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11 stunning revelations from Larry Summersís secret economics memo to Barack Obama
The American ^ | 1-23-12 | James Pethokoukis

Posted on 01/23/2012 3:04:00 PM PST by Yankee

A lengthy piece in The New Yorker looks at policymaking in the Obama White House. A key source for writer Ryan Lizza is a 57-page, “Sensitive & Confidential” memo written by economist Larry Summers—eventually to be head of Obama’s National Economic Council—to Obama in December 2008. Here’s some of what I learned about Team Obama’s thinking as the financial crisis was exploding, followed by quotes from the memo itself:

(Excerpt) Read more at blog.american.com ...


TOPICS: Business/Economy; Culture/Society; Editorial; News/Current Events; Politics/Elections
KEYWORDS:
Blueprint for never letting a crisis go to waste.
1 posted on 01/23/2012 3:04:05 PM PST by Yankee
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To: Yankee

Well, duh.


2 posted on 01/23/2012 3:08:00 PM PST by HangThemHigh (Entropy's not what it used to be.)
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To: Yankee
11 stunning completely obvious revelations from Larry Summers’s secret economics memo to Barack Obama
3 posted on 01/23/2012 3:13:20 PM PST by kosciusko51 (Enough of "Who is John Galt?" Who is Patrick Henry?)
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To: Yankee

It’s a good thing he raised debit card fees so a financial crisis like that can never happen again.


4 posted on 01/23/2012 3:13:20 PM PST by oblomov
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To: oblomov

LOL


5 posted on 01/23/2012 3:28:02 PM PST by wideminded
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To: Yankee

Stunning only in the fact they came out of the mouth of a Democrat. I remember telling a friend when they passed the stimulus that there was no way they could force feed the economy that much money without generating significant waste and fraud - it would come back to bite them in the ass.


6 posted on 01/23/2012 3:41:25 PM PST by ghost of nixon
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To: ghost of nixon

Oh man a link to a blog? Humblegunner will be here soon...


7 posted on 01/23/2012 4:09:55 PM PST by Mmogamer (I refudiate the lamestream media, leftists and their prevaricutions.)
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To: Mmogamer; humblegunner
Oh man a link to a blog? Humblegunner will be here soon

If you look at the source code for any essay these days, you'll find blog in there.

8 posted on 01/24/2012 3:15:53 PM PST by neverdem (Xin loi minh oi)
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9 posted on 01/24/2012 6:36:37 PM PST by Liz
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To: Yankee

1. The stimulus was about implementing the Obama agenda.
2. Team Obama knows these deficits are dangerous (although it has offered no long-term plan to deal with them).
3. Obamanomics was pricier than advertised.
4. Even Washington can only spend so much money so fast.
5. Liberals can complain about the stimulus having too many tax cuts, but even Team Obama thought more spending was unrealistic.
6. Team Obama wanted to use courts to force massive mortgage principal writedowns.
7. Team Obama thought a stimulus plan of more than $1 trillion would spook financial markets and send interest rates climbing.
8. Greg Mankiw, economic adviser to Mitt Romney, was dubious about the stimulus.
9. But the Fed was a stimulus enabler.
10. IPAB was there at the very beginning.
11. The financial crisis wasn’t just Wall Street’s fault.


10 posted on 01/25/2012 3:58:29 AM PST by Rudder (The Main Stream Media is Our Enemy---get used to it.)
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To: Yankee

The Democrat Party; adolescent psychotics in action.
(They left junior high school but junior high school never left them.)

IMHO


11 posted on 01/25/2012 5:12:55 AM PST by ripley
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