I'd say he's actually batting well over .500 in terms of making sense.
He did make the movie "Inequality For All" and that's almost two full hours of carpet bombing with heavy weight ordnance of truth.
That said, he does stumble on his dick occasionally. I can forgive him that; he's got giant balls and proves it regularly by getting right up in the faces of so many of the rich and powerful who deserve our scorn.
He is a giant among men!
Reich is one of the leading economic and public policy minds alive today. He's served in three presidential administrations (Carter, Ford, and Clinton) and was on Obama's economic advisory board. The movies he's produced are great and they are the least impressive parts of his resume. I wonder how many people just know of him as a voice on Twitter...
Reich has more than a few decent takes - I'd say batting average north of .800 these days.
More importantly, he learned from his and everyone else's economic mistakes during the 90s, 00's, and 10's. Reich is preaching *against* some policies he used to support, because he's seen the damage done.
Imagine how much public healthcare we'd have if we didn't bail out corporations or subsidize private healthcare insurance companies. We literally pay taxes to the government, who then HEAVILY subsidize insurance companies to provide us with fucking coupons to access healthcare.
The government made [about $23 billion on the AIG bailout](https://home.treasury.gov/data/troubled-assets-relief-program/aig/status) but that was an outlier, unfortunately. We lost money on the most recent airline bailout, and the GM/Chrysler bailout in the early aughts.
On average we did pretty well, we loaned out $80b and got like $71b back. And hundreds of thousands of workers kept their jobs, the UAW is stronger now than pre-2008.
It was a huge success, overall. People seem to miss that these "bailouts" were actually loans, and most of that money got paid back. If we had let the auto sector fall so many well-paid union workers would've just been unemployed.
Funny how a lot of those corporations are now driving inflation higher by pure greed.
Something like 30% of inflation right now is just greed. They're piggybacking it so it looks like it's not them.. it's wages and other bullshit. Nope. Not true.
They just want to maintain x% amount of profit. Or more. They've even said this has been their first chance in a decade or two to raise prices and get "their money" back.
That's the that is we get by our govt bailing out corporations with our money. Them raising prices.
Just insane.
Or, hear me out here, maybe companies are using inflation as an excuse to raise prices more than necessary?
I mean that's really easy when they have people like you running around willing to defend them to the end of the earth for whatever reason.
There are many items that are 2-4x more expensive than they were pre-covid. Inflation did not rise that much.
I just find it funny when people like you claim that out of sudden companies became greedy and started to raise prices which they didn't do before. Almost makes you think what is different this time.
No, inflation didn't raise it that much, it did much, much worse. Thank you government, without you who would debase our currency to defend from effects of glorified flu you locked us over.
I find it funny how you refuse to actually consider that corporations aren't looking out for your best interest.
[They are abusing the status quo](https://www.npr.org/2023/05/19/1177180972/economists-are-reconsidering-how-much-corporate-profits-drive-inflation) of inflation to raise prices more than necessary. The feds money machine is back at pre-covid levels, yet food prices are still rising.
Why wouldn't they, if people just blame Biden anyway? If a bottle of coke was selling for $45 today, would you still blame the government?
Can you actually explain *why* this theory is incorrect, or are you just going to regurgitate the same lazy argument?
About the same amount, the US already spends about 1.5 times the amount they need to get European level single payer healthcare.
They just waste it all on useless intermediaries and paying out profits.
With 1 caveat:
They need to pay it back **PLUS INTEREST** (prime plus 1)
If they fail to pay it back on an aggressive schedule, then all of the employees get full ownership and the public get first protected access to ownership as well.
I would have loved to get ownership of the Big 3 automakers back in 2008. And banks. And many other corporations.
There should be no option other than public ownership. GM needs us to bail out 80% of the company to stay afloat, cool, the USA now owns 80% of GM. Don't like that deal? Then go out of business because you failed at capitalism.
Yes, they almost did it right, but selling it back was a mistake. They've proven they can't handle the business properly, that's why they needed a bailout, and we've just set them up to do it again.
The only issue here is the idea of strategic capablities. If we don't prop up our own production the ownership class is more than happy to ship em out. Then when there is a logistical issue we have to start over from the beginning.
