Larry Summers Out

[The Rabbi]

And so it begins.
Romer is gone. Orszag is gone. Now Summers is gone. The President's economic team is slowly drifting away, ahead of the tidal wave coming in Nov. You can smell the failure and desperation of this administration, the least competent in history.
Sadly they will be replaced by people even less competent than they are (Austan Goolsby) because Obama is a weak leader who surrounds himself with Yes-men.
White House adviser Summers stepping down - Yahoo! News

 

[CrusaderFrank]

And so it begins.
Romer is gone. Orszag is gone. Now Summers is gone. The President's economic team is slowly drifting away, ahead of the tidal wave coming in Nov. You can smell the failure and desperation of this administration, the least competent in history.
Sadly they will be replaced by people even less competent than they are (Austan Goolsby) because Obama is a weak leader who surrounds himself with Yes-men.
White House adviser Summers stepping down - Yahoo! News

I was going to do a thread on this and call it "Obama's Night of the Long Knives"

He whacked his entire economic team for failing him.

I don't think Obama will be seen in public for a few weeks after November

 

[The Rabbi]

And so it begins.
Romer is gone. Orszag is gone. Now Summers is gone. The President's economic team is slowly drifting away, ahead of the tidal wave coming in Nov. You can smell the failure and desperation of this administration, the least competent in history.
Sadly they will be replaced by people even less competent than they are (Austan Goolsby) because Obama is a weak leader who surrounds himself with Yes-men.
White House adviser Summers stepping down - Yahoo! News

I was going to do a thread on this and call it "Obama's Night of the Long Knives"

He whacked his entire economic team for failing him.

I don't think Obama will be seen in public for a few weeks after November

He'll be taking a vacation and playing some golf.

 

[8537]

Good fucking riddance....about 20 months too late.

 

[JBeukema]

Top economic adviser to leave White House

 

[The Rabbi]

Good fucking riddance....about 20 months too late.

And his replacement is going to be any better??

 

[8537]

Good fucking riddance....about 20 months too late.

And his replacement is going to be any better??

Yes! Or, let's try it this way: Having no one heading Obama's Economic advisory team is better than having Summers head his team. Summers is a smart guy who also happens to be a fucking idiot. In any normal universe, he would be the Right's wet dream.

 

[The Rabbi]

Good fucking riddance....about 20 months too late.

And his replacement is going to be any better??

Yes! Or, let's try it this way: Having no one heading Obama's Economic advisory team is better than having Summers head his team. Summers is a smart guy who also happens to be a fucking idiot. In any normal universe, he would be the Right's wet dream.

Do you have a cogent argument for any of these assertions, or are you simply in "word salad" mode today?

All of his advisors came with good resumes. All of them were absorbed by the Borg or something and the resulting policy has been disaster, and predictably so. All of them have ended up looking like morons trying to defend something that they surely know is a failure.

 

[8537]

And his replacement is going to be any better??

Yes! Or, let's try it this way: Having no one heading Obama's Economic advisory team is better than having Summers head his team. Summers is a smart guy who also happens to be a fucking idiot. In any normal universe, he would be the Right's wet dream.

Do you have a cogent argument for any of these assertions, or are you simply in "word salad" mode today?

You want a cogent argument as to why I dislike Summers? He was the lead advocate for the move to stall regulation of the derivatives market. he thinks we should export pollution to Africa because the marginal utility of clean air is lower for them. He's the worst of the Free-marketista New Monetarists.

All of his advisors came with good resumes.

So? There are a lot of economists with good resumes. That doesn't mean I want them being the lead advisor to the president.

 

[Mad Scientist]

Failure is a democrat resume enhancer. These idiots will work for Universities, go on speaking tours and write books and the left will lap it all up.

"Oh he/she was with the Obama administration. He/she must be so smart!", and totally forget the wasteland these people left behind.

 

[del]

"if you laid all the economists in the world end to end, you still wouldn't reach a conclusion."

i forget who said this, but s/he was right.

 

[The Rabbi]

Yes! Or, let's try it this way: Having no one heading Obama's Economic advisory team is better than having Summers head his team. Summers is a smart guy who also happens to be a fucking idiot. In any normal universe, he would be the Right's wet dream.

Do you have a cogent argument for any of these assertions, or are you simply in "word salad" mode today?

You want a cogent argument as to why I dislike Summers? He was the lead advocate for the move to stall regulation of the derivatives market. he thinks we should export pollution to Africa because the marginal utility of clean air is lower for them. He's the worst of the Free-marketista New Monetarists.

All of his advisors came with good resumes.

So? There are a lot of economists with good resumes. That doesn't mean I want them being the lead advisor to the president.

And those views influenced policy how?

 

[8537]

Do you have a cogent argument for any of these assertions, or are you simply in "word salad" mode today?

You want a cogent argument as to why I dislike Summers? He was the lead advocate for the move to stall regulation of the derivatives market. he thinks we should export pollution to Africa because the marginal utility of clean air is lower for them. He's the worst of the Free-marketista New Monetarists.

All of his advisors came with good resumes.

So? There are a lot of economists with good resumes. That doesn't mean I want them being the lead advisor to the president.

And those views influenced policy how?

They influenced policy by creating the Commodities Futures Modernization Act and the Financial Services Modernization act.

