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After Summers Comes the FallPosted on Sep 14, 2010
When will the president give Lawrence Summers his pink slip? He can thank him for his years of service and use the excuse that his top economic adviser wants to spend more time with his family. I don’t care how he sugarcoats it. But Summers deserves the same fate as the millions of workers laid off because of the banking debacle he helped cause, the dire consequences of which he has done precious little to mitigate. It was Summers who, as treasury secretary in the Clinton administration, pushed through the Commodity Futures Modernization Act, which opened the floodgates to the toxic mortgage-backed derivatives that still haunt the economy. The Federal Reserve now holds $2 trillion in junk securities it took off the books of banks. But the financiers who packed those devilish derivatives still hold a huge amount, and the houses they unload every time the housing market shows faint signs of stabilizing keep the economy in the doldrums. The bane of our economic security now and well into the future is those collections of mortgages—the nest eggs and castles of 14 million families—now underwater or already foreclosed. Newfangled derivatives that were exempted from any regulation, and removed from the purview of any regulatory agency, by the law that Summers got President Bill Clinton to sign off on. Summers claimed that the suggestion of the prescient Brooksley Born, who headed the futures regulatory agency, to rein in those scams would have killed the golden goose of a derivatives market which, thanks to Summers, was allowed to run wild. He offered the following reasoning in congressional testimony supporting a ban on derivatives regulation: “First, the parties to these kinds of contracts are largely sophisticated financial institutions that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvencies. … Second, given the nature of the underlying assets involved—namely supplies of financial exchange and other financial instruments—there would seem to be little scope for market manipulation. …” Tell that to the victims of the AIG crash, including us taxpayers, who funneled $180 billion in the government bailout of that sophisticated financial institution to equally sharp counterparties like Goldman Sachs, which got a cool $12 billion from the deal. Ask Summer’s protégé and now Treasury Secretary Timothy Geithner why he bailed out those market manipulators when he was head of the New York Fed working with the Bush administration. Advertisement During his tenure as President Barack Obama’s top economic adviser, Summers has continued the Bush policy of throwing money at Wall Street without getting anything in return by way of a moratorium on mortgage foreclosures. Or increased power through the bankruptcy courts to force the banks to readjust the mortgages of folks swindled by the collateralized-debt-obligation and credit-default-swap con artists. Now, Summers opposes Obama’s selection of Elizabeth Warren, who in the mold of Brooksley Born has earned a strong reputation as a consumer advocate, to head a new consumer agency. The man has no shame and has uttered not a word of contrition over his sorry record. Even Bill Clinton, who signed off on the radical deregulation enabling this financial meltdown, expressed remorse in one surprisingly honest moment. In an interview on ABC’s “This Week” last April, Clinton was asked by Jake Tapper if he had received bad advice from Summers and his predecessor, Robert Rubin, on regulating financial derivatives, and he replied: “On derivatives, yeah I think they were wrong, and I think I was wrong to take [their advice], because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don’t need any extra protection and any extra transparency.” Exactly the argument Summers had made in his congressional testimony. But then Clinton backtracked shamefully and had an aide contact ABC to say that Summers, Rubin and Alan Greenspan, who also pushed the radical deregulation, were fine fellows and that, although derivatives regulation had been needed, the Republicans would have stopped it. One can expect similar obfuscation from Obama in the future concerning bad advice from Summers, but he can’t claim he wasn’t forewarned about that advice. Why not help the president do some damage control while he still is in office? Demand that Summers and Geithner be fired the next time you receive an appeal from the Obama fundraising machine asking for yet another contribution to the movement for change.
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By Wendell W Solomons, September 25, 2010 at 11:07 am Link to this comment
(Unregistered commenter)
Headline: US Presidential Advisor Larry Summers’ pre-departure rapture for media
Extract:
The staging of Lawrence Summers’ publicity three months ahead of his exit, kicks in to deflect blame from him and his pro-Wall Street influence. It prepares for election of loony Tea Party-stained Republicans and the crushing of democratic reform that restrain Wall Street’s appetite for creating toxic assets.
During the run-up to the elections we can thus easily forecast more organised stunts such as the recent Koran burning one that was publicised for world media by Wall-Street friendly media magnates.
Yet, the publicity stunt brought in protests from the four corners of the world and the included the EU. So as Tea Party-stained Republicans scale up stunts for winning posts in Congress they will find themselves calling up more voices in the USA that decry neo-fascism. So the method of infecting Congress against financial reform by media-stunts will not only keep the recession going in the US economy. The transmission of the stunts globally via media networks will cross out in red - constructive, positive perceptions of the USA in the world.
http://electionnovember.com/164402-US-Presidential-Advisor-Larry-Summers-039-pre-departure-rapture-for-media.html
Report thisBy Wendell W Solomons, September 25, 2010 at 11:06 am Link to this comment
(Unregistered commenter)
Headline: US Presidential Advisor Larry Summers’ pre-departure rapture for media
Extract
The staging of Lawrence Summers’ publicity three months ahead of his exit, kicks in to deflect blame from him and his pro-Wall Street influence. It prepares for election of loony Tea Party-stained Republicans and the crushing of democratic reform that restrain Wall Street’s appetite for creating toxic assets.
During the run-up to the elections we can thus easily forecast more organised stunts such as the recent Koran burning one that was publicised for world media by Wall-Street friendly media magnates.
Yet, the publicity stunt brought in protests from the four corners of the world and the included the EU. So as Tea Party-stained Republicans scale up stunts for winning posts in Congress they will find themselves calling up more voices in the USA that decry neo-fascism. So the method of infecting Congress against financial reform by media-stunts will not only keep the recession going in the US economy. The transmission of the stunts globally via media networks will cross out in red - constructive, positive perceptions of the USA in the world.
http://electionnovember.com/164402-US-Presidential-Advisor-Larry-Summers-039-pre-departure-rapture-for-media.html
Report thisBy garth, September 21, 2010 at 12:52 pm Link to this comment
Right now, we are sharpening our knives and deciding on a shibboleth.
