Archive for the ‘Robert Reich’ Category

"Lemon Socialism" – liberal Obama advisor Robert Reich regrets the bailouts, but wants massive stimulus

January 26th, 2009 No comments

An opinion piece at TPM Cafe by liberal economist Robert Reich the Harvard (now Berkeley) econ. prof. who is a member of Pres. Barack Obama‘s economic advisory team and was Labor Secretary under Bill Clinton –  has caught my eye.  In it, Reich correctly, on behalf of the American taxpayer, expresses buyer’s remorse with respect to all of the bailouts – and lemon industries – that the Bush administration, via Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke and a complaisant US Congress, have bestowed on the American people and the Obama administration.

It’s nice to see a liberal economist who regrets the bailouts and opposes further TARP expenditures; too bad he doesn’t see that a massive stimulus program and other government economic micromanagement is a great way to turn the rest of the economy into “lemon socialism”.  

Categories: bailouts, Robert Reich, socialism Tags: