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Why the White House is ditching Wolfowitz, why it's naming a War Czar, and why Daimler is paying to get rid of Chrysler.

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  • CTD3 3 years ago
    Good one Robert,
    What's your take on Andrew Young vehemently defending Wolfowitz?
    Czar (dumb),, a Three star General btw, all the 4 star Generals approached refused ( it did take "a while" to fill the position).
    The Chrysler folks (workers and pensioners) are bending over for they know they are gonna get screwed, seriously screwed, Like Daimler appears to want to have some one to be the executioner ; bankruptcy or negotiate new deals ,,, w/ workers & pensioners oh yeah and some pink slips for sure. & The drama unfolds,,,
    Your vlog pieces are great.
  • Robert Reich 3 years ago
    Wolfowtiz's defenders are becoming as rare as neocons who continue to defend Bush.
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  • Radthanael 3 years ago
    I was recently chastised by my uncle for calling you my favorite "not-republican" instead of him.

    He willingly relented when he realized he was second only to you. Keep preachin' it.
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  • Tallulah 3 years ago
    I like your take on the Daimler-Chrysler bail-out. I think you're probably right, too.
  • dalas verdugo staff 3 years ago
    Yes, thank you for bringing this to my attention. I hadn't seen the story.
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  • Steve Holt 3 years ago
    Pension fund bail outs, mortgage bail outs, how many bail outs are we looking at here?
  • Robert Reich 3 years ago
    Socialism for corporations and the rich, capitalism for the middle class and the poor. That's what the system has become under Bush et al.
  • dalas verdugo staff 3 years ago
    I think Noam Chomsky called it "Tough Love." Love for the rich and tough for everyone else.
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  • neil epstein 3 years ago
    i'm scared.
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  • Lee 3 years ago
    Thanks Robert, I've been following Daimler-Chrysler-Cerberus ordeal...you think Cerberus is just going to pocket the $650 mn? They would for sure have to lay off a significant amount of employees for costs cuts, and I think that would be one of their first moves. Do you think there is the slightest chance that Cerberus would be able to, or rather be thinking to turn the 3rd largest American car manufacturer into #1? GM and Ford are sucking wind big time right now. Cerberus has a great opportunity to revolutionize a juggarnaut and it is disappointing to acknowledge the potential reality of this deal (unloading the costs on US)...I want to hear more in depth thoughts on the specifics.
  • Robert Reich 3 years ago
    Promised employee health-care expenditures are a huge liability on Chrysler's balance sheets, as I noted. I expect the UAW, Chrysler, GM, and Ford will all begin a major lobbying campaign later this year to allow people 55 to 65 years old to join Medicare, thus shifting a giant piece of the Big Three's liability on to that program.
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  • Chrysler situation reminds me of the 1979, 1.2 billion dollar bail out with Lee Iacocca. Will it happen again? War czar, how about fall guy, I smell a set up. What do you think about Greenspan advising Pimco
  • Robert Reich 3 years ago
    Part of it will be a taxpayer bailout of the Chrysler's pension program (either directly or indirectly through the Pension Benefit Guarantee Corporation). Part will be an expansion of Medicare (see above). Part will be some tax relief, via an Employee Stock Ownership Plan. I'm guessing, of course, but these seem probable to me.
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