Report thisBy Inherit The Wind, September 21, 2010 at 7:12 am Link to this comment
Garth,
Why don’t you find some neo-nazis to play with? They have your level of brain capacity. They might even respond to your playground crude attempts to rile people.
I’ve noticed that those who question others’ masculinity so crudely always doubt their own.
Report thisBy truedigger3, September 18, 2010 at 12:27 pm Link to this comment
Re: By garth, September 18 at 3:40 pm
garth,
That is the point. If there are criminal deeds then , yes, by all means, point to those criminals and their deeds, but be careful with your writing not to be construed as a blanket accusation to a whole group of people, whick is not fair.
Report thisAs I said, any whiff of any anti-semetism, true or imagagined, stoke the fire of Zionism and is used by Israel to justify its criminal behaviour in the Middle East where its deeds caused a lot of suffering and destroyed lives and communities.
Please accept my apology for any misunderstanding and any harsh words I used before.
By garth, September 18, 2010 at 11:40 am Link to this comment
I was not talking about Jews. To paraphrase a line from the Valacci Papers, “I am talking a Jews, I am talking about criminals.”
Alan Greenspan
Rober Rubin
Larry Summers
Bernard Madoff
Jack Abramoff
Stanley Grednberg
There must be many more, but can’t forget the leading corrupt midget in the Currpt Midget’s Hall of Fame, Milton Friedman. He wasn’t an economist, after all. He was a Social Engineer. He’d ‘pick up whatever was available at the time’ to get his plan started.
September 11, 1973 in Chile.
I am sick of white, Christian Americans. They back down at the threat of being called anti-semitic. What a defense, if you prosecute me for any crime, I’ll call you an anti-semite.
It must be like stealing candy from a baby. Take their savings, Neo-conservatives encourage the Government to send its children to die in foreign wars.
Wait for the scams that are still in the making.
This is going to be quite a hell hole to live in. Instead of the greatest country, we’re the greatest scam in history of the world.
Report thisBy garth, September 18, 2010 at 6:50 am Link to this comment
It’s wonderful to read such feedback from such upstanding, Liberal Americans whose only claim to living an ethical life is that they recycle.
Report thisBy truedigger3, September 18, 2010 at 5:00 am Link to this comment
Weefeller,
I think your lot in life is to be the perenial buffoon. You don’t even make the grade to be a clown.
Report thisUnfortunately, you are still neither amusing nor funny buffoon.
It is about time for you to give up trying to be funny.
Why don’t you ask your uncle Otto and brother Clyde for advice and may be a handout to tidy you over for a while.
By omygodnotagain, September 17, 2010 at 10:47 pm Link to this comment
Obama did this, Obama did that. Obama does nothing he’s a front man like the guys on the car commercials. That has been true for decades. Woodrow Wilson’s was a front man and he spoke the words Colonel House told him. The people who make the decisions are the people who put up the money so he could get the job. Just like Clinton, he had to backtrack, he’s not allowed to criticize his handlers. This idea that the Presidents have this independent power is bogus, they are shrills pitchmen
Report thisBy Inherit The Wind, September 17, 2010 at 9:54 am Link to this comment
“LEARN TO READ!
It doies abody good.”
*************************
Frum the lituricy sektshun of his ejewkashun…ROFLMAO!
Report thisBy Leefeller, September 17, 2010 at 9:48 am Link to this comment
Garthypoo has shown his intellectual side!
Wow, Garth really knows how to hurt someone anyone,...... striking out with a self proclaimed piousness, well this time you went way over the top Garth, lumping me in with TD3 is a low blow! So no more Marcus De Sade rules for you!
So it is proclaimed or suggested, their is only one person who knows how to read on Truth Dig, I suppose we are to assume this is Garth?
Now I cannot speak for ITW or TD3 (well on occasion I have spoken for TD3) so attempting to read Garths comprehensive writing at first glance, does seem to be only insulting and swearing comments, but after attempting to read them over and over again while not knowing hoe to read, Garths comments still seem to be insulting and swearing comments!
We are according to Garth expected to accept his written Gospel, as a Garth course in reading? Though the possibility exists, Garth may not know what he is talking about or Garth may just have a very limited vocabulary? In retrospect, it seems obvious Garth would would be exceeding his capabilities if he really stood back and read his own words! When it is all said and done, the inaneness of Garth dost not escape even me!
By the way TD3, I apologize for lumping you with Garth in the past,...... because now…. I know how utterly uncomfortable it feels! Seems so shocking, it must feel like receiving one of those Republican unexpected enemas with a Unicorn horn!
FYI: TD3, I do not hate anyone not even Arabs and museums but I do have a strong distaste for Sushi
May I suggest one only need read Garth for the hate of it!!
Report thisBy REDHORSE, September 17, 2010 at 8:51 am Link to this comment
Gee—And sometimes I think I get a little too far out there.
Report thisBy garth, September 17, 2010 at 8:02 am Link to this comment
ITW, you are like so many persons who commnet on Truthdig. You can’t read.
I said I’d stop commnenting if Obama selected Elizabeth Warren to head up the Consumer Agency.
——————————————————-
By truedigger3, September 16 at 8:51 pm Link to this comment
garth,
Are you a closeted Zionist who is trying to drum up support and justifications for Israel and Zionism by your vile and disgusting attacks on the Jews.(?) sic
Your anti-semitism is so blatant, crude, in your face and out of syc (sic) with the times that makes anyone wonders about your true identity and motives.??
—————————————————————-
Trudigger3, You’ve already demonstrated that you are ill-read and ill-bred.
When it comes to a fight for one’s life, one does not refer to Marquis de Queensbury rules.
You might not know it, and that seems obvious, but the end of your sham as a self-proclaimed truedigger are waning, if not over.
