Jon Larson

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Bare knuckle economics

  • Posted on: 29 May 2011
  • By: Tony Wikrent

Cross posted from Real Economics.

I have generally been highly critical of the Obama administration and its economic policies. However, below I link to an unique and very informative DailyKos diary that examines the little-heralded efforts of the administration to improve the economic lot of average Americans by trying to support the manufacturing sector of the economy. Now, while I could easily argue that these efforts are "too little, too late," they do constitute evidence that there are some in the Obama administration who have not entirely fallen victim to the Leisure Class (Predatory Class) mentality described by Thorstein Veblen and our own Jon Larson. In this case, the writer identifies the individual: Ron Bloom, former official of the United Steel Workers Union, and currently special advisor to Tim Geithner and White House director of manufacturing policy.

Bare knuckle economics

Previously published on The People's View.

If you read the Wall Street Journal or right wing blogs, you know who Ron Bloom is. He is special advisor to Tim Geithner and White House director of manufacturing policy. He's a former official at the United Steel Workers Union who helped manage the auto rescue.

Mr. Bloom attended Harvard Business School, where he gravitated to populist business cases and was keenly interested in employee buyouts. After 10 years at investment banks, among them Lazard, he became special assistant to the USW president in 1996.

Both inside and outside the USW, Mr. Bloom is known as a financially savvy negotiator — with a tendency to spout profanities WSJ

Right wing blogs are more straightforward

Is there really any doubt that Obama and his administration are a pack of radical Leftists?

Look for Bloom on Youtube and you'll see - they really really hate him. Here's what got our right wing compatriot's underwear in a twist. Speaking as a union official at " 6th Annual Distressed Investing Forum" Bloom said:

Generally speaking, we get the joke. We know that the free market is nonsense. We know that the whole point is to game the system, to beat the market or at least find someone who will pay you a lot of money, 'cause they're convinced that there is a free lunch.

We know this is largely about power, that it's an adults only no limit game. We kind of agree with Mao that political power comes largely from the barrel of a gun. And we get it that if you want a friend you should get a dog.

Absolutely nothing that Bloom said is even controversial on Wall Street, but according to American Right Wing Propagandists, working people are supposed to naively believe in the stories told to them by the economists. Read more.

The author also performs the excellent service of criticizing Robert Reich, and liberals and progressives in general, for ignoring and even disliking the manufacturing sector. As the author notes, back in June 2009, Reich opined on the auto bailout by diving fully into the cesspool of a "post-industrial policy":

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