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Archive for Wednesday, August 25, 2010

Boehner calls for firing economic advisers

August 25, 2010

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— House Minority Leader John Boehner, R-Ohio, called Tuesday for the mass firing of the Obama administration’s economic team, including Treasury Secretary Timothy Geithner and White House adviser Larry Summers, arguing that November’s midterm elections are shaping up as a referendum on sustained unemployment across the nation and saying the “writing is on the wall.”

Boehner said President Obama’s team lacks “real-world, hands-on experience” in creating jobs that are needed for a full economic recovery.

“President Obama should ask for — and accept — the resignations of the remaining members of his economic team, starting with Secretary Geithner and Larry Summers, the head of the National Economic Council,” Boehner said in the morning speech to business leaders at the City Club of Cleveland. The mass dismissal, he added, would be “no substitute for a referendum on the president’s job-killing agenda. That question will be put before the American people in due time. But we do not have the luxury of waiting months for the president to pick scapegoats for his failing ‘stimulus’ policies.”

Comments

Tom Shewmon 4 years, 4 months ago

I believe you'll see a mass exodus of Obama's Marxist crowd starting here in the near future. This administration will go down in history as the most disastrous. Why do you think Bill Clinton has been in the news so much of late? Bush polls higher than Obama in some polls. Whites in a Gallup poll are now at 39% approval.

just_another_bozo_on_this_bus 4 years, 4 months ago

I agree that Obama should fire his economic team, but they are about as far from "marxist" as they can get. Labeling them as such indicates that either you have no idea what a marxist believes, or you don't know what these guys believe, or both.

Godot 4 years, 4 months ago

Geithner never should have been confirmed as Treasury Secretary. He was the regulator who failed to recognize, either purposefully or willfully, what was going on with the Too Big to Fails. It was his responsibility as head of the NY Federal Reserve. Geither, Bernanke and Summers should be the targets of a Watergate type investigation.

BrianR 4 years, 4 months ago

Boehner has no room to talk, according the the U.S. Bureau of Labor Statistics, the national unemployment rate is 9.6% while Ohio's is 10.3. He is hardly an expert on job creation.

grammaddy 4 years, 4 months ago

Really? I thought he was a Republican, and we all know that the Republicans have all the answers to everything except the question; How did we get into this mess in the first place?

Godot 4 years, 4 months ago

""More ominously, some Fed officials fear the central bank is already "pushing on a string" and does not have the means to revive the economy. Whether or not they are right, this comes as a psychological shock for investors schooled by the "Greenspan Put' into thinking that there is a deus ex machina in the wings. [snip] ""This has been one of the most interesting days in finance ever," said Andrew Roberts, head of credit at RBS. "We are right at the tipping point. Yields are about to collapse even further, equities are about to turn over. The end game approaches, probably in next few weeks."

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7962825/Hard-nosed-Fed-sends-global-markets-reeling.html

tolawdjk 4 years, 4 months ago

There is a serious problem though. Two months out and there isn't a plan. Alot of rhetoric of what is "wrong" but no discernable direction on how to get where is "right".

Don't repeal the Bush tax cuts. Fine, but where are you getting money to pay for deficit.

Repeal Obamacare. Fine, but what are you going to do about the underlying issues with the costs of healthcare?

Two wars and trillions spent fighting terror...are we any safer? Funding on that level is unsustainable. What is the plan, Stan?

Jobs. Where exactly are they coming from again? To hear tell the current woes laid out by the Republican talking heads, if we get rid of the illegals, there will be pleanty of jobs. Tell that to the Steel Belt. We don't need that much landscaping, and there certainly isn't a huge need for new housing construction with 12.5 months of existing homes.

If memory srves me correctly, this time in '94 they were telling us what was wrong and how they were going to fix it. Well I'm hearing alot of what is wrong and diddly squat on how to fix it. "Hope and Change" was undefined and vapid, but it worked because it was positive and at least aspired to move the ball forward. Right now the republican platform is missing that. Regan was succesful for two reasons...1) He believed in strong conservative principals, and 2) He could charismatically convey that message to the people on the fence.

News flash. Boehner isn't Regan. Boehner isn't even Newt circa '94. Two years from now, the repubs will have fracked up this chance, misinterpreted the publics mood as further right than it actually is, and will potentially squader the election.

just_another_bozo_on_this_bus 4 years, 4 months ago

I agree with most of what you say here, but I can't agree that Reagan was successful at anything other than putting on a good performance. His economic, domestic and foreign policies led directly to the disasters we currently have.

There is much that can be done to put us on a better footing, economically and otherwise. But it starts with the acceptance that the economy can't be run on cheap energy and other natural resources used to fuel mindless and unquenchable consumerism, because that can only come with militaristic foreign policy and war, wall-street shell games (where everyone but wall street loses) and a devastated ecosystem.

