William Black op-ed in HPost exposing Obama's

[vita3]

Treasury Pick:Jacob Lew

http://www.huffingtonpost.com/william-k-black/jacob-lew-another-brick-i_b_2446848.html

Where is the Libertarian/Fiscal Conservative articles on this guy?

[Lucille]

He was the senior regulator during the S&L crisis and he got over a thousand felony convictions. He leans left, but I wish Bill Black was in charge of investigating the bankstas and their partners in crime in CONgress. I've seen him on market-ticker, zerohedge, jesse's cafe, Mish. You know, around!


And that, ladies and gentlemen, is what is called committing perjury, but since one guilty verdict would take down half of the House of Representatives as complicit criminals (http://www.zerohedge.com/news/2012-12-27/farce-complete-case-countrywide-congress-finds-itself-innocent-being-friends-angelo), he gets to walk.

How awesome would that be though.


We have known for at least 75 years that austerity in response to a recession or the Great Depression constitutes economic malpractice.

Only people who are wrong!

[itshappening]

So what is the alternative to austerity (i.e cutting spending and living within your means)?

More debt, bigger deficits and rampant inflation?

Why are these people so ignorant?

[Lucille]

So what is the alternative to austerity (i.e cutting spending and living within your means)?

More debt, bigger deficits and rampant inflation?

Why are these people so ignorant?

He is ignorant about that. Not about this though:


The obvious aspects of this pattern include: (1) Obama prefers to have Wall Street guys run finance (despite coming to power because Wall Street blew up the world), (2) the revolving door under Obama that connects Wall Street and the White House has been super-charged, and (3) even very short stints in Wall Street have made Obama's finance advisers wealthy. The obvious is vitally important, and it is largely ignored by the most prominent media. The obvious aspects help explain why Obama's economic policies have been incoherent, ineptly explained, inequitable, and often slavishly pro-Wall Street at the expense of our integrity and citizens.

The unobvious aspects of the pattern compound these problems. First, Obama likes to surround himself with failures. Geithner set the pattern. He was supposed to be the principal regulator of most of the largest U.S. bank holding companies. He was an abject failure. His speeches and his statements at the Federal Reserve System's FOMC meetings during the crisis demonstrate that he remained clueless to the end. [...]

The fourth non-obvious problem is that Obama chooses as his principal financial advisors people who have not been trained to have financial expertise. Geithner studied international politics. Emmanuel studied speech. Lew, Obama, and Daley studied law. Lew, Daley, Emanuel, and Geithner all worked in finance, but they did so because of politics and who they knew rather than what they knew. Competence was never the key. Their substantive failures in those finance positions did not matter. As a reward for their failures they were given bonuses that made them wealthy for failing. That is the norm for senior finance officers in the modern world. Lew became far wealthier because Citicorp was bailed out by the U.S. government.

The fifth less obvious problem is that each of these key advisors is so slavish in his dedication to our systemically dangerous institutions (SDIs) (the so-called "too big to fail" banks) that they have embraced crony capitalism and the ability of the SDIs' CEOs to lead "control frauds" with impunity from the criminal laws. I have explained in prior articles how this has crippled our nation's economy, democracy, and integrity and will cause recurrent, intensifying global financial crises.

[vita3]

Agree, that It would be a bright day in America if Bill Black came back to Gov. with a significant fiscal regulation job.