They influenced policy by leading the Obama administration to avoid substantial regulation or reform in the Financial Reform bill.

They influenced the decision to make 40% of the stimulus bill tax cuts.

And they guided economic policy towards the New Keynesian / Monetarist policies that we've worked under for going on two decades.

 

[The Rabbi]

You want a cogent argument as to why I dislike Summers? He was the lead advocate for the move to stall regulation of the derivatives market. he thinks we should export pollution to Africa because the marginal utility of clean air is lower for them. He's the worst of the Free-marketista New Monetarists.



So? There are a lot of economists with good resumes. That doesn't mean I want them being the lead advisor to the president.

And those views influenced policy how?

They influenced policy by creating the Commodities Futures Modernization Act and the Financial Services Modernization act.

They influenced policy by leading the Obama administration to avoid substantial regulation or reform in the Financial Reform bill.

They influenced the decision to make 40% of the stimulus bill tax cuts.

And they guided economic policy towards the New Keynesian / Monetarist policies that we've worked under for going on two decades.

Uh, Okay if you say so.
In fact the financial reform act is far ranging and a huge intrusion of government that will shut down or drive offshore most transactions.
"Tax cuts" is not an apt description of the stimulus bill. Giveaways is more like it.
How can Summers be a monetarist and a Keynesian at the same time? The Administration is the most Keynesian in history since FDR. And they still don't get it, even after numerous proven failures.
Anyone else Obama would have appointed would be worse, not better. As we will see very shortly.

 

[8537]

Uh, Okay if you say so.

Who do you think wrote CFMA?

In fact the financial reform act is far ranging and a huge intrusion of government that will shut down or drive offshore most transactions.

lol...OK. talk radio has taught you well.

"Tax cuts" is not an apt description of the stimulus bill. Giveaways is more like it.

40% of the "Spending" in the bill was in the form of tax cuts.

How can Summers be a monetarist and a Keynesian at the same time?

He's not. He's a New Keynesian Monetarist. If you understood what New Keynesians believe, you'd understand that they are nothing more than saltwater monetarists.

Hint: New Keynesians aren't connected to the theories and beliefs of Keynes in any meaningful way.

The Administration is the most Keynesian in history since FDR. And they still don't get it, even after numerous proven failures.

More Keynesian than Kennedy? That's hilarious, Rabbi. How can a bunch of monetarists, a couple RBC folks, a new Keynesian and moderate post-Keynesian be more "Keynesian" than the Kennedy administration?

 

[AquaAthena]

And so it begins.
Romer is gone. Orszag is gone. Now Summers is gone. The President's economic team is slowly drifting away, ahead of the tidal wave coming in Nov. You can smell the failure and desperation of this administration, the least competent in history.
Sadly they will be replaced by people even less competent than they are (Austan Goolsby) because Obama is a weak leader who surrounds himself with Yes-men.
White House adviser Summers stepping down - Yahoo! News

And it is said that Geithner will be leaving too. I dread to hear of the new replacements. Obama will still seek someone to advise him on how to economically move the country towards a one world global nation, no doubt. Redistribution isn't only for America's poor.

 

[LibocalypseNow]

Unfortunately he has surrounded himself with silly Marxist-indoctrinated loons. Most of them are radical Anti-American Marxist intellectual elites. They simply reflect this President's own indoctrinated beliefs. America is the "Great Evil" of the World and all that chit. These kinds of warped beliefs are unfortunately common in our University System. Most instructors in our Universities are similar Anti-American Marxists. It's a terrible disease in our School System. I feel bad for our kids in this country. They have to sit there in those classrooms and listen to those far Left idiots. They just don't have a choice. This President is one of those kids who were indoctrinated with that Anti-American Marxist madness. Now the rats are jumping ship as more & more Americans are waking up to what has happened to their country. They woke up one day and suddenly realized that the Marxist "Community Organizers" are now running their country. Time for a correction. See ya in November.

 

[8537]

Unfortunately he has surrounded himself with silly Marxist-indoctrinated loons. Most of them are radical Anti-American Marxist intellectual elites. They simply reflect this President's own indoctrinated beliefs. America is the "Great Evil" of the World and all that chit. These kinds of warped beliefs are unfortunately common in our University System. Most instructors in our Universities are similar Anti-American Marxists. It's a terrible disease in our School System. I feel bad for our kids in this country.

I feel bad for anyone who believes that universities -and econ departments in particular - are filled with Anti-American Marxist professors. That belief is a good indication that the person never set foot on a university campus or listens to too much talk radio...or both.

 

[CrusaderFrank]

Fidel and Putin are available

 

[CrusaderFrank]

Unfortunately he has surrounded himself with silly Marxist-indoctrinated loons. Most of them are radical Anti-American Marxist intellectual elites. They simply reflect this President's own indoctrinated beliefs. America is the "Great Evil" of the World and all that chit. These kinds of warped beliefs are unfortunately common in our University System. Most instructors in our Universities are similar Anti-American Marxists. It's a terrible disease in our School System. I feel bad for our kids in this country.

I feel bad for anyone who believes that universities -and econ departments in particular - are filled with Anti-American Marxist professors. That belief is a good indication that the person never set foot on a university campus or listens to too much talk radio...or both.

Have they given up the "New Deal Saved the USA from Capitalism" narrative?

Have they named the Fed as an unindicted co-conspirator to the Great Depression?