Robert Reich: Apple Isn’t the Problem. Wall Street Big Banks Are

Robert Reich, former USA Secretary of Labor, has penned an article suggesting that FTC focus on big banks instead of Apple.

Why is the Federal Trade Commission threatening Apple with a possible lawsuit for abusing its economic power, but not even raising an eyebrow about the huge and growing economic (and political) muscle of JP Morgan Chase or any of the other four remaining giant banks on Wall Street?

Our future well being depends more on people like Steve Jobs who invent real products that can improve our lives, than it does on people like Jamie Dimon who invent financial products that do little other than threaten our economy.

Reich answers his own question. The Federal Trade Commission Act allows the agency to stop “unfair methods of competition” almost anywhere in the economy except in the financial sector. Banks are explicitly excluded.

Hit the link below for more information on his analysis of the Apple situation and what he thinks should be done about the big banks.

Read More