Reich: Obama Critics Stoking 'Angry Right-wing Populism'

Reich: Obama Critics Stoking 'Angry Right-wing Populism'

By Noel Sheppard (Bio | Archive)
March 7, 2009 - 18:19 ET

On Friday, NewsBusters asked, "When Will Media Blame Economy and Bear Market on Obama?"

Don't expect Bill Clinton's former labor secretary Robert Reich to ever do so, for in an article published at Salon Thursday, the UC-Berkeley professor claimed "every major policy that led to this collapse occurred under George W.'s watch."

Not only that, but the man who recently told Congress that jobs created by the economic stimulus package shouldn't only go to "white male construction workers" also declared, "Angry right-wing populism lurks just below the surface of the terrible American economy, ready to be launched not only at Obama but also at liberals, intellectuals, gays, blacks, Jews, the mainstream media, coastal elites, crypto socialists, and any other potential target of paranoid opportunity."

Readers are warned to proceed with caution before going any further, for Reich was loaded for conservatives and wasn't taking prisoners:

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The argument that Obama is somehow responsible for the collapse of Wall Street is absurd. First, every major policy that led to this collapse occurred under George W.'s watch (or, more accurately, his failure to watch). The housing and financial bubbles were created under Bush and exploded under Bush. The stock market began to collapse under Bush.

Astonishing. I guess Reich doesn't believe that the Financial Services Modernization Act of 1999 or the Commodity Futures Modernization Act of 2000 -- both signed into law by his former boss named Clinton! -- had a hand in this crisis.

After all, FSMA removed the last vestiges of the Depression era Glass-Steagall Act requiring a firewall between the services offered by banks, brokerage firms, and insurance companies. This massive deregulation of the financial services industry in November 1999 is very much what led to the current crisis.

The following year CFMA deregulated lending derivatives such as credit default swaps which are at the heart of the problems facing the world's troubled financial institutions.

For Reich to ignore these Acts demonstrates an astounding intellectual dishonesty that is nothing less than deplorable, as does claiming the housing and financial bubbles were created under Bush.

It's been well-documented that the Clinton administration he was a part aggressively encouraged easier lending requirements at Fannie Mae and Freddie Mac to allow lower-income wage earners to qualify for mortgages. Any statement to the contrary is disingenuous.

So is defending this year's stock selloff by claiming it began when Bush was president as it seems quite unlikely Reich would blame the 2001 recession on his former boss despite the first bear market of this decade beginning in March 2000.

But he was just getting warmed up:

Finally, none of the financial wizards who are now charging Obama with leading America into the abyss have offered an alternative plan for getting us out of the mess that, not incidentally, many of these same wizards happily led us into. For years, the Wall Street Journal editorial page and the financial gurus of cable news cheered as Wall Street leveraged its way into oblivion.

This is also not true, for the CEOs of companies that received bailout funds have strongly recommended a number of solutions which the Obama administration has refused to enact. One is that the mark-to-market accounting rule be eliminated.

For those unfamiliar, this requires financial institutions to regularly adjust their balance sheets to reflect today's value on assets they hold. Most analysts and economists believe that this created a domino effect last year exacerbating the financial crisis and leading to the insolvency and eventual failure of numerous institutions.

By removing this requirement now, the remaining banks, brokerage firms, and insurance companies would immediately become "healthier" as their total assets on the books would increase.

Unfortunately, this has not be implemented. Nor has the creation of a so-called "bad bank."

One of the things that led stocks -- including financials -- higher in December and early January was the belief that the Obama administration was going to create a "bad bank" which would take on all of the "toxic" assets currently held by financial institutions. When treasury secretary Timothy Geithner unveiled the White House's plan to save the financial services industry on February 10, and it didn't include such a program, the stock market collapsed and has continued to fall ever since.

As such, it's preposterous for Reich to say that Wall Street hasn't been offering solutions to the problem. But there's still more:

Republicans have made no secret of their wish to blame Obama for the bad economy, and to stir up as much populist rage against his so-called socialist tendencies as politically possible. History shows how effective demagogic ravings can be when a public is stressed economically. Make no mistake: Angry right-wing populism lurks just below the surface of the terrible American economy, ready to be launched not only at Obama but also at liberals, intellectuals, gays, blacks, Jews, the mainstream media, coastal elites, crypto socialists, and any other potential target of paranoid opportunity.

