Larry Summers

The Democratic Presidential Race Has Begun With Former Montana Governor Brian Schweitzer Comments!

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Former Montana Governor Brian Schweitzer has fired the first shots of the Democratic Presidential race, making us realize that the concept that, somehow, Hillary Clinton would win the nomination without challenge, and by default, is a dream that is not going to happen.

Schweitzer, who served two successful terms as Governor of the fourth largest state in land area, but eighth smallest in population, gained a reputation as a western populist, and has been critical of “corporatists”, which in his mind include Hillary Clinton and Barack Obama, who are too cozy with Wall Street, and have not promoted the idea of pursuing indictment of Wall Street leaders for the Great Recession of 2008.

This is one issue on which many liberals and progressives have had trouble with President Obama, who relied on Larry Summers, Timothy Geithner and other icons of Wall Street, in making his economic policies.

So the left of the Democratic Party, including Senator Elizabeth Warren of Massachusetts, Socialist Senator Bernie Sanders, and Schweitzer, among others, have been critical, and while Warren has said she is not running for President, and Sanders says only that he is considering it, Schweitzer has been out front in criticism on economic matters.

Additionally, Schweitzer has thrown a shot across the bow at Hillary Clinton and other US Senators who supported the Iraq War intervention, which he made clear he thought was a major mistake.

So without formally announcing, Schweitzer has hinted strongly that he will enter the race, if nothing else than for the reason that, even assuming Hillary has the edge and might be the nominee of the Democratic Party, that competition is good, and that it would make Clinton a better candidate, than one who is treated with kid gloves and is not ready to fight for the nomination and the Presidency in full combat gear.

Right now, however, the odds that Schweitzer, or anyone else, other than maybe Vice President Joe Biden, can stop Hillary Clinton from being the nominee of the Democratic Party, is highly speculative, but it makes the upcoming primaries and caucuses two years from now a lot more interesting and exciting than it might have been.

So, former Montana Governor Brian Schweitzer, welcome to the fray!

Withdrawal Of Larry Summers For Federal Reserve Leadership A Victory For America!

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Larry Summers, the former Harvard President, Treasury Secretary for awhile under Bill Clinton, and economic adviser to Barack Obama, has withdrawn his candidacy for Federal Reserve Board Chairman to replace Ben Bernanke.

This is a major victory for America, and for fiscal sanity, and it now seems that Janey Yellen, Vice Chair of the Federal Reserve, will become the most powerful woman in American history, as Barack Obama moves away from what would have been a disastrous choice of Summers.

Summers is very bright and intelligent, no doubt about that, and one can be sure that he tells people of those traits on a regular basis!

Summers is a pompous windbag, who was arrogant as Harvard President, including saying women did not have the right stuff to be in the field of science; showed arrogance in his dealings with students and faculty; and as Treasury Secretary, and later, gave bad advice that helped to cause the Great Recession of 2008 to the present.

What drove Barack Obama to want him is beyond understanding, but thankfully, four members of the Senate Banking Committee, all Democrats, made clear of their dissatisfaction with Summers.

These four courageous Senators are Sherrod Brown of Ohio, Jeff Merkley of Oregon, Elizabeth Warren of Massachusetts, and Jon Tester of Montana, and we all owe a debt of gratitude to them for helping to prevent the nomination of Summers.

The nation will be well served by Janet Yellen as Federal Reserve Board Chairman!

Five Years Since Financial Collapse, And What Has Been Learned? NOTHING!

Ronald 30 Comments

Five years ago this week, the financial markets on Wall Street collapsed, and America fell into the Great Recession, which many might consider the Second Great Depression, now five years long, despite claims the Great Recession is over.

Lack of proper regulation of Wall Street and the banking industry, a result of GOP control of Congress for 12 years, and a Republican President, George W. Bush for 8 years, along with some manipulation by leading Democrats, led to the worst economic outlook since 1941, and even now, five years later, with the improved economic conditions, employment will not return to pre 2008 levels until 2020 at the rate of job creation now existing!

A lot of this reality is due to refusal of the Republican Party to cooperate on legislation to create and encourage jobs, including infrastructure jobs and promotion of education training, and working to return overseas jobs to America.

But also, the Obama Presidency has not worked adequately to reform the banking structure and Wall Street, and the possibility of Larry Summers being Federal Reserve Board Chairman is precisely the WRONG thing to do, as he is part of the problem that led to 2008, and is an arrogant, overbearing, obnoxious individual who should be told to “take a hike”, with Janet Yellen the far better candidate to be the head of the Fed!

So if it going to take a grand total of TWELVE years from beginning to end for this Great Recession to be over, how is that different from the Great Depression which lasted from 1929 to 1941?

Meanwhile, a whole generation of people are suffering in terms of employment, something that will scar their future, and that of the American economy!

This is a very sad, troubling situation that must not be allowed to happen again, but it seems as if NOTHING has been learned!

Economic Policies Under Review As Advisers Leave Obama Administration!

Ronald 1 Comment

It seems likely that major economic policy changes are coming soon, partially as a result of the upcoming midterm elections, and partially over the inability so far for the Obama Administration to deal with the constant unemployment numbers, now 9.6 percent, and possibly going up to over 10 percent! 🙁

Yesterday, economic experts said the Great Recession is over, and that it ended in June 2009, after 18 months, starting in December 2007! This is the longest recession since World War II, with the 1973-75 and 1982-83 recessions officially lasting 16 months!

But it is very hard to believe that the recession is over, with so little job growth and the horrible housing market, so it is time to change people and policy!

Nevada, Michigan and California have between 12-14 percent unemployment, and Florida is close to 12 percent, and this is what is killing the Obama popularity in the public opinion polls!

So Larry Summers is leaving, joining earlier departures of Peter Orszag and Christina Romer. This means only Treasury Secretary Timothy Geithner remains from the original economic team, and one would not be surprised if he left sooner, rather than later!

It is clear that unless the economy starts to turn around in 2011, no matter whether the Democrats retain or lose Congressional control, Barack Obama will be in deep trouble for re-election in 2012! The forecast is not promising! 🙁