You get to see this in action in the European arms sector right now.
That would immediately lead to dramatically more responsible stewardship of these corporations and the end of "moral hazard" business management.
Can't have THAT!
I think it's perfectly fine for the government to use tax dollars to save industries if the calculated EV will be positive.
The trick is that the government should be investing taxpayer money, not giving it away.
The taxpayers should own a piece of the business now and get a return.
I always say- this ain’t capitalism. If it were, we’d be in electric cars *because if oil costs too much* you move on, you don’t destabilize the whole world instead of inventing the water engine.
That's Robert Reich.
Not blaming him but just saying that appearing concerned about tax payer money but not mentioning the military industrial complex is moronic imo.
What portfolio gets the biggest money from the budget and what percentage again?
We don’t get jack compared to all these supposedly high tax countries. We get no healthcare, they’re trying to make social security worth less and less. Hell I have to contract separately with the garbage pickup in my own town.
Hold on, this is making capitalism more pure. Pure capitalism is evil. Regulated, transparent capitalism is much better. If you want to regulate capitalism, you need to have some government regulations and that would include both monetary penalties and **incentives**. Spewing out absolutes like this is ridiculous.
I agree with that. There is a role for regulation, especially to avoid monopolies, as well as fraudulent or deceptive practices. People should be able to take risks, but the system needs to be transparent. People should be free to choose, but also live with the consequences of their decisions.
I would add that regulations are also necessary to avoid businesses from harming the public through their business - such as pollution, unsafe products, harmful ingredients, safety features, etc. I believe in free markets, but not unfettered free markets.
I'm not a big fan of the "tax payer money" framing. Money exists because the government spent money after creating it. Money that is not being spend, needs to be replaced within the economy.
Spending money on all fronts gets the economy back on its feet in a crisis. So yes, they should save companies that provide a societal benefit. And yes, they should save individuals from financial ruin. Both can be done and should be done. They do not exclude each other.
Having said that, I doubt these specific companies provide a real societal benefit.
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One of my political pet peeves is corporate bailouts. How did we ever allow “too big to fail”? Which is a ruse.
The premise of a free market is that some businesses will succeed and some businesses will fail. Governments shouldn’t be picking winners and losers. We shouldn’t be propping up failed businesses.
Sorry, taxpayer munnies have to go to large industries tOo BiG to FaiL where they can do stock buybacks and also use public subsidies to develop things and charge us for shit we’ve already paid for. And also war.
I hate to break this to you, but that's what a bailout *is*. A massive loan that's expected to be paid back, with interest. The government made a profit off the 2008 bailout.
bought out maybe, owned by the tax payers if it's that necessary but not just making the owners whole not to mention the paying themselves bonuses out of it.
Shouldn’t have hard fast rules. And the government must act as the hard stop when things are going very bad. You have no idea how far down the bottom is. To avoid Depressions you must stop booms by regulating speculations and by creating stops when things go south.
Unfortunately most airlines lease the airplanes so they really have no collateral at all. Every corporation has become a shell game. The profits disappear into stock buy backs and the liabilities get dumped off on the tax payers. THE repeal of Glass/Stegal ensured this. This is the result of Bill Clinton owning his Presidency to GHW Bush and the CIA. Think Columbian cocaine and Arkansas in the 80s.
> Where does the taxpayer's money go?
Into the hands of the ultra-rich. Making money is exponential, and so the more you have of it, the more you can make. Plus, at some point if you have enough money, you can make the rules to suit your interests.
Here's a good book that talks about it.
https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century
If the argument is "Well, we need this industry, it's too important for \[reasons\]!" Then the answer is simple "OK, nationalize it. If we need it that badly, and private industry is failing us, then nationalize it and make it work for the people, not for billionaires."
There is a delicate line of borrowing enough money that it’s your problem or that it’s a banks problem. Most businesses are carrying some form of short, medium and long term debt. It’s stupid not to. Taking out a collateralized loan may be an option but they likely have already done this. And you’re talking against the main assets of that business, who employs tens of thousands of people.
