Thursday, January 14, 2010

Finally, Obama Gets His Back Up. Is It Genuine?

Finally, President Obama has gotten his back up and called out the heads of the financial institutions, often known simply as Wall Street, whose greed has known no bounds, and who have had no regard for the financial plight of the element of our society often known simply as Main Street.

Genuine or political posturing? I wish I could be certain that it's genuine, but I also understand and accept that it might be needed political posturing?

Obama made his populist declaration today with members of his economic advisers flanking him (I wonder to what extent they are actually "at his side"), including Larry Summers and Timothy Geithner. Summers' facial expression was pretty much implacable. Geithner's however resembled a deer in the headlights. Both should be fired, based on conflict of interest and flagrant hypocrisy.

The most conspicuous in his absence was Paul Volcker. He speaks truth to power. Perhaps that's why he was absent in the photo op and his experience, skills and wisdom are absent from what Obama is hearing from his economic advisers who, clearly, are incapable of objectivity in the discharge of their assignments.

Unlike Summers and Geithner, Paul Volcker's years of experience in dealing with people like Blankfein, Dimond, Lewis, etc. seem not to have jaded him in his evaluation of right and wrong.

Question: Why has Obama marginalized, as in publicly excluding Paul Volcker, and has essentially ignored, if not actually dismissed, Volcker's advice and counsel? Tell what you think.

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