Friday, November 7, 2008
Treasury Secretary
There are rumors around that former Treasury Secretary Larry Summers will again take the post in the Obama administration. Many Americans wonder: 1) why would Larry Summers retake a post he already had, and 2) Larry Summers oversaw and pushed for much of the deregulation of the financial markets that took place under Clinton, so it appears his foresight on the deregulation of the banking system and its implications obviously were not good. The last question being: Why would President-elect Obama bring Larry Summers back when he put in place many of the pieces to the current financial crisis? This is similar to when the FBI hires the best perpetrators of fraud to hopefully catch current perpetrators. Very reminiscent of "Catch me if you can." Very interesting indeed.
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5 comments:
Bulldog,
To your second point, does Summers (or any other Democrat in a position of power) believe that his/their actions caused the collapse of the financial markets? I would say 'no' or he would not be considered for this position. Wait a minute, the better part of the Clinton Administration has some stake in what took place in the financial markets. As it appears, President Obama will have a staff full of ex-Clintonites. Interesting...
The leader is only as good as the people he surrounds himself with.
Hink - While Summers may have some blame, so does Congress dating back 30 years, the mismanagement of Fannie Mae and Freddie Mac, and also the Fed's policy on interest rates. Let's be honest that there is a lot of blame to go around.
Eagle,
Let's stay on point. THE DEMOCRATS IN THE CLINTON ADMINISTRATION HAVE A LOT OF BLAME WITH FANNIE AND FREDDIE - PERIOD. Now, that doesn't mean everyone else is blameless, but they had a lot to do with it.
Yeah, let's stay on point and we don't need to use all caps to do so. While many Democrats deserve blame, the Republicans had control of Congress for 12 straight years from 1994-2006 and that is the lawmaking body. That is not a defense of Democrats but let's not excuse those in Congress from the other party either.
sorry Mr. Eagle, I must have accidentally hit the CAPS button. Everyone is to blame - agreed. I just can't stand listening to certain people, such as Barney Frank and Larry Summers.
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