The hypocrisy on display here is astonishing. After all, the left conjured up visions of gloom and doom to try to block Bush's tax cuts in 2001 and 2003. Turns out the Gross Domestic Product rose by 3.6 percent in 2004.

More importantly, team Obama with Reich's assistance economically and financially scared the heck out of Americans last fall in order to defeat McCain-Palin. In fact, these folks are the kings of populist rage.

But Reich wasn't done (emphasis added):

When it turns out that people like Lloyd Blankfein, the CEO of Goldman Sachs, who took home $68 million in 1997, was the only Wall Streeter in a meeting last September at the New York Federal Reserve to discuss the initial AIG bailout with Tim Geithner, then New York Fed chair, among others, at the very time Goldman was AIG's largest trading partner, a distinct scent of self-dealing begins to emanate. When it turns out that Citigroup got a bailout deal last October far more generous than that given to any other distressed bank, when a top Citi executive was advising the Treasury and Fed, the scent increases. Goldman's past CEO was treasury secretary at that time, by the way, and another former Goldman CEO was a top Citi official and also a former treasury secretary.

In this instance, I agree with Reich that something smells. However, he would have been more honest if he named who he was referring to in the bolded sentence, for the former Goldman CEO/top Citi official was none other than Robert Rubin, Bill Clinton's treasury secretary.

Wouldn't want to implicate a former colleague, would you, Bob?

In the end, there's a tremendous amount of blame to go around on both sides of the aisle for our current predicament. In fact, any honest assessment would have to include former President Jimmy Carter's creation of the Community Reinvestment Act which required banks and savings institutions to make loans to folks they normally wouldn't.

That means that this was a crisis over thirty years in the making.

Yet, it seems quite doubtful folks like Reich could possibly look back that far, for in their view, nothing happened in this country before George W. Bush was inaugurated in January 2001.

Maybe more disturbingly, it appears the next symptom of Bush Derangement Syndrome will be to ignore anything subsequent to his departure from the White House as well.

As such, when stocks lose 20 percent of their value after Bush heads back to Crawford, Texas, that's his fault.

When stocks decline after the new treasury secretary unveils the Administration's plans to fix the financial services industry, that's Bush's fault.

When stocks collapse after President Obama gives his first address to Congress, that's Bush's fault.

And, if anyone says anything to the contrary -- like it just might be Obama's fault -- he or she is trying to stoke the "angry right-wing populism" lurking "just below the surface of the terrible American economy, ready to be launched not only at Obama but also at liberals, intellectuals, gays, blacks, Jews, the mainstream media, coastal elites, crypto socialists, and any other potential target of paranoid opportunity."

Any questions?

—Noel Sheppard is the Associate Editor of NewsBusters. Follow him at Facebook and Twitter.

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OK, suppose it's all

March 7, 2009 - 18:30 ET by MidAmerica

OK, suppose it's all Bush's fault. But.... if obama can't fix it and it's getting worse then obama is the wrong man to be President at this time.

If your house is on fire it doesn't matter to the fireman how it started. His job is just to put it out.

Mark to Market rule

March 7, 2009 - 18:41 ET by ricklail

As you said Noel this mark to market rule elimination would do wonders for the banks. I heard Dr. John Parnell, a business proffesor at UNC Pembroke, state that if they eliminated the rule tomorrow the stcok market would be heading back into the 11,000 mark.

Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same. RWR

THE JIM QUINN STIMULUS PACKAGE...

March 8, 2009 - 13:19 ET by danybhoy

1.Make the Bush tax cuts PERMANENT. Or go fair/12%flat tax...

2.Drop the corperate tax rate to 10%...

3.Get rid of Sarbanes-Oxley...

4.Get rid of mark to market...

5.Have a real energy policy, DRILL, build nuke power plants, build clean coal power plants, & expand refining capacity...

What would happen? You would have the hottest economy in the history of the planet, & Obama & his merry band of tax cheats will never do it.

"The Fairness Doctrine = Jim Crow laws for Conservatives". Jim Quinn from "Quinn & Rose"

Kinda ironic too

March 8, 2009 - 13:59 ET by general company

What would happen? You would have the hottest economy in the history of
the planet, & Obama & his merry band of tax cheats will never
do it.

