and accepts his review that Obama prefers Wall Street, while hiding behind "Main Street" smokescreen. Alpha's God has clay feet:
Obama’s Team Isn’t Exactly a Break With the Past
By BEN STEIN
Published: November 28, 2008
I WATCHED with a sense of both satisfaction and foreboding as President-elect Barack Obama introduced his economics and finance team last week.
First, I am the world’s most ardent fan of Paul A. Volcker and Lawrence Summers, but I am a bit puzzled by the choice of Timothy F. Geithner to be Treasury secretary. During the presidential campaign, I heard Mr. Obama talk many times about “change you can believe in.” But what does Mr. Geithner have to do with change?
He’s the pre-eminent careerist of old-time finance, and a basic part of the team that got us into this mess. He was pro-deregulation for most of his career. He went along with failing to rescue Lehman Brothers, a decision now generally considered a catastrophic mistake. He led the Federal Reserve Bank of New York while money-center banks made lethal mistakes of faulty risk management — and he did zero to stop it, as far as is known.
In what sense is he “change you can believe in”? How is he part of the solution, not part of the problem? I know he is a protégé of Robert E. Rubin. But isn’t Mr. Rubin himself the essence of the Washington-New York finance axis of power? He was a fine Treasury secretary while the tech boom made all things new, but Citigroup hasn’t exactly thrived during his tenure. Again, where is the change?
It’s not just Mr. Obama’s personnel choices that bear watching, but what he’s said about his economic programs. Public works seem to be the centerpiece of his effort to jolt the economy back into high gear. But recall the history of national attempts to “jolt” economies this way. In a word, their success is limited.
Warned on Mushareff? lol! Where were you when Sharif, Bhutto and Mushareff were enabling nuclear weapon technology to be sold in the '90s? That would have been a warning. when Mushareff is closing down madrassas, eliminating the sale of nuclear technology and trying to rein in the Pakistani military 'intelligence' community, it is not a time to cry 'wolf', as you did. Your sense of internationalism and foreign policy is woefully inadequate and one dimensional. then again, so it is with most Americans. That's why I love it when you pontificate on foreign policy - you're so much the "Ugly American".
Canoodle. I understand that English is not native to you. And you dont even seem to understand much of the jingoism you spout about Iraq, Iran, Afghanistan or Pakistan. I warned you continually about Musharoff using W, but you wouldnt listen. Your not about to listen even if I bothered to point you to your past blathering. Those that read your cheerleading posts adn care about South Asia already know the knave you are for W and Co. You will never your errors or the truth.
Canoodle... Whatever excuse you did for a job in your ancient past seems to be but a distant memory. Smart executives investigate pasts. They then evaluate circumstances as well.
You poor ole sucker dont seem to understand the simple fact when the Executive is 2d rate, i.e. Bush, the appointments will more than likely be 2d rate and the results will most certainly be 2d rate.
Now climb back into your playpen and stop trying to lift that which you dont understand. English remains a language which is obviously too tuff for you and yoiu havent learned to ask a smart 5th grader for help.
Alpha, so you couldn't back up your Pakistan posts. You look foolish smearing me with your nonsense. As for N. Korea, it is now castrated. That's a much different scenario than Y2000. As for Iran - well, it's been billigerant for 3 decades now Alpha. Nothing new there except its on the way to bankruptcy.
Simpleton.. I mean Canoodle.. Smart people judge an executive by his results. Fools and idiotologues like yourself, like to judge by the seat of your pants. Methinks you must be sitting on what passes for your brain. But keep throwing those rocks. Just dont try and throw any that are too heavy for your feebleness.
Well put, Canucanoe1. I second your comments. The same can also be said of the foreign policy 'dream team' ( indeed - I cringe when the Media refers to this motley CABAL so ), comprised of Madame Clinton herself, and two Bush Administration appointees: one, to the Defence Department via the CIA, and the other, former commander of NATO via the Marine Corps.
The Student-In-Chief belies his own personal inexperience and deficiencies, with those he surrounds himself with.
