In Reich's words this goes as follows:
LESSON I." First, America’s (& Co) real job creators are consumers, whose rising wages generate jobs and growth. If average people don’t have decent wages there can be no real recovery and no sustained growth.
In those years, business boomed because American workers were getting raises, and had enough purchasing power to buy what expanding businesses had to offer. Strong labor unions ensured American workers got a fair share of the economy’s gains. It was a virtuous cycle.
ROBERT B. REICH, is Chancellor’s Professor of Public Policy at the University of California at Berkeley and Senior Fellow at the Blum Center for Developing Economies, was Secretary of Labor in the Clinton administration. Time Magazine named him one of the ten most effective cabinet secretaries of the twentieth century."
My attention was brought to this work from an article "Lettre de Wall Street" - Letter from Wall Street by Stephane Lauer in the french journal Le Monde 19 Feb 2014, Eco&Entreprise p7.
More from S. Lauer:
La rémunération du PDG de JPMorgan a presque doublé en 2013
President & DG salary almost doubled inspite of justace problems
Une année 2013 médiocre pour JP Morgan
Bad year for JP Morgan but a great year for the Boss!!!!