China isn't our bogeyman and it isn't our savior. We need to stop seeing China through a distorting rear view mirror. It informs bad policy and feeds into the fashionable, but false, narrative of American decline.
The city of Detroit is still weak and gasping to avoid bankruptcy. In the event of a bankruptcy, the city's union contracts will be torn up, debts eliminated and renegotiated. It would be painful, just as it was for GM and Chrysler.
It's hard to believe that nearly four years into the worst Recession since the Second World War, while mired in a jobless recovery of unprecedented length and magnitude, we continue to hear that manufacturing jobs don't matter.
For me, the most powerful moment of Inside Job was something the CEO of a large bank said. "We can't control our greed," the CEO acknowledged, in a rare moment of candor and insight. "You should regulate us more."
When pension funds are caught up in scandals, it is not the embarrassment of the funds that should be making headline news, but rather the fact that they are playing with future security of millions of workers.
Dear Rahm Emanuel, I read this week that during White House meetings about how to save the tens of thousands of jobs that would be lost if GM and Chrysler collapsed, your response was, "F**k the UAW!" Let me give you a little f**king lesson.