———————————————————
By Leefeller, September 16 at 8:46 pm Link to this comment
Boy,..... I did not know Truth Dig had its own bigots handicap section,...... cannot wait for the next exciting episode,.... when the mental degenerated show us the correct way of burning crosses on peoples front lawns and especially making sure it is not the local judges place, which can be a real problem, meaning someone must be able to read numbers!
leefeller,
You seem like a guy who knows about cross-burning. So I’ll say this to you. You are a self-revealing moron and racist. I’ll bet that if you had not gone off to join the military, as you imply, you’d be like one of those Mississpians, chasing everything that scares you.
—————————————————-
Lastly, this commenter, 0i812, has it absolutely right.
By 0i812, September 16 at 9:54 pm Link to this comment
(Unregistered commenter)
Regardless, my question is what truly makes up the United States. The policies,
politicians, or the people. Everyone complains about the talking heads- look in the mirror. How are you effective. How is this effective. In many ways we are all feeding the beast. We are all complicit. The people I try and surround myself with are capable, honest Americans in an ever expanding community that will exist beyond divisive party lines and meaningless titles. Capable is the powerful word.
Each has chosen to point the finger inward and be the better person, the more effective person. There will be a future, regardless.
———————————————————-
Except for the last sentence, I agree the last post. Unfortunately, the time to look inward is over. The future here in the US might look like a reflection from the distant past.
Serfdom provided by Monsanto; wars galore by the General Dynamics, Ratheon, BAE and others, control over your daily lives by the Intelligence community.
It might not hurt right now. We’ve been numbed down, but it will become obvious to Leefeller, ITW, and truedigger3 and so many like them when it’s too late.
It might already be too late.
To ITW Leefeller, and trudigger3,
LEARN TO READ!
It doies abody good.
Adios Muthafuckas!
Report thisBy fearnotruth, September 16, 2010 at 11:50 pm Link to this comment
Mr. Scheer: With all respect, you’ve got it backwards. Just as with Billy Clinton, Mr.
Summers is positioned to keep a tight rein on Barky Obama.
Sure, they let him chastise Wall St. in Federal Hall or Cooper Union. It plays well on
Main Street, but were he, even under his breath, to utter, “Tobin Tax,” rest assured
some crisis would instantly manifest, sweeping him from the stage, into
emergency mode and you’d never hear it again.
Mr. Scheer, you know damned well that Obama’s position is more tenuous than
Report thisSummers’ Geitner’s or Burnake’s — they’re Wall Street’s boys and their primary
mission is to make sure that their Manchurian Candidate doesn’t fall out of
character, undergo an epiphany and stary identifying with ‘his people.’
By 0i812, September 16, 2010 at 5:54 pm Link to this comment
(Unregistered commenter)
Regardless, my question is what truly makes up the United States. The policies,
Report thispoliticians, or the people. Everyone complains about the talking heads- look in
the mirror. How are you effective. How is this effective. In many ways we are all
feeding the beast. We are all complicit. The people I try and surround myself with
are capable, honest Americans in an ever expanding community that will exist
beyond divisive party lines and meaningless titles. Capable is the powerful word.
Each has chosen to point the finger inward and be the better person, the more
effective person. There will be a future, regardless.
By truedigger3, September 16, 2010 at 4:51 pm Link to this comment
garth,
Are you a closeted Zionist who is trying to drum up support and justifications for Israel and Zionism by your vile and disgusting attacks on the Jews.
Report thisYour anti-semitism is so blatant, crude, in your face and out of syc with the times that makes anyone wonders about your true identity and motives.??
By Leefeller, September 16, 2010 at 4:46 pm Link to this comment
Boy,..... I did not know Truth Dig had its own bigots handicap section,...... cannot wait for the next exciting episode,.... when the mental degenerated show us the correct way of burning crosses on peoples front lawns and especially making sure it is not the local judges place, which can be a real problem, meaning someone must be able to read numbers!
Report thisBy garth, September 16, 2010 at 4:03 pm Link to this comment
The Jews were given a land of their own by the US and Great Britain, Truman, Churchill and Lord Balfour, and look what they’ve done with it in 62 years.
A classic example of fucking up a free lunch.
Johanne Galtung said it best, “The Israelis don’t know when to shut up and they don’t pay their debts.”
I’d add that that is for us. The Americans.
The schmucks in Indiana, Ohio, Nebraska and so forth. They love to take it up the ass and have those ingrates laugh at them.
Report thisBy garth, September 16, 2010 at 2:50 pm Link to this comment
You’ll reap the whirlwind,
The Jews were planned the Ross Perot fiasco to get back at George H. W. Bush. He’s one brahmin they didn’t dare to fuck with.
The Jewish controlled media was behind the assassination of Tim Russert. They didn’t want him to continue the Met the Press format and ask candidatte Obama some pointed questions.
Oh, yes, ITW, why don’t you go back to Israel. You
Report thisBy Inherit The Wind, September 16, 2010 at 2:23 pm Link to this comment
Garth,
Report thisDon’t let the door hit you in the butt on your way out.
By garth, September 16, 2010 at 1:27 pm Link to this comment
Jesse Jackson and Charlie Ranger have become ‘White Guys’s. When we refer to the ‘coon’ form now on we’ll me that ‘Singualar sensation’ Barack H. Obama.’
Doesn’t that simplify things: Guineas, wops, Spics, White Guys, African Americans and coons.
The online editors, little Jewish boys, let me add this, don’t neglect to notice.
Report thisBy garth, September 16, 2010 at 11:55 am Link to this comment
Larry ‘the fart in a space suit’ Summers was aked to leave Harvard as President because of his demeanor in his relations with his ‘betters’—the Brahmins.
That African-American clown who left Harvard to go to Princeton was cover.
The Brahmins knew what Summers was up to.
Report thisBy REDHORSE, September 16, 2010 at 11:40 am Link to this comment
ALL THAT-AND THEN I GOT THE QUOTE WRONG—BUT—YOU GET THE POINT—DON’T YOU?