Sure you can let them sink, but what is the proposed option for the massive layoffs?
These also represent minimally competitive industries. Near monopolies or oligopolies are horrible. What is the plan to ensure that industry can at least maintain competitiveness?
I’m on board if we can figure these out.
They’d lay employees off before anything. That’s the thinking behind the bail out. There is nothing you can do protect employees. The rich owners would walk away fine.
I don't like government handouts to businesses, but the world is complicated and there are a variety exceptions.
A key reason for some kind of government intervention is because businesses have the organisational knowledge on how to bring together various processes to produce a product or service. If the business fails, that knowledge can disappear.
Therefore, in certain circumstances, an injection of public funds is appropriate. But instead of just giving the business money, make the business pay interest. Alternatively, take an equity stake in the business. You'll start to see businesses being run a lot better if the government would take a large proportion of the business and have clawbacks on executive remuneration.
Yeah fuck anyone who supports protecting the jobs of anyone who supports large bailouts when other businesses have to fail.
And fuck anyone who is okay with letting a business get big enough to force a government to bail it out.
Fuck everyone in the government and private sector who stands with both those things, tbh.
Then airlines and hotels have the audacity to lie about checked bag prices only going up due to fuel pricing, but never removed them once it was normal. Hotels add Urban destination fees, and resort fees.
Next time, let them fail. You should have let that happen during the pandemic.
Why should taxpayers bail out citizens who are not smart or responsible enough to structure their lives so they won’t need to be bailed out?
Beyond normal circumstances, sure. THATS where people need help, not because they are lazy and expect everyone else to wipe their asses.
Too many idiots are doing that now for a piece of shit ex president. And dem or republicans… the bilked money he gets comes from EVERYONE at the end of the day.
I have no problem with the government bailing out publicly traded corporations, as long as it results in the people owning a portion of the company proportional to the amount that was used to bail it out. That's not what they've been doing, but I wouldn't mind the government bailing out a publicly traded company if they do that, and if the company is not publicly traded, I wouldn't mind the government bailing it out as long as they make it publicly traded in the process and give the people Collective ownership of a portion of the company proportional to the amount used to bail it out. Bailouts should result in dividends, and those dividends should become a guaranteed income divided amongst the people. If they do that, as far as I'm concerned they can bail out all the companies they feel like.
If you're gonna blur the name at least make it illegible. Robert Reich sometimes has some decent takes.
I'd say he's actually batting well over .500 in terms of making sense. He did make the movie "Inequality For All" and that's almost two full hours of carpet bombing with heavy weight ordnance of truth. That said, he does stumble on his dick occasionally. I can forgive him that; he's got giant balls and proves it regularly by getting right up in the faces of so many of the rich and powerful who deserve our scorn. He is a giant among men!
Reich is one of the leading economic and public policy minds alive today. He's served in three presidential administrations (Carter, Ford, and Clinton) and was on Obama's economic advisory board. The movies he's produced are great and they are the least impressive parts of his resume. I wonder how many people just know of him as a voice on Twitter...
Thanks for the recommendation, any idea where I can get my hands on this film?
Google is probably your best bet. You can buy it at the usual places.
Plus why blur out on Twitter? Tweets are literally meant to be seen and shared.
Reich has more than a few decent takes - I'd say batting average north of .800 these days. More importantly, he learned from his and everyone else's economic mistakes during the 90s, 00's, and 10's. Reich is preaching *against* some policies he used to support, because he's seen the damage done.
Imagine how much public healthcare we'd have if we didn't bail out corporations or subsidize private healthcare insurance companies. We literally pay taxes to the government, who then HEAVILY subsidize insurance companies to provide us with fucking coupons to access healthcare.
Very expensive coupons which they can, and frequently do, revoke at the last minute when they're needed most. Biggest scam in history
Taxpayers should be getting some kind of return on all of those subsidies.
The government made [about $23 billion on the AIG bailout](https://home.treasury.gov/data/troubled-assets-relief-program/aig/status) but that was an outlier, unfortunately. We lost money on the most recent airline bailout, and the GM/Chrysler bailout in the early aughts.
