Thursday, March 15, 2012

Quotation for Today: Public Moral Hazard

Republican presidential wannabes and their supporters inveigh against their idea of private immorality while ignoring the endangerment of public morality by Wall Street bankers and corporate executive officers.  The quotation for today reminds us of the violations of public morality by Wall Street bankers and corporate executives.

... abuses of public trust such as we’ve witnessed for years on [Wall] Street and in the executive suites of our largest corporations are not matters of private morality. They’re violations of public morality. They undermine the integrity of our economy and democracy. They’ve led millions of Americans to conclude the game is rigged.
Robert Reich

Robert Reich is Chancellor's Professor of Public Policy at the University of California at Berkeley. He has served in three national administrations, and he has written thirteen books, including The Work of Nations, Locked in the Cabinet, Supercapitalism, and his most recent book, Aftershock. His "Marketplace" commentaries can be found on and iTunes. He is also Common Cause's board chairman. 

Reich, Robert. "The Difference Between Private and Public Morality." Robert Reich's blog 13 March, 2012.

Historical reading:

President Franklin D. Roosevelt. "Message to Congress on the Concentration of Economic Power." 29 April, 1938.

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