The administration's response to the financial crisis has been irresponsible in two respects. One, it has taken the well-being of the biggest institutions as its principal point of reference. Two, its ramshackle approach does little if anything to resolve the structural flaws in the system and their deletorious effects on the general economy (even when banks, hedge funds and investment trusts function on their own distorted terms). The blame should be placed squarely where it belongs: in the Oval Office.
Let's summarize the record. Obama knowingly appointed as his senior officials people who were intimately connected to the old system -- professionally and intellectually. That is one. He exiled Paul Volcker because Volcker had convictions and ideas that ran against the grain of Obama's own thinking. That's two. Obama gave no support to promoters of bankruptcy law reform or a workable program to aid home debtors in risk of foreclosure. That's three. Obama has curried favor with the big boys on Wall Street while savaging the managers of GE and Chrysler. The latter were poor executives but neither dishonest nor calculated schemers at the expense of the public interest. He clearly identifies with the former socially and intellectually. That's four.
The sad conclusion is that Obama, for all the razzmatazz, is a conventional thinker, instinctively deferential to the powers that be, and uncomfortable with those who have both his level of intelligence and convictions about dedication to the commonweal that are foreign to him.
Here is a crazy idea: this most recent economic collapse represents the culmination of policies first developed by 'ol Dutch. How about we give the new President more than six months to cleanup over a quarter-century of polluted ideas?
Don't give up the ship quite yet, people!!!
Appointing folks from Goldman-Sachs to head this financial-sector recovery is about as bright as letting Madoff invest the government pension fund or Social Security for us. There are plenty of unemployed economists, accountants and others with MBA's who could do a superior job at a fraction of the cost. Geithner and Summers must have one hell of a job and bonus awaiting them after their tenure.
First off, I have ordered the crew to get into the lifeboats immediately. Some have questioned this decision but let's be clear -- the first goal is to save the ship, and you can't have a functioning ship without a crew. In short, we have done what needs to be done.
Passengers may be wondering what we are doing to help you. First, be assured that I care deeply about your safety. I have asked our cruise director to arrange swimming lessons for all who qualify. Please go to the main dining to pick up an eligibility form. I'm sure you understand that we must prioritize who receives instruction. Obviously, those already in water up to the neck cannot be helped. Likewise, those of you who are completely dry, we ask simply that you remain dry.
All other passengers will be assigned to swimming classes based on their needs with first priority given to those currently in water above the knee but no higher than the waist...
First of all, thank you for asking. It is such an honor and privelege to address this distinguished group - the boiler room crew. It's extra special for me because - as you all know - I myself began life in the boiler room. I know it's a hard, hot, and horrible place to work. We've all been there; we've all done that. I know the water's pouring in, the lights are out, the watertight doors are locked shut, and ten floors of hard steel separate you from the outside world.
But at this moment, I've got only two words of advice for you, "no excuses!" Yes, I know some of you will say you've heard that before but it's an important message and you need to hear it again, "no excuses." Trust me. I'm here in the lead lifeboat with the rest of the crew. I've swam the swim we all want to swim. The key to my success, is the key to your success. Repeat afterm metoo, "No excuses." By the way it also helps to have an IQ of 170, a private school education, a Law Degree from Harvard, a few billionaires among your inner circle, and a gift for public speaking... but I can't say this enough something that never helps is excuses. Hate'em. Can't stand'em.
Sad but true. And this has led him to break some campaign promises, and do the exact opposite from what he said on other promises.
From change we can believe in to change conservative corporate America can believe in.
What a shame. This time I really believed We the People had someone in the WH.
Obama has done what was necessary to save the economy from complete collapse - not just the U.S. economy but the world's economy. After it is stabilized he can go about making necessary changes. I'll reserve judgement unit it becomes patently clear that he is not going to institute better regulatory oversight, etc., to fix the system.
I don't intend to just wash my hands of everything while I wait. I will continue to make it clear to President Obama that I want major changes in the way our financial system is run. But I do realize that Obama doesn't have a magic wand. I wish some other people would wake up to that fact, as well.
Well, if a patient is bleeding to death, you might consider stopping the hemorrhaging.
If there has been excessive bleeding, you might even consider giving the patient more blood.
You certainly would not follow the advice of ancient physicians who have proven to be wrong and continue to bleed the patient.
"Well, I can see that you wrecked your car. Since the patient isn't using his, why don't I give you his car keys and see if that will do you for a while. Sooner or later you'll get that driving problem under control. I hope that you'll drive responsibly, but if you wreck that, I'll understand and I'll give you someone else's keys."
And yeah, here it comes again : Eight years of stuffing our faces with junk foods past the point of morbid obesity - and now, six months on a diet and we ask, "HEY! Why aren't we skinny yet?"