Because you would never get them out of office either. They wouldnt even have to lie or cheat to keep their positions

"Television is a freak show" Bernie Goldberg

Angry right win populist

March 7, 2009 - 18:42 ET by Radical1979

Why is angry right-wing populism bad? If enough people get angry and vote next election we may be able to turn these policies around. Oh wait, that would be bad for Obama.

Can't resist tellling this story. At the Reading Terminal Market, overheard two men having a discussion. One of them had time to kill after picking up his welfare check, so he headed to the liquor store. Then he went home to make a martini. The next day he took a bus trip to Atlantic City to get the free breakfast at the casino. Meanwhile, my husband WORKED.

Let's stop giving money to people who don't work!

I'm beyond angry,

March 7, 2009 - 20:33 ET by jdlybrand

I just happen to be "white". We are made to be the ills of society. I'm sick to death of the whole victimization schpiel. I don't care anymore; they can all kiss my angry white male ass!

"Loaded for bear and ready to pull the trigger"

Barney Fwank is on it!

March 7, 2009 - 18:42 ET by slickwillie2001

Whose fault? Barney Fwank is going to get to the bottom of it!

Let the Inquisition Start With Frank: http://www.ibdeditor...

PS We muff haf afforbable houthing!

geeze

March 7, 2009 - 18:44 ET by owlpellets

Napoleon is back!!!!

nap;ran

Don't blame me....I voted for Palin...

owl... You've got me

March 7, 2009 - 18:54 ET by bigtimer

owl...

You've got me laughing here...that was a great zinger!

The left is in trouble...

March 7, 2009 - 18:46 ET by AgentAmerican

This is more evidence that the left has over-extended their reach and the results have been profoundly negative. Reichhhhhhhhhhhhhhhhhh is lashing out at Bush like a drunk golfer shanking near the tee because he knows for a fact Obama is bombing big time. The left gets very nasty when things aren't going well...

2010: A GOP Hill

Reich is a funny guy.

March 7, 2009 - 18:52 ET by MidAmerica

Reich is a funny guy. In his article he warns about Right-wing attacks:

History shows how effective demagogic ravings can be when a public is stressed economically.

Then he follows that sentence by saying:

Angry right-wing populism lurks just below the surface of the terrible American economy, ready to be launched not only at Obama but also at liberals, intellectuals, gays, blacks, Jews, the mainstream media, coastal elites, crypto socialists, and any other potential target of paranoid opportunity.

So I guess Professor Reich was providing an example of a demogogic raving.

Angry right-wing populism

March 7, 2009 - 19:05 ET by motherbelt

Angry right-wing populism lurks just below the surface of the terrible American economy,

Angry right-wing populism is code for "angry white males"....you know, the ones who threw the tantrum and elected the Republican congress in 1994....

What would liberals do without a group to demonize and blame for everything?

They'd have to grow the hell up! And take some responsibility!

So that ain't gonna happen any time soon.

I didn't think it was physically possible, but this both sucks and blows. -Bart Simpson

Right you are

March 7, 2009 - 19:11 ET by bigtimer

mb...

So that ain't gonna happen anytime soon...

....If EVER!

This is typical of the

March 7, 2009 - 19:01 ET by fitzfong

This is typical of the bitter, ignorant, race-baiting Marxist troll that is Robert Reich. No surprise that he's decided to continue a career as a taxpayer parasite by "working" at Berkeley. I'd say he's putting his neck on the line with his predictions, but he has no neck.

"Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery." -Winston Churchill

Class Envy

March 7, 2009 - 19:10 ET by allanf

Isn't Obama stoking left wing "class envy" with his attack on the "rich".

def. rich n. In Democrat vernacular rich refers to anyone with more money or assets than you.

You left out part of the

March 7, 2009 - 20:39 ET by lnthomp

You left out part of the definition:

def. rich n. In Democrat vernacular rich refers to any non-Democrat with more money or assets than you.

Because it's perfectly OK for Democrats who rake in more in a day than most people in the country earn in six months to hide their money from the tax man

Lee T / USN(ret) / Oregon City, OR

When responsible people make mistakes, responsible people bear the burden. When irresponsible people make mistakes, responsible people bear the burden. -- UserFriendly.org, 2/12/2009

A lesson in non-sequiters

March 7, 2009 - 19:14 ET by WingletDriver

"Angry right-wing populism lurks just below the surface of the terrible American economy, ready to be launched not only at Obama but also at liberals, intellectuals, gays, blacks, Jews, the mainstream media, coastal elites, crypto socialists, and any other potential target of paranoid opportunity."

