Obama Loves the 90s, Part 2
EmailPresident-elect Obama today unveiled his new "Economic Recovery Advisory Board," to bring outside voices into economic policymaking, which he said sometimes "in Washington can become a little bit too ingrown, a little bit too insular. The walls of the echo chamber can sometimes keep out fresh voices and new ways of thinking. You start engaging in group-think. And those who serve in Washington don’t always have a ground-level sense of which programs and policies are working for people and businesses and which aren’t." The new board, he said, "will provide that fresh perspective to me and my administration with an infusion of ideas from across the country and from all sectors of our economy" — from business, labor, academia, and outside-the-box thinkers who challenge conventional wisdom. Asked at today’s presser if the candidate of change is stocking his administration with too many veterans of the Clinton administration — Treasury Secretary-designate Tim Geithner, National Economic Council director Larry Summers, Secretary of State-designate Hillary Clinton, Secretary of Commerce candidate Bill Richardson, likely United Nations Ambassador Susan Rice, possible deputy Secretary of State Jim Steinberg, et al — the President-elect dismissed the question. "This has been, sort of, conventional wisdom floating around Washington, that, ‘Well, you know, there’s a recycling of people who were in the Clinton administration,’" Mr. Obama said. "The last Democratic administration that we had was the Clinton administration. And so it would be surprising if I selected a Treasury Secretary who had had no connection with the last Democratic administration. Because that would mean that the person had no experience in Washington whatsoever. "And I suspect that you would be troubled, and the American people would be troubled, if I selected a Treasury Secretary or a chairman of the National Economic Council, at one of the most critical economic times in our history, who had no experience in government whatsoever," the President-elect continued. "What we are going to do is combine experience with fresh thinking," he said. "But understand where the vision for change comes from, first and foremost: It comes from me. That’s my job, is to provide a vision in terms of where we are going, and to make sure, then, that my team is implementing. I think that, when you ultimately look at what this advisory board looks like, you’ll say, ‘This is a cross-section of opinion that in some ways reinforces conventional wisdom; in some ways breaks with orthodoxy in all sorts of ways.’ And that’s the kind of discussion that we’re going to want. We want ideas from everybody."
Obama concluded, "what I don’t want to do is to somehow suggest that because you served in the last Democratic administration, that you’re somehow barred from serving again. Because we need people who are going to be able to hit the ground running." — jpt
Sen. DeMint: GOP Race Could Go Until Convention 
Obama Avoids Questions on Contraception Rule
That’s a smart answer Obama.
Posted by: rachel | November 26, 2008, 12:29 pm 12:29 pm
Jake,
I would definately take the Clinton 90s over the Bush 2000s.
So Obama is right. The 90s worked better for the average Joe (including The Plumber)
Posted by: Steve_NJ | November 26, 2008, 12:30 pm 12:30 pm
i knews mr. bill would come into power again.From the IMAGINERY OFFICE OF THE PRESIDENT ELECT
Posted by: tyrone | November 26, 2008, 12:35 pm 12:35 pm
He can’t do anythhing else, he is not smart enough to. SAD DAY IN AMERICA – we should hve voted for Hillary and NOT CHANGE.
Posted by: Janice` | November 26, 2008, 12:41 pm 12:41 pm
Maybe he couldn’t find a good candidate for a high level job at a local horse show like Bush did.
Posted by: JR | November 26, 2008, 12:45 pm 12:45 pm
Let’s see Janice, he could pick from the current Bush administration, noooo, they’re the ones that created this mess. You say he should skip the Clinton admin, so he could go back to Daddy Bush, Nooo they’re all republicans that failed also. How about the Reagan admin, noooo republican again. So I guess that leaves the Carter administration. Yeah sure, he should pick from them, if any are still “alive”. Fool.
Posted by: JR | November 26, 2008, 12:55 pm 12:55 pm
J.R. The only thing we now need is Bill Clinton back. Then, we could all have drama all the time – it is the right wing stupid!
Posted by: Janice | November 26, 2008, 12:59 pm 12:59 pm
Hey JR,
since you dont think anyone on the planet contributed to this except Bush, why not bring those brilliant financial brains of Barney frank & Chris Dodd into this.
And hey, Nancy Pelosi & Harry Reid have done such a wonderful job putting OVERSIGHT in place so far, I am sure they will have some time to be “special consultants” on the economy as well.
Posted by: Mike_C | November 26, 2008, 1:02 pm 1:02 pm
As people lose their jobs and homes this is the brilliant question that the media ask? Is this the best the media can drum up to keep viewers? Can’t find a controversy hmm lets create one. Media with you Obama is skewered if he does or does not. I like about half a million others in this country would prefer a job after being laid off. Please don’t insult me or the American people’s intelligence any more with these STUPID QUESTIONS! I do not mean to rant but please stop it now. Americans need help from experience hands. Obama is dong a great job.
