Chuckie Todd and co actually make an interesting assesments regarding Geithner and Summers

[Jennicut]

First Thoughts:
*** Rebuking Geithner and Summers? One other thing that emerged this week was a change in the White House’s tone when it comes to Wall Street. In fact, yesterday’s Obama proposal to prohibit banks to use their deposit customers’ money to speculate on Wall Street was a repudiation of sorts of his two top economic advisers, Treasury Secretary Tim Geithner and Larry Summers, both of whom argued against this proposal. Indeed, it appears that it was Vice President Biden and Paul Volcker teaming up against Geithner and Summers here. Both Geithner and Summers played an instrumental role in getting Wall Street back on its feet. But given that Main Street isn’t back on its feet just yet, the White House probably realizes that it can’t be seen protecting Wall Street anymore. As we hinted at yesterday, there's a growing frustration in the White House between the economic team and the political team, and we're seeing that play out with the president trying to side with the populists.http://firstread.msnbc.msn.com/archive/2010/01/22/2182765.aspx

Time to send them packing already.

And wonkette has this hilarious post about this already:

"Yay here is your Friday News Roundup of somebody else’s News Roundup regarding Tim Geithner and Larry Summers getting beaten up by greybeards Joe Biden and Paul Volcker! Biden and Volcker are, combined, 150 years old and 150 feet tall; also they are liberal hippies."
http://wonkette.com/413325/bidenvolcker-triumph-over-wall-street-fat-cats-for-now

I am liking this Volcker guy.

[last1standing]

1. My first thought was: Why did it take losing a senate seat to get this movement?

But it doesn't really matter why. The only important thing is that Obama has seen that he, and his party, will suffer greatly if they don't start working for the average citizen instead of dumping trillions into the pockets of the thieves who caused this catastrophe.

Now, if he can figure out the same thing with health care, things might get better, economically.

[Jennicut]

2. Too late to wonder why he went with Geithner/Summers over Volcker

Important thing now is engaging the banks and Wall St. in a fight to publicly pressure Congress to enact these reforms.

[last1standing]

4. It's not too late to question or wonder, it's just too late to get the last year back.

We should continue to ask "why" so that we don't make the same mistake in future. It was a complete betrayal by the Obama administration to put our economic future in the hands of thieves and that should not be forgotten. We should bring it up at every opportunity so that he does not feel comfortable enough to do it again.

I don't know what its like where you live, but the mood in Michigan is pretty much so depressed that people want to get to the bottom as quickly as possible so that we can begin the turn around. They know the republicans will drive us there a little quicker so they consider voting for them. I guess that's what happens when real unemployment is over 20% and the president is giving trillions to the same mega-banks that are forcing you out of your home.

Obama needs to break these banks up while creating a REAL solution for the average, unemployed citizen. Otherwise he, and the party, will be washed away in November.

[Jennicut]

8. True. Dems do not need to make that mistake again.

[blogslut]

6. The move to Volcker's policies started back in October

...with meetings and plannings for the change in policy going on all through the month of December through now. In fact, they presented the plan to the public earlier than they wanted to - the early rollout was because of the election in MA.

[last1standing]

9. Do you have links for that?

I'm not doubting you, but I do doubt that this administration had any real intention to change stream after 9 months without a real kick in the ass like MA.

[blogslut]

13. Yes, I have a link

http://online.wsj.com/article/SB10001424052748704423204575017543560874692.html?mod=WSJ-Markets-MIDDLETopNews

The policy's evolution took months, according to congressional and administration officials. Prompted by the cajoling of former Federal Reserve Chairman Paul Volcker and other respected voices, dissenters in the administration—notably Treasury Secretary Timothy Geithner and White House economics chief Lawrence Summers—gradually dropped their opposition.

On Jan. 13, Messrs. Geithner and Summers locked down the final regulatory proposals into a memo to the president that they said was unanimous.

~snip~

Administration officials say the White House pivot came in October.

~snip~

In December, Mr. Obama decided he wanted to be on what he saw as "the right side" of the debate, according to an administration official. He asked his team to bring him specific proposals to limit the size of financial institutions and halt proprietary trading. Spurring their thinking: Goldman Sachs had sought the protection of the Federal Reserve during the financial crisis, and was now making big profits from its own trading, in part because it benefited from the explicit backing of the U.S...

[amborin]

11. yes---when it started becoming increasingly obvious voters were sick of ties to banksters n/t

[ShortnFiery]

3. Nothing Chucky "T" says is enlightened and is mostly fed to him from the ruling elite

or the propaganda pukes at the Pentagon.

[slipslidingaway]

10. That would be my guess as well - but it all sounds so good. :( n/t

[tabatha]

5. Volcker was born in 1927.

I hope he makes it through Obama's term(s). He is needed.

[Jennicut]

7. Me too.

He is old but wise.

[slipslidingaway]

12. Group of Thirty

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4528086&mesg_id=4528086

"Members include Timothy Geithner, Paul Volcker, Larry Summers and.....
Paul Krugman ..."

"About the Group of Thirty

The Group of Thirty, established in 1978, is a private, nonprofit, international body composed of very senior representatives of the private and public sectors and academia. It aims to deepen understanding of international economic and financial issues, to explore the international repercussions of decisions taken in the public and private sectors, and to examine the choices available to market practitioners and policymakers.

The Group's members meet in plenary sessions twice a year with select guests to discuss important economic, financial and policy developments. They reach out to a wider audience in seminars and symposia. Of most importance to our membership and supporters is the annual (invitation-only) International Banking Seminar.

The Group of Thirty also enters the policy debate on important issues by publishing papers. When the Group considers that its objectives would be furthered by more detailed work, it establishes study groups or committees, which may include both members and non-members, through our work program..."

[slipslidingaway]

14. CNBC doing a little segment entitled "Clash of Advisors" ...

interesting.

[slipslidingaway]

15. Paul Volcker / Group of 30 Report on Reform ...

http://www.ritholtz.com/blog/2009/01/volcker-reform/