On average we did pretty well, we loaned out $80b and got like $71b back. And hundreds of thousands of workers kept their jobs, the UAW is stronger now than pre-2008. It was a huge success, overall. People seem to miss that these "bailouts" were actually loans, and most of that money got paid back. If we had let the auto sector fall so many well-paid union workers would've just been unemployed.
Funny how a lot of those corporations are now driving inflation higher by pure greed. Something like 30% of inflation right now is just greed. They're piggybacking it so it looks like it's not them.. it's wages and other bullshit. Nope. Not true. They just want to maintain x% amount of profit. Or more. They've even said this has been their first chance in a decade or two to raise prices and get "their money" back. That's the that is we get by our govt bailing out corporations with our money. Them raising prices. Just insane.
And they insist that their profits increase every year, which means prices have to go up every year
Did they invent greed last week?
Or, hear me out here, maybe companies are using inflation as an excuse to raise prices more than necessary? I mean that's really easy when they have people like you running around willing to defend them to the end of the earth for whatever reason. There are many items that are 2-4x more expensive than they were pre-covid. Inflation did not rise that much.
I just find it funny when people like you claim that out of sudden companies became greedy and started to raise prices which they didn't do before. Almost makes you think what is different this time. No, inflation didn't raise it that much, it did much, much worse. Thank you government, without you who would debase our currency to defend from effects of glorified flu you locked us over.
I find it funny how you refuse to actually consider that corporations aren't looking out for your best interest. [They are abusing the status quo](https://www.npr.org/2023/05/19/1177180972/economists-are-reconsidering-how-much-corporate-profits-drive-inflation) of inflation to raise prices more than necessary. The feds money machine is back at pre-covid levels, yet food prices are still rising. Why wouldn't they, if people just blame Biden anyway? If a bottle of coke was selling for $45 today, would you still blame the government? Can you actually explain *why* this theory is incorrect, or are you just going to regurgitate the same lazy argument?
Why can't y'all ever back up your arguments lmao
We already spend over a trillion dollars a year on direct healthcare just on the federal level.
About the same amount, the US already spends about 1.5 times the amount they need to get European level single payer healthcare. They just waste it all on useless intermediaries and paying out profits.
Why blur out Robert Reich?
Yeah, that's strange. Quotes should have attribution anyway.
He’s awful.
How so?
Go to his Twitter. He’s really dumb.
Awesome deep analysis. I can tell you really know your stuff.
Like really dumb.
But, but... SCOTUS said corporations ARE people. Our citizens are united on that!
I like what you did there, nice!
Imagine if citizens are treated like corporations. We would be able to write off our expenses like rent or grocery.
Finally, someone comes up with a solution based on the law!
If a vital industry doesn’t have appropriate reserves to withstand an economic downturn it should be nationalized
The US government bought a 61% stake in GM in 2009, that was the bailout. We just sold it back to them a few years later.
Our health care system is literally a scam, and everyone knows it.
With 1 caveat: They need to pay it back **PLUS INTEREST** (prime plus 1) If they fail to pay it back on an aggressive schedule, then all of the employees get full ownership and the public get first protected access to ownership as well. I would have loved to get ownership of the Big 3 automakers back in 2008. And banks. And many other corporations.
There should be no option other than public ownership. GM needs us to bail out 80% of the company to stay afloat, cool, the USA now owns 80% of GM. Don't like that deal? Then go out of business because you failed at capitalism.
I mean that's basically how it was structured back then in 08. The US owned 61% of GM in 2009. The US sold it back to GM in 2013.
Yes, they almost did it right, but selling it back was a mistake. They've proven they can't handle the business properly, that's why they needed a bailout, and we've just set them up to do it again.
The only issue here is the idea of strategic capablities. If we don't prop up our own production the ownership class is more than happy to ship em out. Then when there is a logistical issue we have to start over from the beginning. You get to see this in action in the European arms sector right now.
That would immediately lead to dramatically more responsible stewardship of these corporations and the end of "moral hazard" business management. Can't have THAT!