Dog, I know of no better way to judge an executive than to look at his appointments. Obama appointed the arsonist (Geithner) who later visited the fire to "help" as the new Fire Chief (Treasury Secy). He also brought in Summers, a key figure in dismantling the Depression era constraints imposted on Wall Street that worked so effectively for 7 decades. ...and he counts as close counsel Rubin, father figure to both these jokers and the key figure to destroying Citicorp and promoting a taxpayer bailout for it. As I have explained over the past week, it is a terrible group if one professes to be worried about "Main Street". There won't be innovation, there will by cya, just by the very nature of how these folks have traveled. Disagree? Just look at Bernanke and Paulson! What I find disturbing is the reverence given to Volcker now. It reminds me of Powell during the Bush Admin. Or Hindenburg of the Weimar Republic.
"is a huge leap and pre-supposes not only various conspiracies but criminal ones at that. It works for rhetorical excess in formats like this and talk radio, but fortunately doesn't make it in the real world of law and regulation"
Ahhhhh yep, Dog! Seems to me that the the Rating Agencies Rated Crap Securitized Debt as AAAA, Realtors had homes appraised for greater than they were worth, Banks/Mortgage Companies lent Pennyless, unemployed non-citizens hundreds of thousands of dollars, and all the while Barney Frank and his cronies were telling us Fannie May & Freedie Mac were solvent and were in no trouble of failing.
The "real world of law and regulation" that you speak of Dog is NON EXISTANT! As I've pointed out in earlier postings NO ONE ... NADA has been INDICTED for the aforementioned CRIMES!
Oh, and let's not forget that CEO's were paid 40 - 50 millions Plus dollars for FAILURE! Witness the 3 Automobile Exectutives who are being paid many millions of dollars but yet demand our tax dollars to bail out their FAILED MANAGEMENT POLICIES.
And if we don't bail them out they point out that a couple of million workers will be out of a job. But, they didn't even bring a game plan showing how they would turn around their FAILURE.
Not to worry though, they'll be back shortly with tin cup in hand, and I'm sure they'll have a game plan that will satisfy Congress. The new dog and pony show will be very successful. Rumor has it the 3 Auto Exectutives will Car pool from Detroit this time. Ahhhh, symbolism over substance will get them points too.
But I digress, I'll believe your rhetoric Dog when SOMETHING/ANYTHING is done concerning the GREATEST ECONOMIC DEBACLE IN THE HISTORY OF THE WORLD.
a debacle myself sometimes eggs N ham
....I have the most ultimate of faith that things will continue as they have with the fingers of Congress, The Fed, Treasury and Presidency manipulating, as you attempt to describe it as, "The Free Market".....
To leap from that statement to this:
...Peter Schiff, Jim Rogers, Jim Sinclair, Nick Guarino, Nouriel Roubini and others have made the point that our economy is in trouble due to fraud, manipulation and/or outright thivery.....
is a huge leap and pre-supposes not only various conspiracies but criminal ones at that. It works for rhetorical excess in formats like this and talk radio, but fortunately doesn't make it in the real world of law and regulation. While the economy was falling apart we were in the middle of a presidential election where Republicans like McCain stated initially that the "fundamentals were sound" and others such as Hannity stated that the economy was being damaged primarily by the liberal media. Some Dems didn't help either. In such an environment it should not be surprising that there have not been conclusive hearings re the regulatory issues or appropriate reform. Further a new Congress is not in session and lame ducks are called that for a reason.
Now a reading of the article I have referred to was helpful for me re historical context for today's situation and leads one, me at least, to the conclusion that we are in an ongoing cycle of boom/bust and that despite the best efforts of governments and authorities, we will continue so. The key is understanding why and creating the regulatory environment that will prevent the worst excesses while not killing the system.
Now I would say that if in six months the new Attorney General is not conducting any investigations into wrongdoing, the Congress is not holding hearings into reforms, and there have been no investor lawsuits filed, then the "conspiracy" theory may have merit. Worse, the government that has existed for over 200 years, that many of us have served to protect will be in serious jeopardy. Can we keep our heads down that long?