As you must know by now, I am a Robert Reich fan.
In times like these, you need to read him to understand what’s going on.
He is smart but not intimidating like many other “experts.”
He writes well.
Thinks clearly.
And it’s worth reading when the WSJ, FT, Fortune, Forbes, Portfolio and BusinesWeek are lost and confused.
Read just the last three paragraphs of his most recent blog entry:
Bailing out Wall Street’s bad debts when millions more Americans can’t pay their bills is like bailing out a rowboat springing more leaks while the ocean is rising. Many of the average taxpayers being asked to take on Wall Street’s bad loans are the same people whose incomes are dropping, which means they’re struggling to pay their debts and potentially creating even more bad loans.
Congress should drive the hardest deal it can with Wall Street. But Congress also needs to pay direct attention to Main Street. It should extend unemployment insurance, freeze mortgage rates, and pass a stimulus package that generates more jobs.
Bottom line: Unless Americans on Main Street have more money in their pockets, Wall Street’s bad debts will continue to rise — which means the Bailout of All Bailouts grows even larger, which means taxpayers take on even more risk and cost.