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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.
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.