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Beware of Lawrence Summers

Posted on Nov 5, 2008
World Economic Forum

While many of us are still celebrating Barack Obama’s historic victory, rumors of a major buzzkill are flying: Lawrence Summers, a Clinton-era treasury secretary and deregulation enthusiast, is said to be the front-runner to take over the Treasury Department.


Summers, 53, is favored to return to the Treasury post that he held under President Bill Clinton because Obama values his experience and familiarity with markets and global leaders, a crucial asset during the markets crisis.

Still, people close to the president-elect stress no final decision has been reached and that Timothy Geithner, president of the New York Federal Reserve, is also a strong contender. Geithner would also be welcome by many in the financial community; at age 47, he would be a fresh face in an administration that ran on a mantra of change.

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By Louise, November 6, 2008 at 10:33 pm Link to this comment

Seems a lot of folks are concerned that Obama may fill his cabinet up with Clintonians. First, I don’t think he will ... not entirely anyway. But there’s something we need to remember. Times are critical and so is time. Obama needs to get someone working on these disastors as quickly as possible. We’ve already seen how problems will continue to be handled under the duck!

So what’s a guy to do?

Remember, except for Clinton and company, we haven’t had a democrat president or a democrat cabinet in the White House since Carter! Were talking twenty eight years here folks! And while we all want change, we need to remember it helps to get people in there who know their way around town! We can train the new ones as we go, but right now we need someone right now!

So for the sake of urgency and in the name of for gosh sakes ... if searching recent history is the only way Obama can find someone ... anyone who understands where we are and how we got there and is willing to tackle the mess, I say go, go Obama! And I hope folks will realize, it’s going to take a little while [a little while we may not have] to flesh out the perfect body!

I personally don’t know who’s best qualified, Lyndon LaRouche maybe? Yeh like you all will accept that!
Actually that might be a good idea.

And I think we need to remember something else. Carter could have been the great president who led our economy to recovery after he inherited the mess left by Nixon and Ford, but we didn’t let him, did we. We were all to busy chopping him up in little pieces! Which brought us Reagan, and twelve years of hell! And a group of freaks who waited out Clinton and gave us BUSH! And another freakin’ eight years of Hell, which has brought us to this mess! My gosh folks, don’t sit here and bitch at each other ... let Obama know!

Don’t want Summers? Go online and offer some sound and sensible alternatives!
And blog! And if you want APPLY!

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By squeaky jones, November 6, 2008 at 10:25 pm Link to this comment
(Unregistered commenter)

Looks like meet your new boss, same as your old boss(The Who). Is life so dear, or peace so sweet, as to be purchased at the price of chains and slavery? Forbid it almighty God! I know not what course others may take; but as for me give me liberty or give me death(Patrick Henry)! Squeaky.

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By KDelphi, November 6, 2008 at 9:07 pm Link to this comment

Here is what Naomi Klein say of Summers, and here is the petition to ask Obama not to hire him

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By cyrena, November 6, 2008 at 9:02 pm Link to this comment

“NOW… it remains to be seen if The People, the rightful heirs of this democratic experience, will LET THEIR VOICE BE HEARD.”


Outraged, doesn’t it appear to you (even in your world) that The People ALREADY HAVE forced their voices to be heard?

Where’ve ya been the past several months?

Now I’ve heard two suggestions for Treasury Secretary, (which is a cabinet position, Obama’s COS is not) from Willie, who recommends Michael Hudson, and Tim McFarland, who suggest Paul Krugman.

I don’t know much about this Summers guy. I guess I wasn’t paying close enough attention to Clinton’s former staff. Of course neither was the media back then. All they could talk about was Monica L, who had ZERO to do with the Treasury, or my ability to purchase the things that most of us need for survival. In fact, she had nothin’ to do with nothin’ important to me or the people that I know.

So, it’ll be worth doing some genuine research on this guy, IF he is the one appointed. Otherwise, I don’t much care. Too many other things to pay attention to.

I would suggest that we all could use some extra pairs of eyes and ears, but I’m afraid that suggestion could be misused. The very ones who don’t know how to interpret what their eyes and ears are telling them, would be the ones cashing in on the “extra pair offer.” 

Such is life.

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By Larry Anklam, November 6, 2008 at 7:11 pm Link to this comment
(Unregistered commenter)

Rahm Emanuel, Dennis Ross, Michael Rubin, etc.etc. are the names we will be reading about during the next few weeks. If this is still a Christian nation, why do we continue to SELL OUT to the Zionist Jews? They will also start beating the war drums again for an American attack on Iran.

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By Pete K, November 6, 2008 at 5:35 pm Link to this comment
(Unregistered commenter)

Spread the word!  I plan on posting more articles like this in hopes that people will stay involved in Obama’s campaign, instead of just getting him into office and forgetting what happens next.

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By KDelphi, November 6, 2008 at 4:03 pm Link to this comment

Once the primary was over—what in the world made you think Obama would “get us out of Iraq”?