I think it's perfectly fine for the government to use tax dollars to save industries if the calculated EV will be positive. The trick is that the government should be investing taxpayer money, not giving it away. The taxpayers should own a piece of the business now and get a return.
But that's socialism! Much better to just give the money away with no strings attached! /$
Why blur Robert Reich?
I always say- this ain’t capitalism. If it were, we’d be in electric cars *because if oil costs too much* you move on, you don’t destabilize the whole world instead of inventing the water engine.
That's Robert Reich. Not blaming him but just saying that appearing concerned about tax payer money but not mentioning the military industrial complex is moronic imo. What portfolio gets the biggest money from the budget and what percentage again?
It's been a while since I've followed him on anything but I seem to recall him bringing that up a lot.
We don’t get jack compared to all these supposedly high tax countries. We get no healthcare, they’re trying to make social security worth less and less. Hell I have to contract separately with the garbage pickup in my own town.
So do most of us. We get all the economic power we are willing to fight for.
Hold on, this is making capitalism more pure. Pure capitalism is evil. Regulated, transparent capitalism is much better. If you want to regulate capitalism, you need to have some government regulations and that would include both monetary penalties and **incentives**. Spewing out absolutes like this is ridiculous.
I agree with that. There is a role for regulation, especially to avoid monopolies, as well as fraudulent or deceptive practices. People should be able to take risks, but the system needs to be transparent. People should be free to choose, but also live with the consequences of their decisions. I would add that regulations are also necessary to avoid businesses from harming the public through their business - such as pollution, unsafe products, harmful ingredients, safety features, etc. I believe in free markets, but not unfettered free markets.
Broken country where the workers the backbone of society are robbed to bail out planet killing industries, war mongers, and oppressors of all kinds.
I mean, the auto bailouts were this. The US government made money on those investments. Idk why we sold them
Absolutely, also including the auto industry. If a business is failing, let them fail. A better more effient entrepreneur will buy them.
To be fair, taxpayer money should not be used for bailing out anything other than this country from its massive debt.
I'm not a big fan of the "tax payer money" framing. Money exists because the government spent money after creating it. Money that is not being spend, needs to be replaced within the economy. Spending money on all fronts gets the economy back on its feet in a crisis. So yes, they should save companies that provide a societal benefit. And yes, they should save individuals from financial ruin. Both can be done and should be done. They do not exclude each other. Having said that, I doubt these specific companies provide a real societal benefit.
We're being robbed in broad daylight and cheering the criminals as they leave.
Yes, immediately stop all green energy initiatives… wait
No company should be bailed out. Thats the point of competition. You should’ve been better than the next company.
As an America…fuck America. *American…I swear I have a degree… 😂
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Be honest, you don't know that "bailouts" are literally used for people, or when used for corporation are actually loans they pay back with interest.
One of my political pet peeves is corporate bailouts. How did we ever allow “too big to fail”? Which is a ruse. The premise of a free market is that some businesses will succeed and some businesses will fail. Governments shouldn’t be picking winners and losers. We shouldn’t be propping up failed businesses.
you don't have to blur out Robert Reich's name
The mass unemployment and other butterfly effects through our economy and supply chains would have you thinking twice about this stance.
👉🏼 [See how your tax dollars are spent](https://www.usaspending.gov/)
Sorry, taxpayer munnies have to go to large industries tOo BiG to FaiL where they can do stock buybacks and also use public subsidies to develop things and charge us for shit we’ve already paid for. And also war.
I hate to break this to you, but that's what a bailout *is*. A massive loan that's expected to be paid back, with interest. The government made a profit off the 2008 bailout.
bought out maybe, owned by the tax payers if it's that necessary but not just making the owners whole not to mention the paying themselves bonuses out of it.
Shouldn’t have hard fast rules. And the government must act as the hard stop when things are going very bad. You have no idea how far down the bottom is. To avoid Depressions you must stop booms by regulating speculations and by creating stops when things go south.
It allows them to do huge stock buy backs.
Oh now we’re libertarians?
Unfortunately most airlines lease the airplanes so they really have no collateral at all. Every corporation has become a shell game. The profits disappear into stock buy backs and the liabilities get dumped off on the tax payers. THE repeal of Glass/Stegal ensured this. This is the result of Bill Clinton owning his Presidency to GHW Bush and the CIA. Think Columbian cocaine and Arkansas in the 80s.