BHO appealed to voters as a populist. A lot of "conservatives" bought it (see David Brooks, Christopher Hitchens, et al). Now these conservatives have found out that BHO wasn't entirely forthcoming. Don't they have the right to be angry?

Furthermore, "populist" indicates we have at least a plurality of people on our side. The majority of people in the US are neither conservative nor liberal; they're moderates. The populist backlash he is fearing must be from centrist moderates who feel they've been lied to; there aren't enough right-wingers to drive anything considered populist, but he's so far on the left he can't comprehend what a loon he is.

But then Reich's intellectual stature (roughly equal to his actual stature of between dwarf and midget) is revealed. Are "intellectuals" in danger? Only if they're despicable crooks like Reich, but not because they're intellectual. What are gays in danger from? Or Blacks? Jews? What is this idiot talking about?

MSM, coastal elites and socialists should be afraid. They did everything they could to get this loser, the losers in Congress and the current cabinet in office. WHY SHOULDN'T WE BE MAD AT THEM? Is this paranoia? Not really. It's a tenet of socialism/communism to do to this market and this country what BHO, Nancy Pelosi, Harry Reid and the MSM are doing. But he wants to marginalize not just conservatives, but moderates also, who aren't so happy about losing their freedom and their life savings. If you oppose Chairman Obama, you must also hate Jews and Blacks. Nice.

I'm surprised this

March 7, 2009 - 20:14 ET by ConservativeRex

I'm surprised this homunculus Reich has the nerve to show up on the scene again. It should be pointed out to him that his policies were failures in the 90's.

However, that we had a "angry right-wing populism" movement. Most of us are angry alright is no doubt. But this sounds like some other "angry right-wing" statement we heard years ago from a certain huge butted secretary of state that doesn't need to be mentioned.

Last but not least, it should be mentioned that every single time there has been trouble launched at "Jews, Gypsy's or any other percieved minority", it has been the left launching it. That's been the only thing, historically, lurking below the surface.

CRex... Lurking is

March 7, 2009 - 20:26 ET by bigtimer

CRex...

Lurking is right...and lord are they ever starting to surface by the dozens.

Jeapordy

March 7, 2009 - 20:52 ET by jdlybrand

"I'll take Whale Turds for two thousand Alex.

The former Secretary of Labor under the Clinton administration who dwells beneath the scum of the earth.

Who is Robert Reich?

Yesss! Correct for two thousand dollars!

Reich - I'm old. Take my medicine away from me...

March 7, 2009 - 21:08 ET by Gary Hall

Reich: 'we can't afford to allow old people to live.' You're looking pretty old there Robert.

Fortunately, there are actually those extreme progressive/socialist voices and economists, out there, who seek to promote their view - with a considerble amount of "I can still call a duck a duck," candor.

Besides the actual facts of the root trigger for the housing bubble and the mortgage crisis are - drum roll please:

Nov. 2000 (Clinton's present to Bush) -

HUD ANNOUNCES NEW REGULATIONS TO PROVIDE $2.4 TRILLION IN MORTGAGES FOR AFFORDABLE HOUSING FOR 28.1 MILLION FAMILIES

From Dissent Mag. Summer of 08 (San Francisco's leftie rad mag - one of):

During Clinton’s eight years in office, the U.S. current account deficit, the broadest measure of trade competitiveness, increased fivefold, from $84 billion to $415 billion. The trade deficit increased most dramatically at the end of the Clinton years. In 1999, the U.S. merchandise trade deficit surpassed $338 billion, a 53 percent increase from $220 billion in 1998.

The Mother of All Deregulation --THE CLINTON administration’s free-market program culminated in two momentous deregulatory acts.

Chickens Come Home to Roost - HISTORY SHOULD deal harshly with Bill Clinton. Throughout his terms, real wages stagnated, manufacturing and service jobs moved overseas in large numbers, and the middle class was squeezed

Unfortunately, the myth of the Clinton economy has too often served to limit discussion about the political forces behind the present crisis in the Washington Consensus.

