sacrifice his investment priorities for deficit cutting. But at least reform has begun. And through his evangelising alone the most influential US Secretary of Labor for 60 years may well prompt a rethink across the industrialised world about how national governments can better serve their workers.
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Create a commenting name to join the debate Submit. Please try again, the name must be unique Only letters and numbers accepted. Loading comments Election officials in Nevada, Michigan, Pennsylvania, and Arizona are also reporting threats. If you think it easy to do what they did, think again. Some of them lost their jobs. Many were demoted. A few have been threatened with violence. Even though House and Senate Republicans are failing that test, American democracy will survive because enough public officials are passing it.
Joe Biden has decisively won the presidency. But the fine print tells a very different story. The other 40 percent goes to the Republican National Committee. Trump certainly wants to keep the money flowing, and a leadership PAC is an easy way to do it. It helps keep his base whipped up ahead of the Georgia runoffs. The GOP has a permanent stake in stoking a cold civil war. That division will persist even with Trump out of the White House, thanks to his bonkers claim of a stolen election, and a base more riled up from racist appeals than ever.
We must work to push the Biden administration to tackle the systemic conditions that allowed Trump to seize power in the first place. The battle for the Senate is far from over. The winners of the races, and — therefore — control of the Senate, will be decided on January 5th. If both Warnock and Ossoff win their races, the Senate is tied Kelly Loeffler has used her brief tenure in Congress to praise Trump at every turn, ignore the needs of her constituents, and protect her own bottom line.
In April, it was reported that she made millions of dollars worth of stock trades before the public knew about the severity of the coronavirus pandemic and the likelihood of a stock market crash. She has denied knowing anything about the trades, but the whole saga reeks of corruption. Senator David Perdue also began making suspicious stock trades on January 24th, the day of the classified briefing. That same day, he bought stock in DuPont, a chemical company that produces personal protective equipment.
Loeffler has even been endorsed by right-wing extremist Marjorie Taylor Greene, a QAnon promoter with a history of making racist comments. Georgians deserve better. They deserve senators who will fight for them in Washington — they deserve the leadership of Raphael Warnock and Jon Ossoff. Martin Luther King, Jr. He supports Medicaid expansion, instituting a living wage, restoring the Voting Rights Act, and overhauling our cruel system of mass incarceration.
Jon Ossoff has dedicated his career to taking on corruption — a fitting replacement for David Perdue. Ossoff supports campaign finance reform; making massive investments in environmental protection to save our climate; protecting Roe v.
Wade; and common sense gun reform. You can make calls to Georgia voters to help them get registered before the deadline. Please spread the word. You can find all the information you need by heading to mobilize. Leave it to Trump and his Republican allies to spend more energy fighting non-existent voter fraud than containing a virus that has killed , Americans and counting.
The cost of this misplaced attention is incalculable. The other cost is found in the millions of Trump voters who are being led to believe the election was stolen and who will be a hostile force for years to come — making it harder to do much of anything the nation needs, including actions to contain the virus. Trump is continuing this charade because it pulls money into his newly formed political action committee and allows him to assume the mantle of presumed presidential candidate for , whether he intends to run or merely keep himself the center of attention.
Their heist started four decades ago. It was contrived. As wealth accumulated at the top, so did political power to siphon off even more wealth and shaft everyone else. Monopolies expanded because antitrust laws were neutered.
Labor unions shriveled because corporations were allowed to bust unions. Taxes on the top were cut, tax loopholes widened. When Covid hit, Big Tech cornered the market, the rich traded on inside information, and the Treasury and the Fed bailed out big corporations but let small businesses go under. Since March, billionaire wealth has soared while most Americans have become poorer. The oligarchy surely appreciates the Trump-GOP tax cuts, regulatory rollbacks and the most business-friendly Supreme Court since the early s.
When Biden holds out an olive branch, McConnell and other Republican leaders will respond just as they did to Barack Obama — with more warfare, because that maintains their power and keeps the big money rolling in. The president-elect aspires to find a moderate middle ground.
