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THE HUTCHINSON POLITICAL REPORT: Red Flags Fly High on Obama's Economic Team.
His resume reads like a mini telephone book on the list of posts he's held in and out of every financial and government monetary agency imaginable.
Any other time, Summers would and probably should be hailed as the apt go to guy for Obama to turn to for help in sorting out some of the economic mess. But Summer's role in helping create some of that economic mess raises one red flag.
That role has been lightly talked about. But simply revisiting the part he played in creating some of the havoc doesn't answer the even more compelling question and that's: Does Summers and indeed other Team Obama's economic advisors, all like Summers old Clinton hands, still see the prescription for financial health that they peddled to Bill Clinton as the same prescription for solving this crisis?
Much has already been made about how Bush and the Republicans eagerly cut sweetheart deals with financial industry lobbyists to gut lending and stock trading regulations, winked and nodded at the banks and brokerage houses as they engaged in an orgy of dubious stock swapping, buys, and trading, conned millions of homeowners into taking out catastrophic sub prime loans and watered down the oversight powers of government regulatory agencies.
Summers and Robert Rubin who both served as Clinton's Treasury secretaries lobbied Clinton and Congress hard in the late 1990s to dump most of the provisions of the decades old Glass-Steagall Act.
The Act was the 1930's Great Depression era measure that ... (READ MORE)
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