Clintonomics

Interesting review by Robert Pollin of former President Clinton's economic advisor Joseph P. Stiglitz and his book The Roaring Nineties.

The basic message of The Roaring Nineties is straightforward: from day one, the Clinton Administration’s economic agenda was set by Wall Street, primarily through its main spokespersons, Federal Reserve Chair Alan Greenspan, and Robert Rubin, who Clinton selected from his position as Co-Chair of the elite Wall Street firm Goldman Sachs to become his most Review of Stiglitz, The Roaring Nineties—2nd revised version influential economic advisor, and eventually Treasury Secretary. As Stiglitz states repeatedly, Clinton was elected to office on a platform of “Putting People First” and “Jobs, Jobs, Jobs.” But the actual Wall Street agenda became clear immediately. It was deficit reduction, low inflation, and deregulation.

One quote from the short review:

"First, businesspeople generally oppose subsidies, for everyone but themselves. For their own sector, there were always a host of arguments for why some government help was needed. From unfair competition abroad to an unexpected downturn at home, the stories were endless. Second, everyone was in favor of competition, in every sector but their own. Again, there were a host of arguments for why competition in their sector would be destructive, or why it needed to be managed carefully."

That's why, on a side issue, I oppose owners of sports franchises getting public money to fund their private operations namely to build sports arenas and stadiums. They want it badly? They feel it's good the local economy? Fork over the cash out of your own pockets.