Stop Blaming Wall Street?

In a compelling read in The New Republic, editor John B. Judis notes in his responsa to the Occupy Wall Street crowd:

First, the primary focus should be on reviving American industry, which includes everything from machine tool factories to software producers and from auto companies to biotech labs. Doing that will entail modifying our arrangement with Asia. Making these kinds of changes can be difficult, but it has happened before—during Reagan’s second term and in the first two years of Clinton’s presidency, when the United States got tough with its trading partners and subsidized innovation and growth.

Despite the title, Judis’ point is not that we should ignore the need to re-regulate the financial sector, but that shackling the Wall Street beast alone will not be enough to return America to competitiveness.

Well said.

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