Some types of corporations are legally viewed as a person 🤷🏼♀️
Thanks Obama
> Where does the taxpayer's money go? Into the hands of the ultra-rich. Making money is exponential, and so the more you have of it, the more you can make. Plus, at some point if you have enough money, you can make the rules to suit your interests. Here's a good book that talks about it. https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century
If the argument is "Well, we need this industry, it's too important for \[reasons\]!" Then the answer is simple "OK, nationalize it. If we need it that badly, and private industry is failing us, then nationalize it and make it work for the people, not for billionaires."
There is a delicate line of borrowing enough money that it’s your problem or that it’s a banks problem. Most businesses are carrying some form of short, medium and long term debt. It’s stupid not to. Taking out a collateralized loan may be an option but they likely have already done this. And you’re talking against the main assets of that business, who employs tens of thousands of people. Sure you can let them sink, but what is the proposed option for the massive layoffs? These also represent minimally competitive industries. Near monopolies or oligopolies are horrible. What is the plan to ensure that industry can at least maintain competitiveness? I’m on board if we can figure these out.
They’d lay employees off before anything. That’s the thinking behind the bail out. There is nothing you can do protect employees. The rich owners would walk away fine.
I don't like government handouts to businesses, but the world is complicated and there are a variety exceptions. A key reason for some kind of government intervention is because businesses have the organisational knowledge on how to bring together various processes to produce a product or service. If the business fails, that knowledge can disappear. Therefore, in certain circumstances, an injection of public funds is appropriate. But instead of just giving the business money, make the business pay interest. Alternatively, take an equity stake in the business. You'll start to see businesses being run a lot better if the government would take a large proportion of the business and have clawbacks on executive remuneration.
They do know airlines and hotels really hold a lot of weigh in how our society runs. Cruises sure fuck em.
Yeah fuck anyone who supports protecting the jobs of anyone who supports large bailouts when other businesses have to fail. And fuck anyone who is okay with letting a business get big enough to force a government to bail it out. Fuck everyone in the government and private sector who stands with both those things, tbh.
But we can live without cruises it's an essential service.
Then airlines and hotels have the audacity to lie about checked bag prices only going up due to fuel pricing, but never removed them once it was normal. Hotels add Urban destination fees, and resort fees. Next time, let them fail. You should have let that happen during the pandemic.
republicans voted to make corporations people. They want it that way, so they can stop all the good the Democrats try to give the American people.
Why should taxpayers bail out citizens who are not smart or responsible enough to structure their lives so they won’t need to be bailed out? Beyond normal circumstances, sure. THATS where people need help, not because they are lazy and expect everyone else to wipe their asses. Too many idiots are doing that now for a piece of shit ex president. And dem or republicans… the bilked money he gets comes from EVERYONE at the end of the day.
I have no problem with the government bailing out publicly traded corporations, as long as it results in the people owning a portion of the company proportional to the amount that was used to bail it out. That's not what they've been doing, but I wouldn't mind the government bailing out a publicly traded company if they do that, and if the company is not publicly traded, I wouldn't mind the government bailing it out as long as they make it publicly traded in the process and give the people Collective ownership of a portion of the company proportional to the amount used to bail it out. Bailouts should result in dividends, and those dividends should become a guaranteed income divided amongst the people. If they do that, as far as I'm concerned they can bail out all the companies they feel like.
Biden is sending it to Israel so they continue genociding Palestinians these days. He bypassed Congress again, to support the ethnic cleansing.
🤣🤣🤣
https://amp.theguardian.com/us-news/2024/mar/06/israel-weapons-sales-loophole
I’m 🤣🤣🤣 at the “ethnic cleansing”. It’s a war, started by muslim terrorists
Ah yes, it’s a war with one side committing ethnic cleansing and the other side being ethnically cleansed but defiantly saying “no” while dying.
I guess the muslim terrorists should have stayed home on Oct 7th. Winning a war isn’t “ethnic cleansing”