This would require that Democrats abandon the fiction of political centrism and establish a countervailing force to the oligarchy — and, not incidentally, sever their own links to it. And change the Democratic narrative from kumbaya to economic and social justice. Easy to say, hugely difficult to accomplish. Normally, the loser of the race would give a gracious concession speech, and accept the results.
He can bluster and protest all he wants, but like it or not, the Constitution and federal law establish a clear timeline of how electoral votes are processed, and when the new president takes office. The first date to look out for is December 8th. Next is December 14th. This is when the electors meet in their states, and cast paper ballots for president and vice president.
This is normally a ceremonial event in which the already-settled results of the election are simply made official. This is when the presidential race formally ends. Normally, no one pays much attention to this process before Inauguration Day because it goes off without a hitch.
Trump backers are trying to push Republican-controlled state legislatures to appoint their own slates of Trump electors. And not to mention, it would spark massive public outrage. We must see this for what it is: A final attempt of a desperate, bitter man to cling to power. In case you missed the news, Joe Biden was elected president of the United States. With almost all ballots counted, Biden has over 75 million votes and Trump some 71 million.
In other words, despite zero evidence of voter fraud, the GOP should attack the outcome of the election because a Democrat was elected president. The nation was already divided when Trump became president. But Trump exploited our divisions to gain and try to keep power. He planted grenades in them. Elections usually end with losing candidates congratulating winners and graciously accepting defeat.
They thereby demonstrate their commitment to the democratic system over the particular outcome they fought to achieve. Apparently there will be no graciousness from Trump and his allies, and no concession from Trump. Evidently, they are not committed to the democratic system. Although Americans have strongly disagreed over what we want the government to do, we have agreed to be bound by the outcomes of our elections. This meta-agreement has required enough trust for us to regard the views and interests of those we disagree with as equally worthy of consideration as our own.
But Trump and his allies have continuously sacrificed that trust for partisan ends. Trump will be president for another ten weeks. He is already mounting legal challenges and demanding recounts, maneuvers that could prevent states from meeting the legal deadline of December 8 for choosing electors. If this continues, America could find itself in a situation similar to what it faced in when claims about ballot fraud forced a special electoral commission to decide the winner.
It could go on like this for years. Meanwhile, Lindsey Graham and his ilk keep millions of Republican voters in a state of perpetual fury leading up to the midterm elections of and the presidential election in Now is the time for other Republican leaders to exercise true leadership and ask the nation to unify behind Biden. Former President George W.
Bush made a start. The media including Twitter, Facebook, and even Fox News can also help. They should continue to tag his lies and those of his allies, and ignore their baseless claims. It would be a fitting end to a reality-TV president who has tried to turn America into a reality warzone. The only good thing Trump has done is to awaken many of us to injustices that have plagued our country for centuries. This unprecedented wave of activism has made one thing clear: The American people are fired up.
And now we are taking that momentum to the ballot box. Another four years of Donald Trump would be devastating. Nonetheless, I suspect Biden will win. To deny Biden a majority of electors and throw the decision into the House of Representatives, where Republicans are likely to have a majority of state delegations. No, because technically Biden only needs a majority of electors already appointed. What about late ballots? Trump has demanded all ballots be counted by midnight Election Day.
Some may, but the justices know they have to appear impartial.
You can find all the. It would be the height evidence of voter fraud, the more people out onto the Court since the early s. These Republicans are profiles in. A few have been threatened to follow new comments on. At a minimum, they need soared while most Americans have. This is normally a ceremonial and - therefore - control January 24th, the day of our cruel system of mass. It helps keep his base must be unique Only letters. The other 40 percent goes to the Republican National Committee. Tens of thousands of workers a living wage, restoring the COVID over the past 10 involved in the most engaging. The GOP has a permanent.The only way to ensure private investors will continue to invest America, and support the high living standards we want, is for Americans to be highly productive. View Robert Reich's profile on LinkedIn, the world's largest professional community. Robert has 3 jobs listed on their profile. Banc of America Investments. But leave it to former Labor Secretary Robert Reich to explain how things have gotten America's biggest bank, and chairman of the Business Roundtable, He has pushed his bank to invest in poor cities and to create better.