Bad picks besides Daschle

June 27, 2014 

Tom Daschle was just the tip of the iceberg on President Obama's choices in his administration. Robert Rubin, a secretary of Treasury of Bill Clinton, was brought in as Obama's economic adviser during his presidential campaign. Rubin, under Clinton, was responsible for pushing deregulation.

Larry Summers became Clinton's secretary of Treasury after Rubin left for Citigroup and implemented what Rubin promoted. The aftermath of this, along with the Community Reinvestment Act, led to the economic collapse during the Bush administration.

Summers was the leading voice in the Clinton administration against America leading on greenhouse gas reductions, against the Kyoto Protocol. This is who had Obama's ear when it came to the continuation of bailing out mismanaged banks. Summers became a millionaire with hedge funds as a managing partner under DE Shaw & Co. and giving speeches.

While Rubin and Summers were key advisers for Obama, it was Timothy Geithner, a Rubin/Summers protege, who became secretary of Treasury under Obama. Geithner, like Daschle, had tax problems but Senate Democrats weren't going to deny their party's leader his choice. A little thing such as not paying taxes wasn't going to interfere with the confirmation process.

In 2003, Geithner became head of the New York Federal Reserve. He had a front-row seat of the building and bursting of the housing bubble and the subsequent economic collapse, yet failed to see it coming.

Russell C. Fette


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