Fix It Shorts #8. Immigrants: Great for the Economy!

When did the arguments for free trade and the benefits of immigration go out of fashion?

Why is the case for scaling back the power of the financial industry under attack by the Trump administration?

Richard and Jim spoke to three experts for this episode of “Fix It Shorts.” 

Rana Foroohar, explains why the power of Wall Street distorts the economy. “The key lessons of the crisis of 2008 still remain unlearned,” she says. “Our financial system is just as vulnerable as ever.” Rana is the author of "Makers and Takers: The Rise of Finance and the Fall of American Business," She is also the Associated Editor and the Global Business Columnist for the Financial Times.

"One of the prizes, one of the treasures of democracy is freedom of thought, freedom of action, freedom of movement," says Peter Coy, Economics Editor of Bloomberg Businessweek. He argues that immigration, especially legal immigration of skilled workers, is a plus for the economy.

Economist Ruchir Sharma, author of the book “The Rise and Fall of Nations - Forces of Change in the Post-Crisis World,” tells us that expanding the workforce is a vital part of growth. Reducing immigration, he says, would slam the brakes on the economy.