Wednesday, September 4, 2013

I Wish Summers Was Over Already

Bill Black: The New York Times is Wowed that Obama's Six Rubinites Support Larry Summers
Larry Summers, that is. With all the Syria business lately the OTHER catastrophic decision that Obama is teetering on making has fallen off the radar for most. 

Larry Summers should not be allowed within 100 miles of policy making apparatus.

"So the real story should have been that one of the discredited officials who visited so much harm on our Nation and the world, Bob Rubin, has managed to place his protégés and allies in all six of the top economic positions in the Obama administration. Rubin and Summers are infamous for eviscerating effective financial regulation. Unsurprisingly, financial regulation, which has been under unremitting attack for 20 years since the Clinton administration's "reinventing government" movement began in 1993, has remained scandalously weak and produced with the aid of another Rubinite, Timothy Geithner, the de facto decriminalization of the elite banking frauds that drove the crisis. It tells us nothing substantively that six Rubinites "uniformly support" a seventh Rubinite. Pritzker and Rubin exemplify the problem. They are huge donors directly and they provide the links to other big bank donors for the Democratic Party. The banks Prizker and Rubin were most closely associated with engaged in massive frauds while they were in a position to prevent such crimes and failed to do so. Rubin leads the Wall Street Wing of the Democratic Party with the aid of allies like Pritzker, Rahm Emanuel, and Bill Daley – the leaders of the disreputable Chicago contingent. The Clinton, Bush (II), and Obama administrations have overwhelmingly given a free pass to the elite banksters. (The Pritzkers were a semi-exception. Bush II was willing to crack down on a leading bank fraud so closely associated with the Democratic Party.)"
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