Robert Reich is one of America's most respected economic and political thinkers, as well as a distinguished public servant in three national administrations.
As the nation's 22nd Secretary of Labor, he implemented the Family and Medical Leave Act, led a national fight against sweatshops in the and illegal child labor around the world, and headed a successful effort to raise the minimum wage.
Concerned with the transformation of business and democracy, Robert Reich joins the Council for a discussion on the future course of global capitalism and its impact on democratic decision making- World Affairs Council of Northern California
Dr. James Manyika is a director of the McKinsey Global Institute (MGI), McKinsey & Company’s business and economics research arm, and one of its three global co-leaders. James is also a director (senior partner) at McKinsey, where he is one of the leaders of McKinsey’s Global High Tech, Media and Telecom Practice. Based in Silicon Valley, for the past 18 years he has worked with many of the world’s leading software, systems, Internet, media, and communications companies on a variety of issues, including strategy, innovation, and helped companies outside of the tech sector fully leverage technology for business transformation. James serves on the McKinsey’s global committee that reviews and elects directors of the Firm.
Robert Reich is professor of public policy at the Goldman School of Public Policy at UC Berkeley.
He served in three national administrations; his articles appear frequently in The New York Times and The Washington Post, and he is a commentator for American Public Media's "Marketplace," heard on NPR.
The 22nd Secretary of Labor and a professor at UC Berkeley, Robert Reich says the Ben Bernanke and Henry Paulson Wall Street bailout plan is a bad idea. Reich states the current financial crisis is due to a lack of trust, which may prove to be the most lethal danger.
Reich says, "world-wide stocks may begin to plunge" if a decision isn't made by Friday. He goes on to state, "maybe it's the beginning of the end."
Reich advises to go along with the bail-out if bipartisan support is reached, Wall Street CEO salaries are penalized, strict regulations are outlined, home owner's are presented with a buy out plan, and taxpayers receive equity in the failed companies.
Robert Reich points out the political blunders made by Benjamin Bernake and Henry Paulson over the past week, which include: heading to Congress with a fait accompli; heading to Congress with a fait accompli and asking for more money than anyone has ever imagined; expecting Congress to grant an unimaginable amount of money to an untrustworthy administration; and asking for the bail-out without third party advisors.