Robert Reich Plays the Class Warfare Card....Again

For a Berkley professor, you would think that he would have come up with something better to use by now.

From column in The Huffington Post today:

At a time when corporate profits are through the roof, the Dow is flirting with 12,000, Wall Street paychecks are fat again, and big corporations are sitting on more than $1 trillion in cash, you'd expect jobs be coming back. But you'd be wrong.

We have two economies. The first is in recovery. The second remains in a continuous depression.

The first is a professional, college-educated, high-wage economy centered in New York and Washington, that's living well off of global corporate profits.

The second is most of the rest of America, and it's still struggling with a mountain of debt, declining home prices, and job losses. In coming months most Americans will also be contending with sharply rising prices of food and fuel.

 Hell, at least he sees the rising food and energy commodity prices and places blame on the Fed's easy money policies unlike Paul Krugman.  Yes, there are a number of externalities such as weather that are affecting food prices, but then why doesn't Krugman explain why the Dow Jones is around 12,000?  The Stock Market is reflective of the capitol goods market and is showing inflation which will work its way to consumer goods soon enough. I actually agree with Reich for most of his article but while he decries a policy of enriching the few on the backs of the many, I doubt he has changed his view on unionization which essentially does the same thing.  And for that $1 trillion of reserve cash (I have heard it was $2 trillion), why does no one in the mainstream media understand how inflationary it would be if it were to be put into the economy?


And for all the Ben Bernanke's out there who thought that QE2 would drive down interest rates, the invisible hand strikes again:

 I can never get over how much of a valuable resource EconomicPolicyJournal and Robert Wenzel are.

Look on the bright side, this Sunday after the Super Bowl (Go Packers!! please don't let the Steelers win another) Glee is all new.  The music producers of that show continue to blow my mind, demonstrated by this mash up of the Yeah Yeah Yeahs "Heads Will Roll" with none other than Michael Jackson's "Thriller."  Unfreaking believable: