Trump to global CEOs and financiers in Davos, Switzerland: “America is open for business.” We’re now a great place for you to make money. We’ve slashed taxes and regulations so you can make a bundle here.
“Global capital wants just one thing: A high return on its investment.”
Prof. Reich, so much of what you write is so very poignant, but this is the key to your message. When our tattered clothes from Bangladesh go to repurposing, will we buy “American” (and save how much carbon dioxide in the process)? Doubful, but Super Sunday is just seven days away…
Reich makes it sound like the Rs are the only supporters of global capital. Perhaps he needs to remember the bail out of Wall St and the TPP.
And now, ironically, the Democrats are forced to pray for a recession.
Because at this point, their 2018 wave election is far from certain.
And if the Dow breaks 30k, 2020 looks like the start of Trump 2.0.
Meanwhile, staggering wealth inequality is a back burner issue outside the Bernie-sphere…
Elizabeth Warren is rallying for single payer and hearing crickets from the Dem establishment…
Blue dog Doug Jones is viewed as a signal that everything’s going great…
And the Schumer cave in is the latest stumble for the Dems to spin/apologize for.
But don’t worry, Dem loyalists, your party has made it clear to big donors that they’re open for business.
So the gravy train of corporate money–job one–is going to roll right on time.
And you DFHs, we need your votes, your time, your money! Your ideas? No, thanks.
This system of capitalism is so cool
You can get a loan if you already have some money and make others do make something that then you charge “money” for and keep most of it for yourself, so as to multiply the money you already had…
You can then fire all the people who mads the stuff, and you don’t even have to pay the bank back. Because the bank prints money, they don’t really care.
Oh look, there is someone else who is trying to rape the planet by ripping out the resources and poisoning it too boot.
Let me go there
I need a job to survive.
“But the real economy is people.” (Robert Reich)
Never heard it put that way - I like it !
I would be most interested to hear what Professor Reich thinks are the best ways to protect the American people and their jobs and quality of life in America given that global capital flows are real and do seek the highest return regardless of the consequences?
Does that mean, Robert Reich, that protective tariffs are a good thing?
Chris Hedges last week . Talk begins @ min 16:00
thank you for that old-one ! at first encouraging, inspiring and then emotional ending. First time I listened to an entire speech from Chris Hedges. And I learned more about his background.
Oh Robert, great supporter of HRC, why didn’t you write this and give it to her for her campaign message ?
We all need to remember that William Jefferson “Billy Cigars” Clinton signed Gramm-Leach-Bliley into law, thus destroying the protections of Glass-Steagall and creating the conditions for the Great Recession (withoout which Wall St. wouldn’t have needed a bailout).
Robert Rubin made a fortune thanks to Billy Cigars.
As did Sandy Weil, and Larry Summers, and a host of others who were already doing quite well, thanks very much…
When an economy transitions from industrialization to services, and the FIRE sector becomes the leading driver of GDP, finding higher returns becomes the greatest imperative.
So, GDP based on the labor of the masses is so yesterday. When you can churn a steady 10% out of high-speed trades and exotic debt instruments, who needs workers?
Capital may have found a way, however temporary, to profit with fewer workers, but at some point it will need consumers if it’s to survive.