Obama has named Lawrence Summers to head the National Economic Council and Timothy Geithner to be Treasury Secretary. If you believe that deregulation of the financial industry was the fire for this economic meltdown you should know that these guys have fanned the flames.
Summers helped to dismantle Glass-Steagall and as Clinton’s Treasury Secretary signed off on the Commodity Futures Modernization Act which removed oversight on credit default swaps and derivatives trading. (This was the act that was the catalyst for Enron)
Geithner worked at the IMF for “W.” He also worked at the Treasury Department under Bush 1 and Clinton; just as Treasury and the IMF were manipulating the Asian economies for U.S. Banks and corporations that subsequently destroyed South Korea's and Thailand's middle class. Since 2003 he has been President of the Federal Reserve Bank of New York and you can rest assured his policies there have been about executive and Wall Street preservation, not the National interest. (By “National interest” I mean the interest of the middle class here in the U.S.)
Summers helped to dismantle Glass-Steagall and as Clinton’s Treasury Secretary signed off on the Commodity Futures Modernization Act which removed oversight on credit default swaps and derivatives trading. (This was the act that was the catalyst for Enron)
Geithner worked at the IMF for “W.” He also worked at the Treasury Department under Bush 1 and Clinton; just as Treasury and the IMF were manipulating the Asian economies for U.S. Banks and corporations that subsequently destroyed South Korea's and Thailand's middle class. Since 2003 he has been President of the Federal Reserve Bank of New York and you can rest assured his policies there have been about executive and Wall Street preservation, not the National interest. (By “National interest” I mean the interest of the middle class here in the U.S.)
Here’s the question: Why is Obama naming these guys to these positions?
1 comment:
Why?! It's because he won the left in the primary then moved to the center to appease his coporate masters! Bernie Sanders for president!
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