Wednesday, February 24, 2010

Robert Reich

I saw him on Newsnight earlier this week speaking complete sense about Goldman Sachs and their extraordinary influence on governments across the world.

He has a very good blog too

here's an excerpt from his Sunday, December 27, 2009 entry:

"President Obama and his economic team have been telling Americans we'll have to save more in future years, spend less and borrow less from the rest of the world, especially from China. This is necessary and inevitable, they say, in order to "rebalance" global financial flows. China has saved too much and consumed too little, while we have done the reverse.

"In truth, most Americans did not spend too much in recent years, relative to the increasing size of the overall American economy. They spent too much only in relation to their declining portion of its gains. Had their portion kept up -- had the people at the top of corporate America, Wall Street banks and hedge funds not taken a disproportionate share -- most Americans would not have felt the necessity to borrow so much."

I think that goes for the UK too.

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