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Obama appoints Larry Summers, key architect of deregulation policies that caused the current crisis, to Director of the National Economic Council.

Posted by PowerToThePeople 
I think in many ways we are paying the price of the intellectual dishonesty of the progressive liberals left during the Bush years. Because Obama said again and again during the campaign that the crisis on Wall Street represented the culmination of an ideology of deregulation and laisse-faire trickle-down economics that had guided the country for the past eight years.

The truth is, it was not just eight years; they guided them under Reagan and also under Clinton.

That is where Larry Summers comes in because he was the last treasury secretary under Clinton. He along with Alan Greenspan and Robert Rubin were the key architects of the policies of deregulation that created the crisis that we’re living now. And those key policies are the killing of Glass-Spiegel that allowed a series of very large but mergers that created these institutions that are too big and too intermingled to fail we’re told again and again.

The deliberate decision to keep the derivatives out of the reach of financial regulators - that was also a Summer’s decision. And also allowing the banks to carry these extraordinary levels of debt. 33 to 1 in the case of Bear Sterns.

Now, in my book the Shock Doctrine I started chapter with a quote from Larry Summers in the context in which he says it was 1992 and it was when he was making World Bank economic policy as it related to Russia, in the midst of a financial crisis. What he said and this is why I quoted him because it really shows the extent to which he is truly an ideologue and a follower of the very ideology - not just a follower but a propagator of the very ideology that Obama ran his campaign against.

And here’s the quote. This is Larry Summers in 1992: “Spread the truth. The laws of economics are like the laws of engineering. One set of laws works everywhere.” And then he laid out those laws a little bit later.

He referred to the three “ations”, and those were privatization, stabilization, and liberalization. So he has been preaching the doctrine. He is by no means an innocent bystander. He is a dyed-in-the-wool privatizer, free trader. And he along with Tim Geithner, his deputy play key roles during the economic crises... They preached more deregulation, more privatization and economic austerity to disastrous results. I think this is really troubling. One thing that Obama said is that Larry Summers set the terms of the debate for this financial crisis and that once again is very worrying. Because if Barack Obama thinks that these are the only terms, the parameters of the debate, then there’s very very narrow…

From [www.democracynow.org]

***

"When they say there’s not enough money, they mean there’s not enough money for YOU." - Jill Stein, Green Party presidential nominee.



Edited 1 time(s). Last edit at 11/25/2008 08:17PM by PowerToThePeople.
Cascade Wrote:
-------------------------------------------------------
> Gotta' say, I'm not real happy with his choices so
> far.

You mean because he hasn't appointed Dennis Kucinich, Ralph Nader and Cynthia McKinney to be Secretary of Peace, Treasury and State? So far Obama's appointments have been been well received by most people. Since his economic appointments have become known, the stock market gained about 1000 points in the last last three days. Anyway, you didn't vote for him, so you aren't to happy that Obama himself was America's choice.
I think every choice he is making right now is to calm down the economy.

I don't like his choices because there is nothing resembling "change" to them.

They are the same people who brought us rampant deregulation in the first place. The are people who support military action agains Russia and Iran. They are people who've been some of the most vocal proponants for neo-liberal corporate globalization.

My dislike of the direction Obama's taking (granted it's still early and I'll give him the benifit of the doubt for now) has nothing to do with the fact that I voted for Nader and would have rather seen Kucinich as pres. It's got everything todo with sustainability, accountability and corporae personhood.

Obama seems like he's on a path that will produce nothing but more of the same crapwe've seen in the past thirty years. If that's the case then Obama may likely oversee the largest global depression ever.
I realize that Obama is favoring his pragmatic inclinations over what his heart must be telling him to do, and it's true that most of the population is going along with the choices he's been making - maybe because some of the backgrounds of these people are being glossed over by the media for reasons only they know.

But it is disturbing to me - more than a little bit - especially in the cases of Rubin, Jones and Summers, that there seems to be a lot of cheering and glad-handing, even to the point of outright glee, coming from the Republican free-marketers, trickle-downers and chicken-hawks.

I think I'd feel a lot better about it if I could hear a little more of that typical right- wing carping that we've all come to know and love, because one thing we can all agree on is that if the Republicans like something, it can't be good for the country.
I have to agree with some of the disappointment expressed. I widh Obama's picks had less connection to the current crisis in the financial sector. There have to be qualified candidates with less baggage than some of these selections.