Report thisBy REDHORSE, September 16, 2010 at 11:32 am Link to this comment
You guys are like a cold plunge in an ice storm. Brrrrrrrrr. Such a heartless and inhuman reality.
More and more posters express open disgust and the belief that the entire system has been corrupted beyond repair. Again and again, the word “fascism” is used to describe the assault on Democracy, open looting of the econonmy, and the intentional social disintegration and destruction of American lives, by people like Summers, Timmy G., President O., the Clintons and Boehner.
If this is a true picture of American political reality, we are well past civil action and discussion of solution.
Only a fool would believe, (and that’s exactly what Obama, Pelosi, Reid and the “gold sacks” boys are playing us for), that the chaos created by economic fiasco, gutted industry and health care, illegal invasion, insane drug policy, failed schools, imposition of the largest for profit prison system in the World, and a for profit political, revolving door war machine, is an accident.
The sum and impact of this madness batters the American Psyche. We are all on the brink, and beaten emotionally and financially numb. We are under intentional seige. Boehner, Clinton, Cheney, Bush, all, wear the same little @#ck you smirk. And, another whine and lament here, why no action on the part of “We the people..”?
Your posts are concerned and intelligent. Your opinions are informed and educational. So, what is it? We all know what’s coming.
A poster on another thread used the word “hopeium”. Is there any longer an actual place that “We the people..” can take hope? What’s the core reality? That the “fascists” are gonna come to their senses? Hydrophobes do what hydrophobes do. And, what do you do with the hydrophobic?
The American future is being openly and intentionally destroyed for personal profit and gain with no regard to consequence. Without real vision and action, not only the American, but the World future is apocalyptic. We’ve all been forced across the line. I can only conclude, that, as intended, the majority of Americans are overcome with the struggle to simply eat, and those with the intelligence, time and resources to take action just don’t care enough to do so.
So, Scheer tells us Summers is a fixer, Obama is poised to gut Social Security and Conason acts like we don’t know Boehner is a bagman who openly distributes corporate largesse on the floor of our Congress. It’s just another great non-event.
We are at gunpoint now. The open murder of citizens by police in my city is common. In fact, a young woman was taken out of her car and openly raped by a policeman here last week.
American civil society has been betrayed and our culture blown wide open. Our social structure has been dismantled and our economy is in freefall. Corrupt paranoids (and they have cause to be) control America, and your life has been placed on the auction block. Yes, lets talk about it. They’re reasonable men—“so are they all, reasonable men..”—-
Report thisBy garth, September 16, 2010 at 11:31 am Link to this comment
My question to you Jews is this;
What do you do when the left bank has been completely populated the the Gaza Strip stands ready for dectruction?
In other words, where are you going with all this?
Let us know. We support you. We did the same to the native Amercians.
We will do the same to the Islamahoods or those with swatrhy complexion, or even you fer, Chrissakes!
Whatever it takes to take away this fear.
Cofer Black
Where ae you when we think we need you?
Stand up and be counted you fat-faced homosexual.
Report thisBy garth, September 16, 2010 at 10:51 am Link to this comment
The Jews are funny, especially when they team up with Amercain Intellgence.
If you opne this blog for comments,
Report thisBy M L, September 16, 2010 at 10:38 am Link to this comment
(Unregistered commenter)
Summers and Geithner are your garden variety con artists. Con artist manipulate and deceive people to get what they want: Power and money. Rubin manipulated Bill Clinton into turning over the economy so he and his minions (Summers, Geithner)could deregulate banks,government agencies and the airline, oil, mining and health care industries. They also turned Wall Street into a gambling casino and took money from their personal ATM machines (FED, U.S Treasury) to cover their bad debts, toxic assets and for zero interest loans. These liers, cheats and thieves weasled their way into the white house in order to steal tax payer money and cover up their crimes against humanity. Working with psychopathic deceit and mannipulation forces one into a survival mode and you end up putting out fires and getting through each day. If Barack Obama surrounds himself with people with his and the country’s best interest at heart, then he will thrive. Get rid of the Snakes in Suits (Summers, Geithner, Emanuel) Hire Elizabeth Warren to head the Bureau of Financial Consumer Protection and Bryan Dorgan as his Chief of Staff. It will take a revolution to replace politicians bought and paid for by special interest.
Report thisBy garth, September 16, 2010 at 10:18 am Link to this comment
She’ be an adisory After Summers Comes the Fall
Scheer’s got it all backwards.
I just heard the announcement on Brian Williams NBC Announcements that Elizabeth Warren will not head the Consumer Protection part of the Federal Reserve. Say what? The consumer protection agency in the Federal Reserve? What happened to Ron Paul and his attempt to audit the Fed?
NBC’s announcements. That should be the title of this 1/2 hour of wasted electricity.
Alan Greenspan’s wife, posing in front of an NBC camera, with a scarf wrapped around her head that we are supposed to think is her maintenance of foreign protocol, said some mishigas about Ahmadinejad.
Report thisBy Azeus, September 16, 2010 at 7:45 am Link to this comment
(Unregistered commenter)
America is over. The Government is broke. It cannot fix anything. Summers is just your typical bureaucrat of the past 50 years that sold out the American public to special interests.
Clearly it is Obama that needs to go, since it is he who picked Summers, Giethner, and Bernanke. He broke all his campaign promises (of change) before he was even sworn into office.
Report thisBy kulu, September 16, 2010 at 2:43 am Link to this comment
Lasmog,
If nothing else voting Green, Socialist or a progressive independent could be the first drop in the pond leading to something better. Certainly if nothing is achieved by voting this way then that is no less than will be achieved by any of the other three alternatives you note. With few exceptions I would vote for anyone other than the the two corporate sponsored parties.
Report thisBy Tom e, September 16, 2010 at 1:07 am Link to this comment
(Unregistered commenter)
Amazing, the negativity here is breathtaking. I guess there is no hope.
Report thisBy Alphysicist, September 16, 2010 at 12:48 am Link to this comment
Actually, it is more plausible to ask when Summers will give Obama the pink slip?