NY's leftie rag tag, the Village Voice - Aug. '08: Andrew Cuomo and Fannie and Freddie - How the youngest Housing and Urban Development secretary in history gave birth to the mortgage crisis.

There are as many starting points for the mortgage meltdown as there are fears about how far it has yet to go, but one decisive point of departure is the final years of the Clinton administration, when a kid from Queens without any real banking or real-estate experience was the only man in Washington with the power to regulate the giants of home finance, the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC), better known as Fannie Mae and Freddie Mac.

Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis.

The high priests of the bubble economy, Nov., '08 by Dean Baker (CEPR):

It is important to separate Clinton-era mythology from the real economic record. ..

..The reality was quite different. There was nothing resembling an investment boom until the dot-com bubble at the end of the decade funnelled vast sums of capital into crazy internet schemes. ..

..Rather than investment driving growth during the Clinton boom, the main source of demand growth was consumption. Consumption soared during the Clinton years because the stock market bubble created $10tn of wealth...

..The other key part of the story is the high dollar policy initiated by Rubin..

Everyone knows about Robert Rubin, Robert Reich.. try this article posted at the leftie site, Common Dreams: Rubin Shouldn't Escape Enron Investigation.

Robert. The bottom line here, is that from Obama's point of view, everything he is trying to push on America, in this moment, is an effort to reverse what President Clinton started - not Bush.

Robert - why don't you go back to dating Hillary?

PS, Noel - I continue to enjoy the pic of Reich with the broom stick from the wicked Witch of the East stuck up his nose. (;~> gary

PS - blonde - don't say it. (;>

Every time they get in a bind they bring out this socialist twit

March 7, 2009 - 22:30 ET by Thalpy

Every time they get in a bind they bring out this socialist twit to calm the waters. He was wrong when he was part of the Clinton team and he's wrong now.

...He should have stayed

March 7, 2009 - 22:43 ET by bigtimer

...He should have stayed 'Locked in the Cabinent'.

I think that was the name of his book way back when if memory serves me right...and I did say 'if'.

Y'all are being hard on

March 7, 2009 - 22:51 ET by cocodrie

Y'all are being hard on Basil Fawlty's little garden gnome.

Jesus Loves You

Perhaps he needs a good thrashing. What do you think?

March 9, 2009 - 08:37 ET by Thalpy

Perhaps he needs a good thrashing. What do you think?

George Bush wouldn't have

March 7, 2009 - 22:44 ET by RR GOP

George Bush wouldn't have supported more bail outs. I think he got bad advice from guys like Paulson and he choked when it came to principles and better judgment.

Obviously Bush thought that it was worth a try.

McCain wouldn't be playing these games, either. He would support buying up the 'bad' mortgages and having the Feds deal with those...I don't have a problem with that, either, as it was a Fed-created problem for the most part.

One of the 24% who thinks George W. Bush was a great President. One of the 89% who wants to bring back the stock and pillory.

Smoke & Mirrors

March 7, 2009 - 22:45 ET by TN Mom

Obama fiddles while Rome burns and Robert Reich wants to blame "angry right-wing populism"?

President TelePrompter picks a personal fight with Rush, snubs PM Brown, loses two key staffers (Treasury) and Surgeon General nominee Gupta, gives market advice using the phrases "Fits and Starts" , "Gyrations". Treasury Sec Geithner was missing for 19 days. Nineteen days no one heard a word from him!

661 Thousand lose their jobs in Feb, and Obama flys to Ohio to congradulate 25 officers who recieved jobs via stimulus.

Obama is clueless. All Hat, No Cattle.

Robert Reich and MSM keep blabbering on blaming "angry right-wing populism" and President Bush, hoping America will not see the empty suit pretending to be president.

T-Mom...Your post is

March 7, 2009 - 22:49 ET by bigtimer

T-Mom...

Your post is priceless....just priceless...you said it all.

Btw...your reference to O as Prez Teleprompter is memorable....I love it...so true, so true.

If I see that bobble-head move from side to side one more time I'm going to scream!

bt

March 7, 2009 - 23:09 ET by TN Mom

I try to stay informed. According to a new Pew Research poll (via Redstate), Rush and Hannity's viewers are more informed than the viewers of MSM.

Looks like Robert Reich still watches Olberman and CNN: They all have identical talking points.

