Skip to comments.11 stunning revelations from Larry Summersís secret economics memo to Barack Obama
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 Summerseventually to be head of Obamas National Economic Councilto Obama in December 2008. Heres some of what I learned about Team Obamas thinking as the financial crisis was exploding, followed by quotes from the memo itself:
(Excerpt) Read more at blog.american.com ...
It’s a good thing he raised debit card fees so a financial crisis like that can never happen again.
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.
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.
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 wasnt just Wall Streets fault.
The Democrat Party; adolescent psychotics in action.
(They left junior high school but junior high school never left them.)