Posted by: Erik | November 26, 2008, 1:08 pm 1:08 pm
J.R. The only thing we now need is Bill Clinton back. Then, we could all have drama all the time – it is the right wing stupid!
Posted by: Janice | Nov 26, 2008 12:59:47 PM
I ithink you made a fool of yourself with that statement. Isn’t it what the change is about where you’ll have the brain with the drama? Obviously one cannot know for sure whether or not there will be drama in this administration. One thing is certain-he’s conducted himself in a manner of which most can be proud. Don’t be a sore loser. Act like a grown up and support where you can and criticize when warranted.
Posted by: D | November 26, 2008, 1:11 pm 1:11 pm
Larry Summers led the effort to enact the most sweeping financial deregulation in 60 years.
Hmmm…This guy was was right there leading the way for the conception of this economic mess !!!!
Posted by: Mike_C | November 26, 2008, 1:16 pm 1:16 pm
What I don’t understand is; are people interested to see new faces or are
they interested to see the anticipated outcome?
Posted by: FM | November 26, 2008, 1:23 pm 1:23 pm
But should the vision, first and foremost, come from Obama? The singular or lone vision tends to from poets and madmen. Whereas in politics, the visionary needs to come from varied input and realistic assessments. Excuse me, I’m just having a problem with meaning.
Posted by: kat | November 26, 2008, 1:23 pm 1:23 pm
Stupid Question, Wise Answer.
Posted by: jj | November 26, 2008, 1:29 pm 1:29 pm
Mike_C,
You LIAR.
Larry Summers did not lead any de-regulation.
You must be dreaming.
What post again did Larry Summers hold in the Bush Administration when Phil “Americans Are Whinners” Gramm was pushing his deregulation wagon through Congress on Bush’s behalf?
Posted by: Steve_NJ | November 26, 2008, 1:30 pm 1:30 pm
Bring on the Clintonites, the Clintonians, and the Clinton era eggheads. Gobama! GoJoe! Go attum Rahmbo! Go Team, Go!
We got the ball back, Go, Go, Go!
Posted by: Shockolit | November 26, 2008, 1:36 pm 1:36 pm
Steve,
Perhaps instead of looking as foolish as you do, you should do just a little bit of googling and do some background checks!!!!
It really is amazing you have no idea who he is!
Posted by: Mike_C | November 26, 2008, 1:39 pm 1:39 pm
Steve_NJ
You may also want to add…
Gramm pushed Gramm leachey bill
removing the architecture that protected us from this massive collapse…when?
2 months after his “backers” saw an opportunity when the congress was trying to expand homeownership.
When the dust settles we will see one man at the center of this mess…
and it was the republican economic hero and John mccain’s economic guru/National campaign Chair and lead economic adviisor…
Phill gramm
everyone should be takling a look at the timing of the Gramm Leachey Bill that passed in a veto proof passing when the republicans were in power…
a move that happened because the whack job greedy billionaires on Wall street saw a way to manipulate that fiscally correct attempt to expand homeonwership the same way they did with energy speculation… …and causing this calamity
why because they were either stupid…greedy or evil.
Gramm falls in the latter 2.
Posted by: dl | November 26, 2008, 1:40 pm 1:40 pm
Mike C.
you are wrong.
but anyone doing a little research will see that deregulation happened during a republican “revolution”…not because of Summers.
a republican revolution that caused this deregulation mess.
Steve is right you are the one with no clue.
Posted by: dl | November 26, 2008, 1:43 pm 1:43 pm
I’ll tell you neo-cons what I see. I see that you people would rather have the United States crumble into dust than have it lead by a OMG “black” man.
Obama won’t even BE president for 2 months and then we’ll need a year to see if he’s doing the right things, but you clowns don’t want to give him even a minimum chance. According to you, everything he plans is wrong and everything he’ll try will fail. Well, maybe that’s because you’ve got so use to failure under Bush that you can’t imagine anything else.
Posted by: JR | November 26, 2008, 1:47 pm 1:47 pm
Jake, maybe you can get the word out to your friends (if they are your friends): ENOUGH with the stupid questions from reporters. Seriously. Reporters complain about lack of access to politicians (rightfully so, perhaps) and then they go off and ask such inane questions. I MUCH rather have Obama behind closed doors doing some serious work than at the podium answering such stupid questions. Was that the best that guy could come up with? and the whole confrontation he put into it, like he was asking some country-saving question or something. You would think he was asking about the auto industry or something.
