Comments on: Bailout Failing…Time for Summers?

By: Did I Fall Asleep and Wake Up in 1950??? : The New Agenda

Did I Fall Asleep and Wake Up in 1950??? : The New Agenda — Fri, 05 Dec 2008 18:18:54 +0000

[...] – e.g. curing the root of the problem (foreclosures). This is in sharp contrast to the disastrous TARP in which our government has dumped $350 billion of taxpayer money down the [...]

By: ER

ER — Fri, 14 Nov 2008 05:24:35 +0000

Why Larry Summers should NOT be appointed Treasury Secretary:
1. Summers was a main player in financial deregulation, a primary cause of the present economic crisis. Summers sought to silence Brooksley Born, head of the Commodity Futures Trading Commission, who correctly foresaw that unregulated derivatives trading could put other financial markets at risk. While Born attempted to draft regulations to address this risk, Summers and his cronies accused her of fostering a financial crisis. Congress, apparently under pressure from Summers et al, suspended Born’s Commissions’ regulatory authority. Born then left her position as head of the Commission. “It was Larry Summers who called her up and screamed at her,” according to Siskind, who notes that the financial meltdown might have been averted if Summers had listened to Born (a woman).?? http://thenewagenda.net/2008/1.....ew-agenda/
??

2. Andrei Shleifer, a close friend of Summers cost Harvard a $26 million settlement with the U.S. government. A federal court found Shleifer liable for conspiracy to defraud the U.S. Government, after Shleifer violated conflict-of-interest rules by making secret investments in Russia at the same time he was working for a Harvard group contracted by the U.S. Government to advise the Russian government. While Shleifer was being investigated, Summers pushed to have Shleifer promoted to a prominent chair at Harvard. http://www.opednews.com/articl.....6-709.html

WHAT YOU CAN DO:

1. Email Valerie Jarrett, who is part of Obama’s TransitionTeam at vjarrett@barackobama.com to tell her what you think about Larry Summers as Treasury Secretary.

2. Leave a note on Obama’s transition website about your vision—NO to Larry Summers. There are two places you can leave your message:
http://www.change.gov/page/s/yourvision
http://www.change.gov/page/s/contact

3. Sign the Petitions to stop Barack Obama from considering Larry Summers for the Secretary of the Treasury post. The petitions will go to Obama’s Transition Team.
The Nation:
http://salsa.wiredforchange.co.....on_KEY=494
The Open Left:
http://action.openleft.com/page/petition/nosummers

By: madamab

madamab — Thu, 13 Nov 2008 21:13:41 +0000

If the Obama Administration must go to Old Washington, I wish they would consider Joseph Stiglitz. He is (of course) not female, but he is more liberal than Larry Summers and also has a lot of government experience.

They did mention Sheila Bair last night on the Lehrer News Hour. Apparently she has a lot of fans among economists – maybe Obama will consider her.

By: Renee Wilkes

Renee Wilkes — Thu, 13 Nov 2008 21:08:00 +0000

You are commenting on banking and the bailout. This web-posting is very informative, scary, but informative.

http://pumasunleashed.wordpres.....aving-you/

I am glad that Summers is not a front-runner. I think that people in government should not be sexist.

By: Rebecca

Rebecca — Thu, 13 Nov 2008 19:09:13 +0000

goesh on
I agree with you about bringing jobs home to America. They left because of the high tax (35%) I think. Our Federal gov’t needs to lower the tax and make it so that other countries want to make their products here. We have the knowledge and the will of the people.
Free trade is only free trade when all countries pay the same tax to build a product. I for one look to buy American first but it is hard to find these days.
Call Centers are all in foriegn countries for banks and credit cards.
Yet we are giving these very banks big bailouts. It they want to be bailed out bring those jobs back to America. We the American taxpayer are paying the salaries for foriegn employee’s of these banks when our citizens are out of work. Am I missing something here?

By: Amy Siskind

Amy Siskind — Thu, 13 Nov 2008 16:37:05 +0000

Rebecca,

You are so right on.

Now Reid and Pelosi (and Obama) are pushing for a $50 billion bailout for the big 3 automotive companies. I say hogwash – their products are inferior and their cost structures don’t work – let them go bankrupt and restructure. Think of all the good that could come out of $50 billion being pumped into small businesses who employ most of our country!!!

And, yes, the gov’t buying equity of banks has done nothing to free up credit. We are throwing taxpayers funds into the toilet! And now Pelosi and Reid are asking for another $350-500 billion in additional funds…

By: Rebecca

Rebecca — Thu, 13 Nov 2008 16:32:43 +0000

I hope Obama finds some new blood. These old guys are over the hill. It is bad enough to have to live with Biden when there were so many really strong women in the party.
I think all those “good old boys” got us where we are.
I have very high hopes for Obama to bring in outside the beltway people.

We women are seeing our 401ks disappear and credit card rates going to 35% (Advanta) and they are using this money for the top brass buy outs. Please! They ran the companies into the ground why would they pay them a dime. Jail would be a good place for them for a start or working free for the companies until they get back on their feet. .

I would like to know how many women in small business like me have seen their credit card rates sky rocket for no reason. This is a big issue nobody wants to talk about.

These banks are double dipping. Getting bailout and charging higher rates on their credit cards. None of the money is reaching the American people.

By: Money, Stock and Finance » Blog Archive » Bailout Failing…Time For Summers? : the New Agenda

Thu, 13 Nov 2008 14:00:33 +0000

[...] Pelosi , Sen. Reid and a host of others as the way forward. Problem is, the premise on which TARP was based was faulty from the get-go. The same issues that prevented financial institutions from being able to mark-to-market their problem …[Continue Reading] [...]

By: goesh

goesh — Thu, 13 Nov 2008 12:43:49 +0000

I’m still trying to figure out why so many people believe a single person, a man no less, is going to “fix” the economy, this entwined conglomerate that’s woven and wired globally. Talk about a foundation of patriarchy: one man is going to fix it all. We can’t return to what we had and it is more about adapting to the new reality and the limitations. Our industrial base is too eroded to return to the pipe dream days of people with 40K incomes owning 200K houses, as if Obama can simply recall manufacturing jobs from Mexico and other 3rd world nations. Housing, banking, automotive – when they suffer, non-goods producing elements of the economy are going to pay the price with savaged budgets.

By: Kitkat

Kitkat — Thu, 13 Nov 2008 02:31:28 +0000

I thought Obama was all about “change” so why do we keep seeing the old guard on his list of appointments (or list of possible appointments)? Biden as VP was the first sign that Obama is going to appoint the Washington Good Ole Boys and the only change will be what is left in your pocket.