Godot 4 years, 4 months ago

Obama did not give us any details when he campaigned, he only told us that everything we have ever known or believed was wrong, and that he would fix us. As president, he remains the "disapprover-in-chief." He provides no details, no plan, he leaves it all up to his "experts," you know, the unelected ones that the Dems hire to read their bills and explain them in terms simple enough for them to grasp. Obama's extremely poor judgement in choosing Geithner, Summers and Bernanke to run our economy has proven to be disastrous for our country.

Richard Heckler 4 years, 4 months ago

House Minority Leader John Boehner, R-Ohio is full of crap. IF BUSHCO had not killed the economy and 11 million jobs the new president would NOT need to devote so much time and tax dollars securing employment for 11 million workers.

Yes in the first two years of BUSHCO more than 2 million jobs simply disappeared and never returned. So much for those tax breaks for the wealthiest 1%.

Then at the end of BUSHCO over 8 million jobs went up in smoke.

Twice within 30 years republicans took the economy down the tubes,17.8 million jobs lost and tons of retirement plans simply disappeared.

What exactly does this say? Never vote republican ever again!

How is it that america goes to hell when republicans control the government?

mbulicz 4 years, 4 months ago

Boehner vs. Geithner.... it's hard to say which is a bigger proponent of failed economic policies.

The Bush and Obama plans have left us worse off. Where's our third option?

Godot 4 years, 4 months ago

Thanks to Obama, Geithner and Bernanke, there are no pleasant options left.

scott3460 4 years, 4 months ago

It is bush's fault, and no amount of whining about people pointing that reality out will change that fact.

President Obama and the Democratic Congress have stemmed the massive job losses that they inherited from the republicans. That also is a fact. You may be upset that unemployment is not yet below 9, or 8, or whatever percent, but you cannot deny that the performance of Obama and the Democratic Congress has been markedly better than george w. bush and the republican Congress. Those who choose to vote republicans back in to office are free to do so. I am not so foolish.

mbulicz 4 years, 4 months ago

In ten years between two administrations, we've gone from a surplus to a record deficit.

Bush started it and Obama just continued it.

thusspokezarathustra 4 years, 4 months ago

Actually the current congress (111th congress) was seated January 3, 2009. Barack Obama was sworn in January 20, 2009 so neither has been in power for even 2 years despite your claim. The recession began in December of 2007 which gave Bush more than 18 months to fix it Look how he handled it. Enough said.

Richard Heckler 4 years, 4 months ago

I do agree with Bozo that Summers,Geitner and the federal reserve chair should hit the road.

But House Minority Leader John Boehner, R-Ohio is from one of the most economic reckless political parties on the planet ever. He wants to distract from those Reagan,Bush and Bush years that produced recessions and mammoth job losses.

Again in the past 30 years each time a recession has surfaced,financial institutions have gone down the tubes,retirement ventures have gone down the tubes and millions of job losses have taken place there is a republican admin on the scene.

BTW I'm all for filling job vacancies within the government. The IRS needs to be able to track down wealthy tax evaders so that I do not pay more.

I'm all for more humans being hired to watch the border aka border patrol.

I'm all for government putting people to work rather than having people collect unemployment. This money comes back to communities as it should. Fill the USDA inspectors vacancy to protect form meat poisoning,EPA/environmental investigators,NOT CORRUPT building inspectors,more prosecutors in the Justice Department and less promotion of war.

WE need public investment to create new economic growth. I say invest in sidewalk rehab throughout the nation and provide seed money for small business ventures that economies can absorb. Invest tax dollars in clean energy. After all it was tons of public investment during WWll and shortly thereafter that made the USA the wealthiest country ever. Then outsourcing and BS tax breaks shot all of that progress straight to hell.

Preferential upper 1% tax treatment wrecks the economy AND jobs. Not only that it increases taxes of sorts on the upper middle class,middle class and the poor.

Richard Heckler 4 years, 4 months ago

BTW all Greenspan is calling for revoking all of those Bush tax cuts that continue to raise taxes on the upper middle class,middle class and the poor. At least he finally has seen the light. In his opinion the gov't needs the revenue.

Yes Mr Greenspan and USA workers need jobs. YOUR tax breaks did not bring new industry,new jobs or new wealth for the USA.

tolawdjk 4 years, 4 months ago

Thanks for demonstrating my case so clearly Tom. I know I can count on you to march lockstep with the daily talking points of "bitch about the other guy denegrating us while continuing to denegrate the other guy and not giving any clearly defined plan forward."

The pathetic thing is, given your posting history, you either a) enjoy it, or b) are too blind to recognize it. Either one demonstrates that you and your type are not the solution America needs.

People -were- freaked out two years ago. There was mass concern about the plumetting economy, just as there is mass concern today about the failure of the economy to recover. Two years from now, people will still be "freaked" out. Might be freakin over the same issue, might have a whole new reason to freak. Your brand of politics requires some form of freakout to gain traction. It does not thrive on the success of the whole, but on the conflict generated by disparity. You aren't interested in civil discourse or respectful disagreement, you need 3 yr old temper tantrums and a my way or the highway mentality.