Report thisBy taikan, September 15, 2010 at 5:52 pm Link to this comment
The answer to Scheer’s question is obvious. Summers will get a pink slip if and when Obama decides that it is politically advantageous for him to get rid of Summers.
Because the only people who seem to be upset with Summers are the progressives, who lack any substantial political power, Obama has nothing to gain politically by getting rid of Summers and thus is unlikely to do so. However, at some point it should be expected that Summers will leave on his own accord to go make a lot more money.
Report thisBy moonraven, September 15, 2010 at 2:35 pm Link to this comment
Summers took Harvard to the brink of bankruptcy—guess that’s his speciality.
Report thisBy Druthers, September 15, 2010 at 2:34 pm Link to this comment
If Obama makes any changes now,such as firing Summers, it will be because he is running scared. Not for this election but for 2012. Those who go will be like bones to keep the wolves away.
Report thisThe opportunity of a generation, WASTED and a bleak and black future ahead.
How many have an idea of what we must be prepared for?
By truedigger3, September 15, 2010 at 1:53 pm Link to this comment
One more time, Scheer is bullshitting his readers and blaming Obama’s despicable perormance on bad advisers.
Report thisNO, Mr. Scheer NO, you have been around the block, many times, to know damn well that is not true.
The powers-that-be who picked Obama for the presidency, picked his economic team also, and everything is progressing as Wall St. and the Corporatocracy wanted. Obama knows that his first priority is to save Wall St. fraudsters and banksters and their Bonuses and the hell with Main St. and the rest of the economy.
Obama hiding behind his blackness, skillful make-belief speeches and his so called progessiveness, did and will do stuff W Bush would not have dared to do due to the howling of the so called progressives.
Just wait and watch as Obama begins “reforming” Social Security and Medicare. Just look at the people that Obama picked for that task, Peterson and Simpson and both are known ardent enemies of SS and Medicare.
Obama is exactly following W Bush policies and worse without a whimper from the so called progressives but only trying to find execuses for him and keeping bullshitting the base, and Mr. Scheer is a good example of those so called progressives.
I thank Mr. Scheer for truthdig and his valuable opinions about many subjects but regarding him and Obama the facts speak for themselves.
By mdgr, September 15, 2010 at 12:46 pm Link to this comment
http://www.truthdig.com/avbooth/item/naomi_klein_building_an_independent_left_20100914/
>The “Shock Doctrine” author tells Laura Flanders, “We have to build that independent left. It has to be so strong and so radical and so militant and so powerful that it becomes irresistible.”
Indeed. Spot-on, in fact.
Now, all we need is for people like Mr. Scheer and Mrs. Huffington to stop trying to “manage progressive rage,” while continuing to endlessly kvetch.
Report thisBy Flummox, September 15, 2010 at 12:05 pm Link to this comment
When will Obama drop Summers? Well certainly not before cutting Social Security
Report thisBy Hammond Eggs, September 15, 2010 at 12:01 pm Link to this comment
Obama, Summers and Geithner are The Three Amigos. The latter two are not going anywhere - at least not on Daddy Warbucks’ orders. They’ll jump ship when it appears Obama is headed for the political trash heap. I’m sure they’re already spreading their legs and sniffing around for another high paying gig.
Report thisBy Wendell W Solomons, September 15, 2010 at 11:24 am Link to this comment
(Unregistered commenter)
Shock Therapy in continental Euro-Asia would topple a subsidy bill on cities such as Rome, Vienna, Bonn…
Greetings!
Lawrence Summers was chief Economist of the World Bank when I sent him a 3,000 world alert on 28th July 1992. I told him that Shock Therapy in Russia would send out many people from the 325 million former USSR to Western Europe. I also warmed that proliferation of weapons’ technology would arise. Anne Williamson and Janine Wedel tell us that Summers went on to convene the reformers.
Rgds,
—wws
History of document
Abridged in Colombo by Revd. Graeme W. M. Muckart of the Church of Scotland in July 1992.
Text sent by Wendell W. Solomons to Lawrence Summers, IBRD Chief Economist, from Colombo through Metalix private agency post office fax 580721 to Washington IBRD fax 202-4776391 on July 28th, 1992.
Telexes on the subject begun to TW 886-2-7761549 and faxes from May 1st.
Communications expected from IBRD by Wendell W. Solomons
(a) Courier packet of documents, DHL, Forwarder Airbill No: 756176536 SPS 744556072, of Aug 7th, 1992, despatched by Etienne Pierart, Dept: 824, Div: 11, Room: 0-4137, The World Bank.
Report this(b) Letter of same date under signature of Etienne Pierart.
(c) Letter of November 30th, 1992 reference No: D28811 (3); 10/19/92, from World Bank under signature of Julita R.S. Main.
By glider, September 15, 2010 at 11:09 am Link to this comment
I think the picture attending this article says it all. Perfect!
Report thisBy SteveL, September 15, 2010 at 10:51 am Link to this comment
Replace this guy with an encomiast from China or India. No doubt they would do a
Report thisbetter job and some of these Summers types might just get the message.
By mdgr, September 15, 2010 at 10:39 am Link to this comment
Mr. Scheer writes: “Why not help the president do some damage control while he still is in office? Demand that Summers and Geithner be fired the next time you receive an appeal from the Obama fundraising machine asking for yet another contribution to the movement for change.”
Mr. Scheer’s suggestion is sadly very tepid.
Why doesn’t he go further? Why not fire Summers and Geither, Biden and Gates, Pelosi and Reid, Clinton and Axelrod?
Why not call for the firing of Obama?
Meanwhile, the Tea Party just won some very significant primaries. The GOP has already declared that it will lend them their support in these primaries, and the idiots who create the DNC talking points are framing it like a good thing.
By those same blind lights, the National Socialist foothold in Parliament just before Hitler’s absolute ascendancy in 1933 was also a good thing. The Dems do not realize they are courting disaster by playing that same old “lesser of two evils” trump card.