Posted by: Question | November 26, 2008, 1:48 pm 1:48 pm
and be very clear…
the dem leadership has had to spend the last 2 years trying to stop the massive bleeding in the face of the republicans who did this still calling them whack job liberals and fighting them on it.
spin it how you want to try
the truth is…8 years of destruction…from the last 2 of Clinton because the republicans had their way…taking American’s eye off the ball…
and then 6 of GW bush and fRiends (with a capital R) smashing every crate and barrel rule they could get their hands on.
Leaving no policy or area unsmashed.
Posted by: dl | November 26, 2008, 1:49 pm 1:49 pm
And what made that question even more trivial was that there were no Clinton people in site today. So if he HAD to ask it, do so on a more relevant day perhaps?
Posted by: Question | November 26, 2008, 1:51 pm 1:51 pm
Mike C
do you read
the Gramm leachey Bill passed in a VETO PROOF PASSING
read soemthing other than watching Foxnews will you.
The Republicans passed it overwhelmingly.
Clinton and Summers could not have stopped it…duh.
Posted by: dl | November 26, 2008, 1:54 pm 1:54 pm
Dl & Steve,
Check the actual vote!
Senate:
Yes No No Vote
Rep. 52 1 2
Dem. 38 7 0
Ind. 0 0 0
———————–
Tot. 90 8 2
House:
Yes No No Vote
Rep. 207 5 10
Dem. 155 51 5
Ind. 0 1 0
———————–
Tot. 362 57 15
The REAL VOTE WAS BI-PARTISAN!
The Republicans DID NOT have the ability to OVERIDE a VETO ALONE!
FACTS BOYS…FACTS!!!
Posted by: Mike_C | November 26, 2008, 2:09 pm 2:09 pm
November 12, 1999
LS-241
STATEMENT BY PRESIDENT BILL CLINTON AT THE SIGNING OF THE FINANCIAL MODERNIZATION BILL
SEC. SUMMERS: Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. This is the culmination of years of effort by many, many people, reflects the work of presidents, Treasury officials, members of Congress, those in the private sector, from both parties, and dedicated professionals, both inside and outside the government. With their help, I believe we have all found the right framework for America’s future financial system.
I want especially to thank the members of Congress who played so crucial a role in passing this legislation, thank the key regulators and the agencies they represent — Chairman Greenspan and the Federal Reserve, Chairman Levitt and the SEC, Comptroller Hawke and the OCC, Ms. Seidman (sp) and the OTS — for all that they have contributed to bringing us to this point. And I want to thank especially my predecessor, Bob Rubin, who cared deeply that we get this bill right, and finally, my many
Posted by: Mike_C | November 26, 2008, 2:11 pm 2:11 pm
The Gramm bill in question created a complicated credit default system, which was supposed to be security back for loans but failed miserably with the subprime crisis. Summers was a very vocal proponent of the bill and has been generally big on deregulation.
Posted by: kat | November 26, 2008, 2:12 pm 2:12 pm
We are so ready for everything associated with the bush adm. to disappear.
I think the bush people are ready to go also.
and the bush library -what a house of horrors that will be
the katrina room
the gitmo room
the abu grabe room
the forget about osama, lets get saddam room
60 days and counting.
no one will be calling for people from the bush adm. to come and help.
Posted by: sugar | November 26, 2008, 2:22 pm 2:22 pm
Hey ABC…why are you censoring my posts…are the facts too much for you ?
Posted by: Mike_C | November 26, 2008, 2:24 pm 2:24 pm
A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.
Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.
Both entities were recently taken over by the government, a move that puts trillions of taxpayer dollars at risk.
Posted by: Mike_C | November 26, 2008, 2:25 pm 2:25 pm
I was wrong. The credit default swaps were from the Financial Modernization Act of 2000 posted by Mike. It’s also known for closing the Enron loophole. As Secretary of Treasury with Clinton, Lawrence Summers was instrumental in getting Clinton to sign off on both the Leahy- Gramm bill and the Modernization Act. The change mantra is beginning to sound empty like the maverick one.
Posted by: kat | November 26, 2008, 2:33 pm 2:33 pm
Mike C [ D- if not graded on a curve ]
- Republicans lost the election
- Republicans as a party have been exposed for
the hate mongering divisiveness they represent.
- Republicans have an abysmal record
since they were given the election in 2000
- No amount of revision from Rush, FOX or other
‘right wing’ nutjob will change reality.
- Check out Phil Graham and his wife.
- I am enjoying your self righteous ‘outrage’
Posted by: Blue | November 26, 2008, 2:43 pm 2:43 pm
Mike C
the problem was not just removing Fannie and Freddie providing loans
the problem was that people were using that to bet on risk and speculation with no fall out.
It is based on the same economics that Gramm used to get the Enron Loophole passed.
