Summers and Geithner have got to go

[rhombus]

I've never thought the Rubin-Summers-Geithner wing of economics has been good for this country. They sold out the middle class with NAFTA, coddled Wall Street with the repeal of Glass-Steagall Act, won't fight China's manipulation of its currency which is hurting American jobs, won't fight the perverse tax incentives for American companies to move overseas instead of creating jobs here. The list just goes on. The Rubin wings' primary school of thought is: If Wall Street is doing well, Main Street will follow. This is just trickle-down Reaganomics that has been repackaged.

The inverse is actually true. If Main Street is doing well, we ALL benefit including Wall Street. Bottom up growth is the key to prosperity, but the Rubin gang have never embraced this piece of common sense.

At some point, President Obama has got to make a choice. Sticking with the Rubin-Summers-Geithner school of thought or go in another direction- the Stiglitz, Krugman, Dean Baker, Volcker, Sheila Bair economic model which focuses on the middle class.

When you have the former Chairman of Citigroup saying the repeal of the Glass-Steagall act was a mistake and Alan Greenspan calling for its reintroduction, while on the other hand Summers-Geithner are opposed to such a move, you know the economic picture of this White House team is becoming clear. They are still caught up in Wall Street mania.


I hope and pray that Obama moves in a better direction fast with a new set of advisors. The current gang have not served him well with the exception of Bernstein and Romer.

[ej510]

1. They should been gone yesterday and never should've been

considered for their jobs.

[LWolf]

8. +1

[uponit7771]

2. It's plain logic that the working class will spend money while the rich\upper middle will save it...

[ej510]

3. Who unrec'd this thread?

[branders seine]

5. a cheerleader

[Aramchek]

4. they aren't going anywhere

[paulk]

11. wow!

what a thoughtful reply!

[xchrom]

6. we can do better than re-establish the past as it was 5-10 years ago.

that's what bernanke/geithner represent -- a return to greenspanian economics.

[ej510]

7. You are telling the truth my friend.

[glitch]

10. I wish President Obama would talk to David C. Korten, or at least read his books.

He comes from a similar background (elite education, government service career) and saw the flaws 20 years ago. As did Stiglitz. These two have more brain power than the admin's entire economic team.

Missed opportunities, and I don't think we have many of those left before we collapse completely.

[Vidar]

9. Couldn't agree more! Recommended.

[tilsammans]

12. Agree. Of all of Obama's picks, . . .

. . . those two are the worst. :rant:

They've gotta go.