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Who is in the Room in the Financial Crunch?

We have the worst financial crisis since the Great Depression of 1929. And who do we put in charge - investment bankers who started it.Let’s look at how this got started. There is a MIT professor, Thomas Kochan, who demonstrates that in the last quarter of a century, productivity in U.S. manufacturing rose by 70% but real wages remained flat (see At the same time as wages remained flat, half of the income gains went to the top 10% of the income distribution. Top that off with inflation rising over 400% since the 1970s and that means those who make a median income in this country are being squeezed - they work harder, earn less and watch while the rich take the bulk of the money. What a country! Obama wins and guess what - he surrounds himself with investment bankers. Way to go! What are Democrats to do? Long ago, a friend of mine who was an Assemblyman said the influence of the rich was quite seductive. He gets home from a long night of meetings and he has several phone calls to return. Most of those phone calls are from ordinary citizens, one is from a donor. He’s tired. Who does he call? the donor. What does President-elect Obama do? How can he resist the seduction that is now going on? I don’t know. But the Democrats have a real problem. They promised to help the middle class but the middle class is not in the room.For those of you who wish to understand the financial crunch we are now enduring, you should read Wallace Roberts, a Vermont journalist.


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