If my example carries any weight, many of us will not vote Democratic again if the Devil were on the opposition ticket, and my guess is that we are not alone.
To hell with the Dems and to hell with America. At this late stage, I wouldn’t vote Dem even if the Devil had its finger on the nuclear button. If there is no viable third party by 2012, I’d bloody well take my chances.
Instead of deflecting blame to Summers or Geithner—again at this late stage—why doesn’t Mr. Scheer just say it out loud?
Why doesn’t he issue a resolute call for the Democratic Party’s destruction. He’s kinda sorta done that, sure, but not really. He’s still engaged in the game of patty-cake.
At the same time, why doesn’t he issue a resolute call at least for a vigorous and sustained discussion on the creation of a viable progressive-independent third party? Why doesn’t he create an enduring column on Truthdig dedicated precisely to that purpose?
The reason why, of course, is that despite his recent interview or his book, etc., Mr. Scheer seems to secretly still be a Democrat.
Report thisBy Eric L. Prentis, September 15, 2010 at 10:16 am Link to this comment
President Obama, on the tanking economy and the disastrous wars, is proving himself to be just another Chicago hack politician. After all his pretty speeches, Obama stabs the people in the back. Obama’s next debacle, after screwing up healthcare, is to gut social security. When will the people ever learn?
Report thisBy prole, September 15, 2010 at 10:05 am Link to this comment
Sept. 15
Dear Mr. President:
Enclosed please find a contribution for $25. Unfortunately, it is post-dated, as my mortgage is slightly in arrears, but that won’t stop me ‘caus I know you will change the world, just like you said. We still believe! And all I ask in return is that you fire Mr.Summers and Mr. Geithner. This is a non-negotiable demand. There is no room for compromise, so please don’t ask me to reconsider.
I must warn you that if my demand is not met, I may be forced to resort to serious measures up to and including cutting my current generous contribution level in half or post-dating my next check by a further two weeks – or both! So as you can see, I mean business. For in a democracy like Amerika the power is with the people. What we say goes!
LOL,
Big Bob
p.s. tell Larry and Tim not worry as they are ‘largely sophisticated financial manipulators that would appear to be eminently capable of protecting themselves’ – and good luck with your golf game!
Report thisBy samosamo, September 15, 2010 at 10:01 am Link to this comment
****************
Imagine, the very ones responsible for the grand larceny
crisis/disaster of milton turd lick friedman’s formulated
unfettered economics, recanting and saying they are sorry and
will pay back every thing, just don’t put them in jail. I see not a
jot of a difference in a serial killer, mass murderer or these most
criminal of financial terrorist criminals being any different from
each other except because it is money alleviates and absolves
them from all the death, misery, and actual criminal attacks done
to people for their greedy benefits.
Of course, when there is an enabler such as o, these most
heinous of criminals are still left to perform their nasty deeds
WITH the approval of that small minority who is hoarding all the
wealth they stole from this country aided and abetted by our
governmental enablers in congress. Pelosi and reid come to
mind right off but so do all those other who just took the
lobbyist bribers’ dollars and have done NOTHING to end the
legislation passed to ostensibly ‘legitimize’ their crimes.
Careful with that vote, eugene. As tempting as the tea party is,
dumping the current incumbents in the primaries, just what will
they really do if and when they are elected? Except for just a few
members of congress, probably no more than a couple of dozen,
I am happy to see incumbents losing their jobs in these
primaries but I have major doubts about who will be replacing
them.
Politics, religion and financial concerns. No disease is as virulent
Report thisas that combination.
By lasmog, September 15, 2010 at 9:57 am Link to this comment
(Unregistered commenter)
Do we keep voting for the lesser of two corporate evils or do we simply stop voting? I can’t imagine giving the country back to the party of Bush/Cheney/Palin, and yet Obama and the Democrats no longer seems worthy of support. I could cast a Green or Socialist protest-vote but what exactly would that accomplish?
Report thisBy thebeerdoctor, September 15, 2010 at 9:43 am Link to this comment
From Alan Simpson to Pete Peterson, the Obama apologists refuse to admit where their President’s interests really are located. Few things more unctuous than the fury of the delusional. Politicians do not care about the people they are suppose to represent. Why should any of the unconnected care about them? What a bloody waste of valuable time. The political class keeps pretending that Obama and his minions are important. Another ruse to convince the rest of us that our participation matters, when actually we are not even allowed under the tent.
Report thisBy Amon Drool, September 15, 2010 at 9:42 am Link to this comment
(Unregistered commenter)
obama is a bright guy. someone probably capable of eventually understanding a sophisticated economic argument. just think if he had michael hudson and joe stiglitz talking economics with him on a daily basis. just think if he had someone like william black in DOJ. hell, just think if he read scheer’s TD column weekly.
but..nah, the white house inner staff, emmanuel and axelrod, are known to read david brooks religiously. after all, brooks, a republican conservative, used his ny times columns to promote obama’s presidential run. brooks is also a believer in the way the US produces its political/economic leadership…ivy league-trained up and comers, vetted by international banksters and the US political duopoly, deserve their elevation to positions of relative power.
back in 1875, one of the rothschild’s, knowing that allowing private individuals to create money through fractional reserve banking had given a small slice of humanity inordinate power over the majority, said something like this: most people will not be capable of understanding how money creation works. the few who do will most likely join us because of the riches and status that this system is capable of bestowing on them. this rothschild knew that there would be an endless supply of summers and geithners coming up….and obamas.
Report thisBy NABNYC, September 15, 2010 at 9:34 am Link to this comment
If Barack Obama sincerely wants to help the people of this country, he should fire all the Clinton/Bush leftovers and pick a new team of people who have a lifetime of demonstrated commitment to working on behalf of the citizens, and who have not taken money from Wall Steet or the defense industry.
