Robert Reich Defends Apple

Former Secretary of Labor goes to bat for Cupertino company

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    Former Labor Secretary Robert Reich feels that the FTC should be going after banks, not Apple.

    Robert Reich, current University of California, Berkeley professor and former Clinton Administration cabinet official, is criticizing the Federal Trade Commission for going after Apple with anti-trust allegations.

    The FTC has reportedly opened an inquiry into Apple's ban on using Adobe's Flash technology to develop applications for mobile devices like the iPhone and iPad.

    Reich, however, says that government regulators would better serve the country by going after big banks and not control-freak Apple CEO Steve Jobs.

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    Silicon Valley has been world famous for decades. And, like other worldwide icons (Columbus, Madonna, Tiger Woods), the Valley has been both loved and hated over the years.

    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 [J.P. Morgan CEO] Jamie Dimon who invent financial products that do little other than threaten our economy.

    However, as Reich points out, the FTC is specifically barred from going after banks and the financial industry.

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    Which, he argues, is "Another reason for financial reform" and says large banks like Morgan should be broken up.

    Jackson West figures if the SEC had iPads, they would have more time to go after banks, since there's no porn apps for the iPad.