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Friday, March 20, 2009

THE PROBLEM:

Lawrence Summers
Timothy Geitner

   IMHO President Obama fumbled the ball badly by nominating these two individuals to their present posts. Both are way to entangled, either directly or indirectly with the present economic mess and many of it's key players. When I say entangled, I don't mean in a good way either. I believe both of them have Wall St's. interest more at heart then the average American's.  In nominating them President Obama probably made a decision to send a signal to Wall St. that it would be business as usual.  I think in doing this he had hoped things would calm down and he'd get some cooperation from this sector of the economy. Just the opposite has happened. Wall St. did indeed get the signal and yesterday we saw the result with the AIG bonus scandal blowing up in the President's face. The truth is Summers and Geitner are more interested in protecting their pals on Wall St. and in the Big banks then they are in making the needed CHANGES to the system. A system that has failed and failed so badly the entire world's economic situation is hanging in the balance. Simply put, Obama needs some players in these two pivotal spots that are not connected to the present gang on Wall St. Neither of these two  will deliver the CHANGES that are needed in this area and the sooner Obama realizes it the better. 

Read @ the title link  David Lindroff seems to get it.

1 comment:

Anonymous said...

Did you catch the talking head on CNBC saying that nobody making under 250K was smart enough to do the job of running the Big finance banks? Really? Seems then they've been under paying those guys then. Maybe, that's what they all need a pay raise and better benefits. Poor darlings.