Word: rohatyn
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...enlightened right--the right of Wall Street and the Business School--already has its plan. As expounded by Felix Rohatyn, a New York investment banker, and the others of Business Week, remdus- trialization" would relay not only supply-side whimsy, but explicit federal allocation of capital. A renovated Reconstruction Finance Corporation would direct huge subsidies to promising growth industries and bail out a few more important declining industries. In both cases, however, reindustrialization funds depend on workers agreeing to wage restraint. And according to Business Week, "destabilizing" goals such as affirmative action and environmental repair must be deferred...
Lekachman, in the weakest passage of his argument, suggests that such a program is possible only under "friendly fascism"--an authoritarian national security state smilingly led by Reagan. Maybe, But it's worth remembering that Felix Rohatyn was most popular in the Carter White House Reagan's ideology has no place for most government-based reindustrialization plans...
Advocates of default insist that Poland's creditors have an unparalleled opportunity to pressure the Soviet Union by squeezing its troubled satellite. Says Felix Rohatyn, a partner in the investment-banking firm of Lazard Frěres: "For the first time in 25 years, the Western governments have a truly credible weapon in their armory, and that's control of the capital markets. The Russians can get technology elsewhere, and lots of people will provide them with grain. But nobody else can make the capital available." A default declaration might force the financially pressed Soviet Union to increase...
...businesses, and to allow floundering ones, like the automobile industry, to pool information and share research and development costs. Not exactly trust busting but it will, they say, enhance American industry's ability to complete with Japan and Germany. Even more controversial is another Thurow suggestion, seconded by Felix Rohatyn, that the Federal government create a sort of central economic planning agency. This would allow the government to invest in concerns that have great potential, but because of their risky nature might have trouble attracting private funding--companies, for example, formed to investigate and produce alternate energy sources...
...presidential race. These two youthful and appealing gentlemen, joined by junior senators such as New Jersey's Bill Bradley, representatives like Colorado's Timothy Wirth and Missouri's Richard Gephardt, and heavy weights from academe and high finance--MIT economist Lester Thurow and New York investment banker Felix Rohatyn for example--are beginning to exert a strong influence on the thinking of the Democratic party...