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By, November 6, 2008 at 1:22 pm Link to this comment

I agree with others in this thread, its important that we pressure Obama now to get good picks. I think Summers is an awful choice, and if Obama goes with him, it will say a lot about how “progressive” his administration is going to be.

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By Spiritgirl, November 6, 2008 at 12:40 pm Link to this comment

Both Summers and Rubin while they may have name recognition should definitely NOT apply - Rubin a “free-market” ideologist that believed and promoted the very nonsense that has brought this country to the brink of ruin!  Summers is pretty much right behind him!  Since this election is about change, than let us start off right - let us have fresh voices of/from the real people of this nation!

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By Willie, November 6, 2008 at 9:40 am Link to this comment
(Unregistered commenter)

My vote is for Michael Hudson.  Kucinich’s main economic adviser.  He seemed to understand this economic fiasco better than anyone.

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By dsmith, November 6, 2008 at 4:25 am Link to this comment
(Unregistered commenter)

Choosing Rahm Emmanuel and Summers, both ardent Zionist, who will endorse the continued occupation of Iraq, as well as sanctions, possibly military action, against Iran. All part of the gameplan proposed by the Project for a New American Century cabal.

This makes me very nervous about the new administration I voted for Obama because he said he would get us out of Iraq.

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By Outraged, November 6, 2008 at 1:48 am Link to this comment

A scary lot indeed.  The only “centrist” in this campaign WAS NADER.  Fiscally conservative and empathetic to The People, you can’t get better than that.

There is a portion of me that says Obama was MEANT to crush the WILL OF THE PEOPLE.  It appears to be “panning” out.  NOW… it remains to be seen if The People, the rightful heirs of this democratic experience, will LET THEIR VOICE BE HEARD.

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By davidperi, November 6, 2008 at 1:08 am Link to this comment

I hope it is not starting to be another round of what we have just gone through with the bailouts because of Bush´s administration.  The screws need to be tighten and a more serious oversight, otherwise it might be the same old thing with new faces.

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By KDelphi, November 5, 2008 at 10:38 pm Link to this comment

Alan—I am not a centrist. The “progressive dems” are not supposed to be centrists—hence the name.

What do you mean “we are watching” now?? Obama did more than “watch” as they passed FISA and the Wall St Bailout. The dems were “on watch ” when they re-voted in the Patriot Act and funded the wars.

Krugman is slightly left. But I dont think Obama is.Krugman is stil a free market capitalist

Unless you are a centrist—they are not “your centrist”. YOu know i as trying to slack off—but the delusion going on is more historical then the election!All the praise being shelled out for the most conservative people ! The Dems are worse than I thought. I am very confused.

The lyrics to the old Chicago song come to mind, “Dialogue Part I”. Check them out, if you aer so enclined. When I dont know how to say things, sometimes I can do it with music. I’ve written a couple dumb songs.

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By Tim McFarland, November 5, 2008 at 7:27 pm Link to this comment
(Unregistered commenter)

Why not Paul Krugman for Treasury Secretary?

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By Alan, November 5, 2008 at 7:19 pm Link to this comment
(Unregistered commenter)

Duh! he’s a ‘centrist’, our centrist, so what do you expect, okay, he can put Greenspan Junior in as
Treasury Secretary, who the Fcc cares, we are watching

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By Jim Handley, November 5, 2008 at 7:02 pm Link to this comment
(Unregistered commenter)

It looks like all the people joining the new admin are recycled Clinton advisers-I wonder if Obama has something in mind for Monica L.

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By ApprxAm, November 5, 2008 at 7:02 pm Link to this comment

Obama must reject the 3rd Wayers at every turn.  I don’t care if he’s a liberal, conservative or moderate, The President-Elect will be force to become a pragmatist, if not already so, and KEEPING OUT THE DLC KLAN, and the includes Harold Ford, and avoiding the “Bubba”/“Dick” triangulation can only help. 

If the NeoCLowns weren’t so f*ckin dangerous, I’d consider Bruce Babbit and the others the nations most treasonous. They thought themselves so smart, but yet, couldn’t live on without Dick “the perv” Morris, allowing him to only help accelerate the destruction of post-Clinton Democrats.

You said no to Billary, say good riddance to the rest of them.

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By KDelphi, November 5, 2008 at 5:56 pm Link to this comment

The early cabinet picks are not looking great—unless your idea of “progressive” (that is what they are supposed to be,arent they? PDA?)is Clinton.

Oh well, I’d better not say what I think!!

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By californiadreamer, November 5, 2008 at 2:28 pm Link to this comment
(Unregistered commenter)

The first test for Obama will be whether he shows himself to be strong enough to resist the pressures of the powers that be to maintain the status quo or whether he and his advisors are going to truly try to effectuate the changes so necessary to turn this country from the path it has been on.  Summers and Rubin are both tainted by association with a failed policy that Clinton endorsed to cultivate a centrist ideology, another failed vestige of the past.  I hope Obama knows that the people are watching.

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By P. T., November 5, 2008 at 1:58 pm Link to this comment

We need to keep constant pressure from below on Obama—especially on such things as pandering to elite Wall Street interests (the screw-ups who produced this mess).

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