Very well put. And

March 7, 2009 - 22:59 ET by GregE

Very well put.

And regarding the officers jobs that were "saved" (supposedly we're only talking about one year) he spent enough of OUR money taking the trip that WE could have paid for several more officer jobs. But instead of 4-5 more, he spent the equivalent of the salaries of 4-5 to go up there for the stupid photo op and laying of hands.

25 jobs, costing the equivalent of 30.

President Owaste.

Reich is a moron. And is

March 7, 2009 - 22:50 ET by GregE

Third Reich is a moron. And is a real Socialist, bordering on Communist. I'll have to go find and post some of the things he's said regarding the individual, collectivism, etc.

If he thinks that the market decline in the last two months is all Bush's fault, let me ask everyone this...........

......what do we all think would be taking place, if instead of Obama going forth with his socialistic ideas and out of control spending, he pushed through Congress and signed, a massive tax cutting measure, cutting corporate taxes in half (or more), cutting personal income taxes, absolutely slamming the American economy, in a great way, with massive tax cuts like that. And in his press conferences and speeches and weekly addresses, he talked consistently about the growth that those things would create, etc, etc. What do we all KNOW what would have happened since his election, if those were his plans, and he got them passed thru Congress, INSTEAD of the idiotic CRAP he's ramming thru now?

Yes, I know, I'm asking way too much from a socialist who's skull is way too thick to even have an inkling of a grasp of such a great concept, who has a populace of worshippers wearing T-shirts and baseball caps with his name emblazened on them as if he's some kind of god.

Loser Pays Tort Refoem

March 8, 2009 - 02:46 ET by Norto

for the doctors malpractice insurance and add no capital gains on long or short term gains as well as day trading. Guess what country has most of those practices? CHINA

This was a Rush push on Thursday, I think.

It seems to me...

March 8, 2009 - 00:03 ET by Dustin Jolley

It seems to me that it would be hard to take a person like Mr. Reich seriously, especially with a name that sounds like a Nazi party member's name. Lol!

trivia:What country has no capital gains taxes?

March 8, 2009 - 02:48 ET by Norto

CHINA!

Rush was noting this as well as calling for tort reform(loser pays) on medical lawsuits.

I know. You are actually

March 8, 2009 - 02:51 ET by mostlymoderate

I know. You are actually wiser to invest in China right now than you are in American companies under the Obama ideas for taxation. Yeah, let's punish the people that create jobs and revenue. NICE! Only a liberal could be so stupid.

Reich

March 8, 2009 - 10:01 ET by jessieH

Jessie R. Hamby If you listen long enough to your own BS, sooner or later you will think it's true.

First it is beyond

March 8, 2009 - 10:01 ET by RD King

me as to how anyone cannot see the connection between the CRA, obama and acorn and a ton of democrats to the current economic problems. All you have to do is watch the c-span videos of their contempt and hatred for GW and a few republicans trying to do something about the mess they created.

That said as a white male construction worker who used to have a profession in new home construction that is until May 2006 when obama and ilk caused the collapse. Since that time my annual income is down 85% from what it was for the prior 6 years and there is nothing in the porkulus bill that will bring that business back. The housing market must be fixed first, that is what caused this downturn and without a good foundation you cannot build. The first step in the solution for my business is for maobama and his crowd to pack up and get out of town for good. I have every right to be as mad as I want to be, these people have destroyed hundreds of thousands of jobs and they are still in office when they need to be prosecuted.

The Mini Reich........

March 8, 2009 - 10:19 ET by adamsmith

Please everyone, if they ever start a game show that involves Socialist Midget Tossing, let me know. I want to be the first contestant. With this li'l Communist, I hope the goal is a pool of acid, and I'm not talking Lysergic.......................

PLANNING YOUR NEXT VACATION IS EASY...

March 8, 2009 - 12:43 ET by danybhoy

Look, Robert Reich has been wrong with almost everything he has ever said as "an economic expert". The man does not believe in free market capitalism, & that is why he has no understanding that he is wrong. Sad thing is he teaches economics at UCBerkley. But hey, if that does'nt last, he can at least keep his gig as the Travelocity Gnome.

"The Fairness Doctrine = Jim Crow laws for Conservatives". Jim Quinn from "Quinn & Rose"