The legislation that Bush wanted did not take the wall street greed who created this problem to task
it focused on the middle and lower classes being shut off to let the risk and overleveraging continue…
and it was going on in a lot more than just fannie and Freddie
comments like your don’t help people see facts.
ugh
Posted by: dl | November 26, 2008, 3:36 pm 3:36 pm
Mike C
and one more thing
copying and pasting little snippets of information without understanding the whole picture is destructive and misleading
it is the type of debate that got us George Bush as the President of the United States.
This mess has to do with 2 things
trickle down economics and the wealthy believing that is a good thing
and
2. the creation of these investments , risks and over-leveraging in this empty idea of a market created by the same people who believe in trickle down economics…
republicans.
and now we live with their stupidity and greed
combined with people who take little bits of info and try to argue empty facts.
trickle down economics and deregulation is overwhelmingly Republican fight …
we have been losing for 40 years and now you are trying to argue that they didn’t fight for that…
that it was Larry Summers
oy.
Posted by: dl | November 26, 2008, 3:42 pm 3:42 pm
DL- In all fairness, Summers was pushing the Gramm-Leahy bill and the Financial Modernization Act while he was treasury secretary for Clinton. The economic mess is bipartisan, not a western tale with clearly demarcated good and bad guys.
Posted by: kat | November 26, 2008, 4:27 pm 4:27 pm
Because they had a mandate to deliver affordable housing from the liberals in Congress and the Democrat crony execs were getting millions in bonuses.
Posted by: Concerned in OH | Nov 26, 2008 3:55:04 PM
***********************************************
ahahahahahhahaha……………Do you get your history lessons from Faux news?
Posted by: Truth Matters | November 26, 2008, 4:48 pm 4:48 pm
Kat
there was blame on both sides but let us be clear…
Three republicans wrote this act to play poker with mortgages…
The way they wanted to play poker would have not only shut down loans to the poor… but hurt much if not most of the middle class because mortgages would have been the focus of mortgage securities… driving banks to go much more after the wealthy and raising finances on average Americans.
Although the Clinton administration … fought them on that issue… not just to willy nilly provide those same security opportunities for the porrer and middle class (the predominence of this country) because “they deserved the opportunity…
but because the Bill Gramm and the republicans were pitching could have hurt HALF of the country depending on safest risk.
…but be clear… Clinton administration and Summers were stupid in the fact that they did not see how this would undo the fabric of our safety net…
but they were conciliatory to the band of individuals (remember written by the same guys who deregulated energy speculation and the same philosophy that brought us the S & L crisis)
This was all implemented (“repealed” depending on how you look at it)…in 1999
as far as summers “pushing it”
I think I would say he went along with it…Rubin resisted…Summers was mistaken
but even though right wingers want to say (as Clinton did to cover his own butt for signing it) … it saved us in the aftermath…which is stupid…
but it was Republicans who wrote the bill and drove it home.
Summers is not the person anyone can say was the main responsible figure here…
and be clear
without that Bill (no matter what the right wing idiots at WSJ editorial try to say) we would not be here.
Posted by: dl | November 26, 2008, 6:52 pm 6:52 pm
sorry I meant to type “Phil Gramm”
and as an addendum to that last post…
remember the end of the Clinton white house was not a good time for any policy decisions… lots of dems running for cover and taking a little more cover under the fiscal conservative wing…unfotunately they did not analyze the fine print.
Posted by: dl | November 26, 2008, 6:55 pm 6:55 pm
DL,
Nice to see that your finally capable of admitting you were wrong.
The snippets i provided, were complete..abc decided to “trim” them.
My point was very simple. The team that Obama is assembling contains people who were integral in starting of all this mess.
I stated there was blame on both sides for sure. I am just tired of liberals flapping their gums that its all Bush’s fault.
In 2003 & 2005 Bush attempted to get legislation thru that would have put more regulation in place. Those attempts were thwarted by Denocrats in congress.
I have stated this in other blogs, THERE IS NO WAY WE CAN FIND A REAL SOLUTION UNTIL WE CAN DROP THE PARTISAN BICKERING AND TRULY UNDERSTAND THE ROAD THAT GOT US HEE.
Posted by: Mike_C | November 26, 2008, 8:54 pm 8:54 pm
I have read twenty or more post and i find nothing important but a lot of igorant people blaming Bush for all the mistakes when there where a democratic
congress making all the bad decisions.
get a life you must be in misery.
Posted by: jean | November 26, 2008, 9:29 pm 9:29 pm
jean,
There’s something known as filibustering. Y’know, most of the time it’s because of the Republican filibuster that has resulted in NOTHING getting done. Oh, and the soon-to-be-former (Thank God) POTUS who keeps on vetoing everything the Dem Congress tries to pass.
Posted by: Grey Matter | November 28, 2008, 5:47 am 5:47 am