Word: reich
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Dates: during 2000-2009
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...guilty conscience, billions to play with and oodles of time is the perfect recipe for massive deception, according to Christopher Reich, best-selling author of financial thrillers such as Number Account and the recent Rules of Deception. "Madoff had decades to prepare for this day, and it's likely he's hidden considerable assets," says Reich. "Numbered accounts in Swiss banks are no good today; the Swiss cooperate too much." Instead, a white-collar fraudster like Madoff could create multiple phony investment-advisory businesses in foreign countries, similar to legitimate businesses he's actually working with. Says Reich...
...Reich's sentiment is shared by many Democrats who believe that the key to a strong economy is a strong middle class, and the key to a strong middle class is union bargaining. They point to heroes of the movement like Walter Reuther, the famed head of the United Auto Workers, who once famously noted that his workers were also Chrysler's best customers. "What studies show is that every time there's been a strong labor movement, there's been a strong middle class," says Janice Fine, a professor at Rutgers University's School of Management and Labor Relations...
...untold billions annually. Union advocates argue that the bill is not just good for unions but a boost for the economy as well. "If it becomes easier for working people to form unions and get more bargaining power and therefore higher wages, the economy will be helped," said Robert Reich, a former labor secretary under President Clinton and an adviser to Obama on labor during the campaign. "EFCA will be good for the economy because it will improve bargaining and put more money in the pockets of workers...
...what to make of such portentous statements, given that there is no agreed-upon dividing line between recessions and depressions, and no descriptive word in between. "It's a recession when your neighbor loses his job," Harry Truman once quipped. "It's a depression when you lose yours." What Reich and Morici seemed to be groping for - other than media exposure (mission accomplished!) - was a way to express that the current downturn may be a more serious phenomenon than other recessions of the post-World War II era. (See pictures of the recession...
Intuitively, this Swedish model seems like a plausible enough scenario for the U.S. today - what Reich calls a "Mini Depression," or what one commenter on my TIME.com blog has dubbed the "Great Recession...