____________________________________________
What kind of genius loses a billion dollars in a year?
I'm with ya on that, HHH. I don't mind him picking some golden oldies, but does every pick have to be some guy that was connected to all the crap that's happening now?

So far Obama's appointments have been been well received by most people. - Curt

Most? Was there a poll taken?

Not the people I read and listen to.

and it's true that most of the population is going along with the choices he's been making - jazzman

Most of the population wouldn't know the difference between Larry Summers and Larry Hagman.
Obama is trying to set a tone here at a time when change is clearly called for. He seems a tad tone deaf at times.

____________________________________________
What kind of genius loses a billion dollars in a year?
PowerToThePeople Wrote:
-------------------------------------------------------
> I'm with ya on that, HHH. I don't mind him picking
> some golden oldies, but does every pick have to be
> some guy that was connected to all the crap that's
> happening now?
>
On Olbermann tonight, Paul Krugman commented that Obama didn't want to repeat Jimmy Carter's mistake and select "Washington outsiders" who really don't know the ropes. He went to say that there really is a small pool of people with the requisite skills to choose from for these economic roles. I also think that Obama is looking for smart people to be his advisors and in his cabinet, not necessarily people with a certain idieology.

> So far Obama's appointments have been been well
> received by most people. - Curt
>
> Most? Was there a poll taken?

Yes. 67% in ABC's new poll approve of what Obama is doing now. [blogs.cqpolitics.com] Furthermore, as I alluded to, Obama's selection of a Treasury Secretary had a favorable effect on the stock market
>
> Not the people I read and listen to.
>
I suspect that you listen to and read people who are further to the left than the general population.
That leaves one to wonder just how superior these insiders are given some of their errors. Pretty unnerving to think Obama believes only a small group of elite government bureaucrats qualify. He sure didn't give the impression that's how he saw it during his campaign.

____________________________________________
What kind of genius loses a billion dollars in a year?
I suspect that you listen to and read people who are further to the left than the general population. - Curt

Most of the general population believe in God, too.

I suspect that if the general population were whittled down to include only those people who were high-information voters, I'd be close to the middle.

From your link:

Although Obama's recent moves such as selection of a Treasury Secretary had a favorable effect on the stock market, those polled showed skepticism about how much Obama would be able to do to improve the economy. Forty nine percent said "only some" or "not much" compared to 44 percent who said "a great deal" or "good amount." That was down from the beginning of November when the public said 50 percent to 48 percent that Obama could make things better.



Edited 1 time(s). Last edit at 11/26/2008 06:56AM by PowerToThePeople.
PttP, HHH,
It comes down to this: Either you worry that Obama won't make the right the decisions to improve the economy or you trust that he will. I trust him. And I'm certainly willing to withhold judgment.
Given his choices, thought I'm willing to give him the benifit ofthe doubt for now, I do not trust that he will do much of anything to address any of the underlying problems we're facing.

I think he'll apply some band-aids and that's about it.
I'm withholding judgment, too. That doesn't mean that I won't comment.
For what it is worth, the selections are being very well received outside America where commentators tend to look at your situation more objectively and without the political leanings.

At the Scopes Monkey Trial, Clarence Darrow gave a brilliant speech, but the cynical journalist H.L. Mencken told him "You may as well have shouted it up a waterspout in Outer Mongolia for all the effect it will have on your listeners ..

Ditto here.
Well, excuuuuuse us, for wanting to make OUR own choices.

____________________________________________
What kind of genius loses a billion dollars in a year?
Have your own choices not got you into enough trouble? Personally, I think you should ask me before you make any further moves. I hate to watch your quadrennial suffering.

At the Scopes Monkey Trial, Clarence Darrow gave a brilliant speech, but the cynical journalist H.L. Mencken told him "You may as well have shouted it up a waterspout in Outer Mongolia for all the effect it will have on your listeners ..

Ditto here.
Well, Bush could have used some external advice, that's for sure.

____________________________________________
What kind of genius loses a billion dollars in a year?
For what it is worth, the selections are being very well received outside America where commentators tend to look at your situation more objectively and without the political leanings. - int

No one outside of the U.S. has been critical of the appointment of Summers?
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