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Ear to the Ground

Tough Road Ahead for New Economic Appointees

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Posted on Dec 18, 2008
Obama appointees
AP photo / Gerald Herbert

Mary Schapiro, Barack Obama, Daniel Tarullo and Gary Gensler (right) at Thursday’s news conference in Chicago.

On Thursday, President-elect Barack Obama introduced three top financial appointees who will help him with the unenviable task of revamping the government’s economic regulatory system and “crack[ing] down on this culture of greed and scheming that has led us to this day of reckoning,” as Obama put it.


The New York Times:

Mr. Obama named Mary L. Schapiro, 53, to head the Securities and Exchange Commission, which has come under sharp criticism for its failure to detect signs that major Wall Street banks were in trouble before the financial crisis, as well as lax oversight of the New York financier Bernard Madoff, who the authorities say has confessed to running a $50 billion Ponzi scheme.

[...] Mr. Obama also announced the selection of two former Clinton administration economic officials, Gary Gensler and Daniel K. Tarullo, to leading economic posts.

Mr. Gensler, who will head the Commodity Futures Trading Commission, was a Treasury official in the Clinton administration. He also worked as a senior adviser to former Sen. Paul Sarbanes, a Maryland Democrat, who wrote legislation to increase oversight of the accounting industry and reform corporate governance.

Mr. Tarullo, a law professor at Georgetown University who was also an economic advisor to President Clinton, will fill an open seat on the Federal Reserve board in Washington. He is currently leading Mr. Obama’s transition team at the Treasury Department, and is considered an expert in international economic regulation.

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By Libarchist, December 19, 2008 at 2:53 am Link to this comment

The Babel Cult Leader
__________________________

In the mirror, mirrors a fanatical cult leader; enslaved…. the masses, they voted him
in as

83939292i9

The fake Messiah, defying the great law of, separation of church and state; too speak at the great;  cities of the dead.

9292900000….........  mirrors

They worship the dead, with war—- they honor the dead there, January 21, 1984—- with armies; that feed off the, death of innocent bystanders…..War.
000000

They inflame the masses to feed the beast of war;  and the Military-Industrial-Complex…. the fuel of blood, the machinery of war….in the distorted mind.

With their ritualist cult called politics, they worship the sun god—in mocking defiance to the Christian God they say they worship

0000000

The world burns with hate; as time passes. the world melts from global warming; as the looting occurs.              smoke, depression, the sun gods mask comes off, and sick mocking laughter fills the air.
0000
 
great….............

...........Death, and wars is what worship, in the days past, broken cultures, broken dreams, in the vast wasteland called America, the…...............................................land of the enslaved cult,  fad, the babel-sheeple., speak temperatures rising,  oceans dying.

1984

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By Brian, December 19, 2008 at 12:27 am Link to this comment
(Unregistered commenter)

Obama will just add to the downward spiral of the economic crisis. You think it was bad before, just wait till your taxes go up (democrats love to raise your taxes), and the democratic party starts spending more and more of your hard earned dollars, 1 trillion or more to be exact.

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By Chris, December 19, 2008 at 12:03 am Link to this comment
(Unregistered commenter)

By G.Anderson, December 18 at 1:29 pm #


>Well, it seems to me that we should start enforcing some of remedies of the great depression, for our up coming “Greatest Depression”, one in particular The Sherman Anti Trust act, should be used to breakup corporations that became virtual monopolies during the last 8 years.<

Coming Great Depression is right. I watch all these paid muppets on the business news channels and they keep saying everyday how it will be over soon and that 09 won’t be that bad. I don’t believe them but I do listen when guys like Schiff, Taleb, and Roubini talk. They tell it like it is and according to them things are going to continue to get worse and there isn’t much that can be done.

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By justiceforall, December 18, 2008 at 4:08 pm Link to this comment
(Unregistered commenter)

It seems that the justice department has been asleep as well as the SEC as Madoff has been defrauding with the “ponzi” scheme…another way of saying ..stealing.. for over a decade.  To the tune of 50billion and counting.  Does anyone realize after the statement from the SEC that they obviously had to know about this.  If they get Martha Stewart and convict her for insider trading..which she was guilty…then you would think $50 BILLION DOLLARS might set off a red flag or two?  With that said, this appointee is already been working for that same entity…  Then we get to the attorney Dreier issue where he has been defrauding for years as well.
http://o8justiceforall.wordpress.com/2008/12/14/attorney-dreyer-arrested-in-canada/

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By Stephen Smoliar, December 18, 2008 at 2:35 pm Link to this comment

Little Brother, I would suggest that it is not all about a “sameness” that amounts to Clinton-era redux.  Above the level of the details of past policy decisions is a higher level of the mentality brought to crisis management.  This is the level at which the Bush Administration has failed the country, and it is the level most in need of change.  If Obama can achieve change at that level, I am prepared to argue the details later.  Further thoughts at:

http://therehearsalstudio.blogspot.com/2008/12/childhoods-end.html

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G.Anderson's avatar

By G.Anderson, December 18, 2008 at 2:29 pm Link to this comment

Well, it seems to me that we should start enforcing some of remedies of the great depression, for our up coming “Greatest Depression”, one in particular The Sherman Anti Trust act, should be used to breakup corporations that became virtual monopolies during the last 8 years.

I can think of several corporations that would be prime candidates for this move. But the bottom line is, will we have the guts to do it?

Somehow I don’t think we will, both political parties have already sold us out.

Will we have the guts to make real changes, or will we just talk about it?

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By Little Brother, December 18, 2008 at 1:14 pm Link to this comment

[...] Mr. Obama also announced the selection of two former Clinton administration economic officials, Gary Gensler and Daniel K. Tarullo, to leading economic posts.
_______________________________________________

“Change is Sameness!”

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