# of Words: 382

America's economic Crash of 2008 was led almost at Wall Street. In his September release, qualified, Aftershock: The Next Economy And America's Future, Robert B. Reich asserts otherwise. He believes the real problem is structural: There's an increasing concentration of wealth at the top, while middle class Americans struggle to keep a good standard of living.

Reich served in three national administrations, most recently as Secretary of Labor under President Clinton. He's written books, and is a university professor of public policy. Three stages of contemporary American capitalism substantiate Reich's message. The very first stage (1870- was one of increasing concentration of income and wealth.

Stage 2 (1947-, showcased more broadly shared prosperity; and phase three (1980- is one of increasing wealth concentration. Reich says it's critical for the future to begin a phase where broad-based prosperity reigns. Reich profiles Marriner Eccles, a business tycoon through the Great Depression. Largely forgotten today, Reich believes Eccle's analysis of the underlying economic stresses of the Great Depression are relevant to the Crash of 2008. His assumption of a fast national recovery proved wrong, as we know today. President Roosevelt summoned him to Washington DC to share his own financial acumen that was based on experience and logic.

Eccles chaired the Federal Reserve Board from 1934 to 1948 (the Eccles Building on Constitution Avenue in Washington DC is his memoriam). History repeats itself today, as there's a vast accumulation of income among the nation's wealthiest individuals. The result is everyone else encounters reduced purchasing power. The basic bargain gave workers a more proportionate share of the fruits of economic growth. Average workers had enough purchasing power to get what they created. These are tough times for our nation really, as we adjust to the growing pains of globalization. Despite home foreclosures, continued high unemployment, reduced earnings, less economic protection, widening inequality and soaring pay on Wall Street, Reich concludes on a voice of urgency. He emphasizes that America, when faced with a depression, an enveloping war and other ethical urgencies, has consistently risen to the occasion. "We can select reform, I believe, because we are a reasonable nation, and reform is the only practical option we've got" . To learn more about Reich's perspective on restoring the basic bargain to store middle class America, visit his website at http://robertreich.org.

Related Papers

History of Immigration in the United States

The History of Ellis Island and Your Family Search. If your family search leads to Europe, make a stop at the American Family Immigration History Center on Ellis Island in New York Harbor.

A Description of a Controversial Topic of Benefits of Immigration in the U.S.

Developments in Immigration policies make mandatory detention a great deal more likely for Lawful Permanent Residents and Visa holders. When you have been lately arrested or have been released from prison after October 8, 1998, you might be a candidate for mandatory detention. Immigration and Customs Enforcement (ICE) will arrest and help you in a Immigration Detention Facility based on the criminal charge. This will occur though you served a minimal quantity of time in jail. The essential......Read More

Are Immigrants Posing a Danger to the U.S. Economy or Are They Benefiting Us?

If we are to find our approach to a solution, we have to examine the genuine predicament of the millions of illegal immigrants within our midst without disregarding the legitimate concerns millions of Americans own about their presence. The initial step in broadening our argument is to proceed beyond some distortions about just who immigrants are, how they live, and also just how and why they got here. As a result, the total number of people living in families with at least one illegal immigrant......Read More

Related Topics