Monday, April 13, 2009

Obama Maintains His Perfect Batting Average for Appointing Failed Insiders to Key Economic Posts


Other than Paul Volcker, who Obama has already sidelined (and I know not everyone likes Volcker), all of his economic advisors have been insiders who directly helped to create the current economic crisis.

Summers failed as the main guy who pushed for deregulation of derivatives, lowered bank fractional reserve lending requirements, etc.

Geithner is the guy who - as chief overseer of the banks located in Manhattan when he was head of the New York Fed bank - gave the big banks a free pass.

You can go through the entire list of appointees and the story is the same.

Now, Obama is naming the current head of Fannie Mae, Herb Allison, as the new head of the TARP bailout program. Allison has done such a great job at Fannie Mae that it has only required hundreds of billions in taxpayer bailouts.

Obama is certainly giving us change.

at

3 comments:

  1. rlsuthApril 13, 2009 at 9:05 PM

    Herb Allison wasn't even at Fannie Mae for 6 months, so you cant really blame him for the problems that required bailing out.

    ReplyDelete
  2. rlsuthApril 13, 2009 at 9:32 PM

    Herb Allison was only appointed to Fannie Mae in September of last year, so you cant blame him for the troubles there.

    ReplyDelete
  3. NoumenonApril 14, 2009 at 11:04 AM

    Wow, am I glad I read the article before linking to your blog. I'll sure be careful before thinking about doing that again.

    ReplyDelete

→ Thank you for contributing to the conversation by commenting. We try to read all of the comments (but don't always have the time).

→ If you write a long comment, please use paragraph breaks. Otherwise, no one will read it. Many people still won't read it, so shorter is usually better (but it's your choice).

→ The following types of comments will be deleted if we happen to see them:

-- Comments that criticize any class of people as a whole, especially when based on an attribute they don't have control over

-- Comments that explicitly call for violence

→ Because we do not read all of the comments, I am not responsible for any unlawful or distasteful comments.