Charles McMillion responded to Robert Rubin's and Jared Bernstein's op-ed published last week in the NY Times.  Rubin needs no introduction.  Bernstein is with the Economic Policy Institute.  The original op-ed is here.

To the Editors of the NYTs:
 
            Still singing nostalgic tunes, Robert Rubin and Jared Bernstein ignore today’s key reality in their plea for “No More Economic False Choices.” (Nov. 3)
            Certainly, recent extremes of fiscal recklessness and unregulated global financial and product markets failed utterly and their polar opposites would be just as disastrous.
            But on the key issue of global commerce, Rubin and Bernstein offer no choice but to continue extreme unregulated “free” trade patterns that have bankrupted the US auto industry, outsourced much of the electronics industry and forced $5 Trillion in foreign borrowing and asset sales (and Wall Street fees!) in just the last eight years.
            Their rhetoric about “retraining” to spread the wealth that these massive job, income and tax losses create is a cruel and tired ideological joke.
            Failed bets on infinite asset appreciation is the one-trick pony that inevitably wrecked the US economy (and Citigroup) after baseless stock market and housing bubbles gave the brief illusion of general prosperity.
            Assuring US production in a fiercely competitive global economy is the most urgent challenge facing the new Administration.
            Sincerely,
Charles W. McMillion

Dr. McMillion is the President and Chief Economist for MBG Information Services in Washington, DC.

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