Obviously, when you pick people with a clear bias in favor of bush-cheney policies, there will be no change. Hillary Clinton had no legitimate claims to become Secretary of State. It appears she was chosen, as was Rahm Emanuel and probably others, to appease a special interest group that wanted “their” people in control of the economy and foreign affairs. It’s like hiring the head of a Columbian drug cartel to be in charge of the “War Against Drugs.” What do you expect will be the outcome?
But I do differ slightly on the mortgage issue, or at least the remedy. The worst offenders in this scenario are Alan Greenspan, who held the interest rates down to artificially low rates, which caused real estate to inflate like a kid’s balloon, in some areas going up 300% within a 7 year period. That inflated figure cannot be maintained. Real estate must be allowed to crash back to an affordable level.
The people who made out from the real estate bubble have taken the money and gone. We can’t get it back. Sellers, developers, brokers, and lenders: they made out. But what they did was not illegal.
Real estate cannot become stable until it drops down to a level that is affordable. What is affordable? The traditional figure was 25% of income should be spent on housing. For your average family in this country, earning $55,000/year, 25% of gross would be $13,000/year. Deduct taxes and insurance, that means about $1100/month payments on a mortgage.
If interest rates are allowed to return to their historical levels of around 6%, and they must be returned to that level, that means people can afford to borrow around $200,000 ($600 per month payment per $100,000 borrowed). Which in turn means most housing has to drop back to around $200,000. But in many areas, housing is over $500,000, which means we’ve still got a long drop ahead of us.
What relief should be offered people who own homes that are underwater? Nothing. If they can afford to pay, keep paying. If they cannot afford to pay, deed it back to the lender and go somewhere and rent.
For people who bought a home for $65,000 years ago, and saw it go up to $600,000, which they thought would be their retirement: tough. They only paid $65,000, and now they will not get a windfall. That’s not an equitable situation that requires taxpayer assistance.
For people who paid $250,000, but took out an additional $150,000 in a re-fi and used it for credit cards, cars, vacations, too bad for them too. They put themselves at risk, and should now bear the consequences.
The only group I would consider entitled to relief would be old people who took out small loans because they live on a fixed income, and they used those loans for medical or necessities. For them, we might pay off their loan but take a note and deed of trust, get repaid from the eventual sale.
For everyone, I would say the government should forgive any taxes on forgiveness of debt if they walk away from the house, and order their records cleaned of the foreclosure so they can get on with their lives.
Real estate must crash or it will not be affordable. If it is not affordable, it cannot be sold. If property cannot be sold, it will crash anyway, but it will be sudden and dramatic, and cause worse damage in the future.
Report thisBy Leefeller, September 15, 2010 at 9:23 am Link to this comment
My suspicions have been substantiated once again! The list goes on.
“We know Obama by the company he keeps.” one poster wrote, would that be Republicans or Blue Ball Democrats, in any case surely opportunists of the regal order!
Of course Summers and his buddies say no to Elizabeth Warren, cannot have this kind of slob on the street consumerism advocacy going on in the government,........ well not until the GOP pulls the funding!
Lets see consumers do not need to have any protection, we need free and up yours kind of consumerism, thanks GOP and Blue Balls Demos?
Report thisBy Anarcissie, September 15, 2010 at 9:03 am Link to this comment
Once again I must recommend ‘How Harvard Lost Russia’. Although Summers is not the protagonist in the story of degenerate greed, he is a major player.
http://janinewedel.info/harvardinvestigative_InstInvestorMag.pdf
It looks to me like the question is not whether Mr. O is satisfied with Summers but whether Summers is satisfied with Mr. O. Given his connections and behavior it seems as if he must be the ruling class’s lead Obama watchdog.
Report thisBy faith, September 15, 2010 at 8:44 am Link to this comment
Yes, Mr. Scheer. Also, we don’t have to wait until the democratic party asks us for
Report thismoney (which is every single day here). We can email the President at the White
House and politely request that he fire Summers and Geithner. I have personally
done that several times.
By G.Anderson, September 15, 2010 at 8:17 am Link to this comment
How frustrating, for so called progressives to realize that their man B.O., is just as much of a puppet as was GWB.
The idea, that B.O. has the authority and power to give Summers a pink slip, demonstrates a misunderstanding of the power structure of our goverment.
B.O. does what he’s told to do, just like GWB before him. He walks and he talks, and he reads the words, he’s told to read, and appears where and when he’s supposed to appear. But, appart from that, he’s just dancing around on the end of someone else’s strings.
Oh, sure, at some point, those in charge may become concerned that the public, is catching on to their little political charade, and Summers will be replaced, by a clone.
Afterward Summers will probably, head on over to Goldman Sachs for a few more years of larceny, and political mis direction.
At any rate, B.O. will be gone in a few more years. God only knows what they will try to sell us next time.
Report thisBy Big B, September 15, 2010 at 8:17 am Link to this comment
any delusions that liberals held about Barry were squashed the second he threw in with Summers and his ilk.
Look back folks, this opportunist-in-chief is just a sorry doppleganger of Dick Nixon, without the charisma.
Report thisBy FRTothus, September 15, 2010 at 8:00 am Link to this comment
We know Obama by the company he keeps.
Report thisBy Steve E, September 15, 2010 at 7:35 am Link to this comment
The word going around is that there is nothing we can do because the dems and
Report thisrepugs are more or less realizing they have it all sowed up. For us it’s all over but
the crying. Wall St., the war Industry, the judiciary, the media, rampant
surveillance, the food supply, real estate, the fuel industry, rendition, torture,
illegal invasions, neglect of the environment, private armies, it’s all in their
control. They have us by the balls but many of us haven’t realized it yet, but they
have. It’s like a rerun of Nazism with a few new twists. Once they control the
internet or pull the plug on it, the game is over. I can almost envision another
9/11 scam right around the corner. You betcha.
