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Larry Summers is leaving the Obama cabinet, which is an event as monumental as Gordon Gekko’s release from prison. The only difference is Larry Summers has done more to enrich Wall Street than the fictional Gekko has ever done inside or out of prison. Apparently, no matter which party is in the White House “Greed remains good.” TruthDig’s Robert Scheer laments the misdeeds of Lawrence the Trerrible:

Obama had absolutely nothing to do with the causes of the financial meltdown, but he wasted two precious years being misled by Summers and Geithner as to how to respond to it. The key error, and it is not too late to rectify it, was the failure to force the bailed-out Wall Street titans to give back something significant to the public in the way of mortgage relief. A temporary moratorium on mortgage foreclosures at a time when 11 million homeowners are “underwater,” at risk of joining the almost 4 million who have already lost their homes, is a must to recharge the economy. That is what Obama should have initiated when he first came into office, and I hope it will be done now that the dead hand of Summers has been lifted.

Perhaps at Harvard Summers will have time to reflect on the dismal arc of his split tenure in government service. Thanks to the banking debacle he did so much to initiate back in the Clinton years, the nation now has more people living in poverty, 43.6 million of them, than ever in our history. Americans have witnessed the disappearance of $11 trillion of their net worth, $1.5 trillion in the second quarter; the debt has risen alarmingly; unemployment is stuck at 9.6 percent; and trillions of dollars in toxic pools of housing stock are still held by the banks to be thrown into the housing market fire sale anytime home prices promise to edge upward. Behold what brilliance has wrought.

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One Comment

  1. The blame game begins…they could have every Harvard President,every Nobel Peace Prize winning economist, and every New York Fed President but aslong as they are Keynesian we are still screwed.


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