Sunday, October 25, 2009

Lawrence Summers Sticks Foot Squarely In His Mouth And Simultaneously Up The Average American's Derriere

"Just as in war, there are unintended victims so, too, in economic rescues, there are unintended beneficiaries." -- Larry Summers, economic adviser to the President

Unfortunately, the primary source of this remark is the Wall Street Journal and to read the entire article requires subscription so I won't link to it. Now I like Larry Summers as someone who is a very capable thinker, but I think the evidence seems to be growing that big Lar played a crucial role in building this crisis through his role within the Clinton administration. Then, as did Robert Rubin, he left and went to work for firms who benefited for their ideological policy of deregulating and destroying our banking system. At best I'd call that cronyism. At worst I'd call it something worse. Maybe even corruption. Inquiring minds would like to know.

This remark given in a speech last week should be getting way more play within the media. Unintended beneficiaries? Are you kidding? Banks are the beneficiary of $12+ trillion dollars in taxpayer bailouts. Unintended? How unintended is $12+ trillion? Did you unintendedly get $12 trillion?

Summers goes on to remark that it's natural that some people will get rich as the economy recovers. Yeah, I think that would be the people who were paid $12+ trillion. Summers' remarks are completely morally bankrupt. Banks are still insolvent and Wall Street crooksters are paying themselves hundreds of billions of dollars?

The White House has blood on their hands. In fact, they are bathing in it.
posted by TimingLogic at 12:27 PM