By bluevistas, September 15, 2010 at 6:41 am Link to this comment
As other respondents have said, I don’t see and hear that Obama is dissatisfied with Summers and that crew, but then we probably wouldn’t know it until the axe falls…
Obama has taken the “safe”, non-controversial, and ineffective route time and time again, and his buddies from Chicago (Rahm) and Harvard are proving their limitations to many of us.
If Obama makes changes toward the progressive side, then we progressives could celebrate. The nation would be much better off, but I think Obama has to first deeply feel the distress manifested by the “New Democrat” approach and policies this Administration champions.
Report thisBy Alphysicist, September 15, 2010 at 6:08 am Link to this comment
I am surprised at the beginning of this article. When will Obama give the pink slip to Summer? How did this question arise? Are there any signs that Obama is not satisfied with Summers? Maybe I missed something, were there any rumors that Obama will tell Summers to take a hike?
I really do not get this. I have read quite a bit of Robert Scheer recently, and I think his articles/interviews offer great insight of the situation, both inside the U.S. and internationally.
But given all that, how could he “get suckered into the Obama campaign financially” as he said on Democracy NOW? Will this kind of thing keep on happening, that intelligent well-meaning people will get suckered into democratic brandnames?
If yes, that’s a major pity because it just propagates this system of false democracy, and the illusion that there is a real choice between the republicrats. One can always find an excuse to prefer Obama over McCain, Gore over Bush, etc., but that is just a way of postponing the solution to the problem that the system is corrupt, rotten, and must be torn out from its fundaments and replaced with something else.
Report thisBy ofersince72, September 15, 2010 at 5:56 am Link to this comment
And Robert, keep the conversation away from the
really gross military budget, because everyone knows
that spending over the last forty years isn’t one of the
reasons we are in the poor house today. I ain’t one
bit concerned who lost what on Wall Street!!!!!!!!!!!!!
I am concerned that our whole economic system is
Report thisdependent on the War Industry. I am concerned that we
can’t even make our own dental floss, or shoe strings
in our country. SCREW WALL STREET,,and everyone keep
letting them make you believe that Wall Street should
be dictating our economy. And we will continue to slide
down the same banister into the barrow of shit we are in.
By ofersince72, September 15, 2010 at 5:37 am Link to this comment
That is just one idea I have for the Democrats to
try to keep the majority in Congress…....There are
many things they could do in the next month to make the
public believe that they have seen the eer of their ways
and want to start working for the populace. However,
this dive that the Democrats are going to take has been
well planned by the ones that really control and own
our government…....You can’t stop it, the collusional
Democrats are the ones that made it happen. We aren’t
being governed from within the Washington Beltway, you
Report thisall know this , just don’t want to come to that conclusion
Dallas TX, London England, Brussels , New York,
Zurich, Toronto,..........The Capitol of the
United States of America is spread out in board rooms
all over the world.
And the Democrat Party isn’t going to do one lick to try
to change this…..certain lawmakers have tried and swept
away or died in fishy airplane accidents….......
By ofersince72, September 15, 2010 at 5:21 am Link to this comment
Democrats really worried about losing in November.
I will tell you a very simple way to change the outcome,
at least a little bit, but they won’t do it
Have the Democrat Party get rid of Pelosi as Speaker of
the House,...everyone in America can’t stand her
Replace her with PETE STARK….........
Have the Senate get Harry Reid to step down as
Senate Majority Leader…...he has proven his ineffective-
ness.
Get him replaced with a Feingold or or some other
snide talking Senator…......then
Have both of the NEW LEADERS of Congress go the the
WHITE HOUSE AND TELL OBAMA HOW THE COW ATE THE CABBAGE.
simple stuff..but the Dems won’t do it because…....
THEY DON’T GIVE A DAMN ABOUT YOU…...
HAVEN’T YOU GOT THAT THROUGH YOUR HEADS YET?
If the Democrat Party were to do these moves before
Report thisNovember, it would be telling the public a little something.
By madisolation, September 15, 2010 at 5:07 am Link to this comment
He has to fire a lot more people than Summers, but then, who trusts Obama, anymore? The man’s whole rise to power has been predicated on lying and throwing people and principles under the bus: the Rev. Wright, his grandmother, our civil liberties, the left, Shirley Sherrod, and on and on, and now, it appears, the hallmark of the Democratic Party with his Catfood Commission’s gutting of Social Security..
Report thisI want to see how he manages to win in 2012 and still be all “bipartisany” with the Republicans and the right wingers come November. You reap what you sow, Obama. You reap what you sow.
By Mike789, September 15, 2010 at 4:43 am Link to this comment
Bid the crappy mortgage repackaging up and glue the tab to people who should have known, (should have gone contrary to the bubble psychology sustained from the POTUS to every bank’s electronic marquee)should have known the complex relationships involved in derivatives(cubed).
The is horse-hockey. The perpetrators know it and simply believe that if they kick the can down the road long enough and hard enough, all their malapropisms will evaporate in the mist of the next bubble.
Report thisBy Inherit The Wind, September 15, 2010 at 4:12 am Link to this comment
I was greatly disappointed with Obama when he put Summers in charge, when it was clear Paul Volcker was the only man for the job, the only one who HAD ALREADY solved a major mess.
Instead, Summer, the arrogant incompetent, used every bit of influence to cut off Volcker’s access to the President and policy makers, isolating him until the President himself changed that.
For that alone, Summers should have been gone long ago.
Add to that ALL his other sins and the sooner he’s gone is STILL too late.
Report thisBy Robespierre115, September 15, 2010 at 1:44 am Link to this comment
Obama himself said he didn’t have a problem with big CEO bonuses because that’s how “the free market works.” Why do American liberals keep begging Obama to be Obama? Wake up and smell the thorns people.
Report thisBy C.Curtis.Dillon, September 15, 2010 at 1:20 am Link to this comment
Won’t happen. The current economic team is exactly the one Obama wants. Can’t imagine a Stiglitz being asked to replace him. Old Joe would give Obama hell and would upset the wonderful relationship between the White House and Wall Street. Don’t want to make those sharks mad now, do we?
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