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Web Letters | The Nation

Web Letter

Recently, on CNNI's Quest Means Business, there were a couple of days of interviews with George Soros, who is very intelligent and interesting. However, he has spent all his very successful life either in investing or in academia. He understands that the current economic model is rather fragile, and he said that he made his money betting against the market. One of the interviews was in Keynes's old rooms at Cambridge, so I think he may find Keynesian economics attractive. A plus for him there. He was at Cambridge seeking the "best minds" to deal with the "globalized economy." Good luck!

I don't think he fully understands that Main Street and not Wall Street is the engine of the economy. Modern developed economies are supported by the disposable income of ordinary wage-earners. When, in a "globalized world," you outsource Industries and the jobs they support, for cheap labor overseas, you destroy developed markets. To buy these cheap goods or pay taxes, well-paying jobs are a requirement. No jobs, no economy, and governments collapse.

This is not a complicated economic model, but "trained economists" from prestigious universities do not get it. They can't see the woods for the trees.

Besides being a university graduate, with a masters degree, I'm a union guy, and Trumka is right.

Pervis James Casey

Riverside, CA

Apr 14 2010 - 12:49pm

Web Letter

Thanks for highlighting this excellent speech. Rich Trumka is indeed a former coal miner. My recollection from the late 1970s is that Trumka is a lawyer as well.

The story I heard then was that he'd recently taken his shiny new law degree and gone down in the mines, intending one day to head the union. Coming a family in which, two generations back, education had been the men's sole way to avoid mining, I wished him well.

I still do.

Sarah McKee

Amherst, MA

Apr 13 2010 - 12:39pm