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Larry, You're Doing a Heck of a Job??????

Posted by libhom Tuesday, November 11, 2008

It is shocking that anyone would even consider Larry Summers for the new Obama administration, but...

Hat tip to Fetch My Axe.

From Open Left's Petition:

We Need Real Change: Ask Obama's Transition Team to Appoint a Treasury Secretary That Did Not Have a Hand in Deregulating Wall Street

When you sign this petition, your comments will go to John Podesta and Michael Strautmanis of the Obama transition team.

Right now, the rumors are that Larry Summers is one of the leading nominees to become the Treasury Secretary for the Obama administration. During normal times, the Treasury Secretary is an enormously important position, responsible for representing the position of an administration on both the global and domestic economy and making key policy decisions. At this particular moment, the Treasury Secretary is even more significant, responsible for a $700 billion bailout fund and for restoring balance to the American economy during turbulent times.

President-election Obama spoke eloquently and often about the perils of deregulation and trade agreements that do not include worker and environmental protection. These were in fact key distinguishing points between Senator Obama and Senator McCain, and with the financial crisis in mid-September, perhaps quite significant in the election as well. Obama has spoken clearly and effectively on these points, that it is critical that the next Treasury Secretary not continue the legacy of both the Clinton and Bush administration, a legacy of deregulation of financial markets and corporate trade agreements. The deregulation of our financial institutions has led to the current crisis, and threatens the stability of the global economy.

We are asking that Obama match his words with personnel decisions. In 1999, Summers was a proponent within the Clinton administration of the Gramm bill to deregulate the banking industry, and as such, bears responsibility for the current environment. It is not enough to fix the policy apparatus behind the crisis. President-elect Obama must not reward those who got the entire thesis about what makes the economy work wrong. There were advocates in 1999 who foresaw the crisis these policy choices would enable, both Senators like Byron Dorgan and advocacy groups.

No one who ignored the Crash of 1929 and the Great Depression and supported deregulation in the 90's is competent to have any role in economic policy whatsoever.

Summers also showed his ignorance of economics by supporting NAFTA, which also has contributed to our liquidity crisis by massively increasing America's foreign debt.
On His Work Moving NAFTA and Other Free Trade Agreements During the Clinton Era

I think the decision to support NAFTA was a crucial one because it was really a watershed as to whether America was going to stand for larger markets, was going to stand for forward defense of our interests by trying to have a more integrated global economy [in] which countries were growing.

I don't know that the Seattle protest against globalization, how linked [those demonstrations] are with some of the financial questions. I find them very sad because it seems to me that there's an enormous amount of very valuable moral energy that is being very, very badly misplaced.

There are children who are working in textile businesses in Asia who would be prostitutes on the streets if they did not have those jobs.

The racist comments raise further questions about Summers, as do other racist and sexist coments by that ignoramus.
Lawrence Summers Flashback: Africa Is 'Under-Polluted'

On December 12, 1991, while serving as chief economist for the World Bank, Summers authored a private memo arguing that the bank should actively encourage the dumping of toxic waste in developing countries, particularly "under populated countries in Africa," which Summers described as "UNDER-polluted."

Summers' remarks on women draw fire

This was the point that most angered some of the listeners, several of whom said Summers said that women do not have the same ''innate ability" or ''natural ability" as men in some fields.

To their credit, Harvard eventually canned someone who was so obviously intellectually deficient. It should by noted that public statements by Treasury Secretaries tend to get exaggerated attention from the markets. Summers' foot in mouth disease could get our country into a lot of trouble.

Summers' policies and public record show that he is neither qualified nor capable of playing a constructive role in economic policy or government administration. Summers has been the "Brownie, you're doing a heck of a job" of economic policy and academic administration.

If Summers becomes Treasury Secretary or gets any other position in the Obama administration, it will show that Obama has learned nothing from the administrative failures of the Bush regime.

Here are two Open Left diary postings on the threat of a Summers appointment.

Larry Summers At Treasury: A Fox in the Henhouse

Larry Summers and His Cute Note to Ken Lay

I also should point out that this is Naomi Klein's Featured Activist Campaign and is on the right hand side of her home page.

Please Sign the Petition!

 

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