Legal Commentary

Reich: Help Main Street, Not Wall Street

By Big Tent Democrat

Robert Reich:

Capital markets may or may not unfreeze under the combined heat of the Treasury and the Fed, but what happens to Wall Street is becoming less and less relevant to Main Street. Anxious Americans will not borrow even if credit is available to them. And ever fewer Americans are good credit risks anyway. All this means that the real economy will need a larger stimulus than the $787 billion already enacted. To be sure, only a small fraction of the $787 billion has been turned into new jobs so far. The money is still moving out the door. But today's bleak jobs report shows that the economy is so far below its productive capacity that much more money will be needed.

. . . We should stop worrying about Wall Street. Worry about American workers. Use money to build up Main Street, and the future capacities of our workforce.

But Krugman Reich always hated Obama so he must be wrong.

Speaking for me only

Full post as published by TalkLeft on April 03, 2009 (boomark / email).