Harold Meyerson

A few months ago, Robert Cassidy found himself pondering whether trade actually benefited the American economy. "I couldn't prove it," he says. "Did it benefit U.S. multinational corporations? Yes. But I cannot prove that it benefits the economy."

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As Barack Obama looks back to Franklin Roosevelt's first inaugural address -- the only other such address that came smack in the middle of an economic meltdown -- I hope he pays special heed to Roosevelt's words on America's bankers, who then as now had plunged the nation into an economic abyss.

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Presidents of the nation's largest unions, along with the presidents of the two national labor federations, the AFL-CIO and Change To Win (CTW), met Wednesday in Washington to discuss how they can reunify their fragmented movement. The meeting took place as, and in no small part because, the unions are gearing up to battle for their lives in the coming congressional fight over the Employees Free Choice Act.

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As the nation navigates through the most perilous straits it has seen since the 1930s, policymakers are looking back to the '30s to see which of the paths that Depression-era America embarked upon actually led toward recovery. Well, some of our policymakers. Others, it seems, have seized upon the very policies that deepened the Depression and are repackaging them as solutions for our time.

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Two things we learned about our politics and our economy in 2008:

Lesson One: If it's big and you don't regulate it, you end up nationalizing it.

One of the major lessons of the year is that unregulated and underregulated capitalism ends up confronting democratic governments with a subprime choice: Either let a major institution go down and watch as chaos follows (the Lehman option) or funnel gobs of the public's money into such institutions to avoid such Lehman-like chaos.

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When Barack Obama set out to choose his secretary of Labor, his top priority was probably not recruiting an emblematic Angeleno. But in tapping Hilda L. Solis, a Democrat who represents a portion of the San Gabriel Valley in Congress, that's just what he's done.

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