The republican party lost so disasterously in the last two elections exactly because of it's policies and I -still- haven't seen proof one that if they were to return to power that they have learned from their failures. The only thing moving them forward right now are the fringes. And while the finges might gather enough mass to push in a congressional district or two, or possibly a senate seat, they have -never- elected a face man.

National elections are won by capturing the independent. Party rhetoric won't work.

Richard Heckler 4 years, 4 months ago

I would say to read :

Two books written by David Cay Johnston - a republican investigative journalist for the New York Times who has become among the few experts on tax dollars. In reading one will begin to discover how much our elected officials do not know about our tax dollars and the system in general. AND how much we do not know. Stunned might be the word. The upper middle class,middle class and the poor are supporting tons of new wealth for the upper 1%.

"Perfectly Legal"

"Nickle Dimed"

I am convinced this would help us in our battles immensely and get good economics back on track.

MyName 4 years, 4 months ago

What I don't get about this little performance is that I haven't heard a dang thing from Boehner about how Obama's economic policy is different from what Bush's response would have been. There are only so many tools in the government toolbox to handle the economy, and Obama (and pretty much any other President) is using them all.

If there really was a way to have unlimited prosperity, does anyone here actually think the word "recession" let alone "depression" would actually exist?

MyName 4 years, 4 months ago

What I don't get about this little performance is that I haven't heard a dang thing from Boehner about how Obama's economic policy is different from what Bush's response would have been. There are only so many tools in the government toolbox to handle the economy, and Obama (and pretty much any other President) is using them all.

If there really was a way to have unlimited prosperity, does anyone here actually think the word "recession" let alone "depression" would actually exist?

Godot 4 years, 4 months ago

False argument. The actions of Bush and the actions of Obama are not the only options. There are many other options, including letting the letting bad actors like AIG, Bank of America, GM and Chrysler go bankrupt according to established law.

In a free world, "The Government" cannot fix the economy.

What Hank Paulson (and therefore, Bush) did in the summer and fall of 2008 by pressing for the passage of TARP/EESA was the beginning of the end of our economy. It set up a command and control economy to be managed exclusively by the Executive branch. Bush did not veto these bills, and Obama voted for them, even lobbied for their passage. When Bush left office, he handed Obama unfettered control over the treasury and the taxpayers, making Congress irrelevant.

I hold Obama 70% responsible for the fraud and graft that has gone on with the TARP since very little of it had been spent by the time he took office, and 100% responsible for the absolute disasters of Stimulus, Obamacare, Fed policy and the sham called financial reform.

just_another_bozo_on_this_bus 4 years, 4 months ago

You are a blind partisan, Tom. According to you, now that we've shot ourselves in the right foot, the only solution left is to shoot ourselves in the left foot.

tolawdjk 4 years, 4 months ago

Again Tom, you assume that the "ripping that goes against the Republican party" is by the "left".

In your mind there is no room for critisism. Only blind, dogmatic obedience to the "party" is allowed in your view. Step outside that, and its a "leftisit" attack.

The Republican party is in danger of falling into the same quagmire the democrats find themselves in. Power without a Plan.

You don't care. You love it. It's "entertainment" to you. It's "Fox News". However, it is my country and your approach to it disgusts me. Its all "just you wait and see", "next Nov. watch out", "Wow", "my dad can beat up your dad."

scott3460 4 years, 4 months ago

So calls for President Obama to resign are getting old, but you don't mind making one more. Classic.

BigAl 4 years, 4 months ago

Tom, I also think extending the Bush Tax cuts is the right thing to do. My question is that if the extension of the tax cuts for the upper class is ok, why isn't it ok to extend unemployment benefits for the unemployed?

Why would the upper income folks be more deserving than the unemployed?

scott3460 4 years, 4 months ago

Will one of the righties be brave and honest enough to answer? Probably not.

The republicans threw around quite a few allegations of class warfare earlier this year. Are they not engaged in class warfare by seeking to extend tax cuts for the wealthy?

BigAl 4 years, 4 months ago

Tom, I disagree with you a little here. I think most of America only want to extend the Bush Tax cuts on the middle class. I'm not convinced that the majority of Americans want to extend it for the wealthy. I guess I haven't seen any meaningful polls on this.

beatrice 4 years, 4 months ago

Just curious, what hands on experience in creating jobs did McCain have? I don't mean hiring house cleaners for his many abodes, but actually creating jobs? Republicans had an opportunity to nominate someone with job-creating experience, and they chose not to. Now it is an issue? That is simple hypocrisy, any way you slice it.

Anyone who expected an economic turn around in just two years is fooling themselves. Nobody could have done it. Nobody.

scott3460 4 years, 4 months ago

Not so fast, Tom. Some of us lived through reagan's era.

Nationwide unemployment was 10.8% in December 1982 and was 7.2% on Election Day 1984.

When President Obama took office in January 2009 the unemployment rate had been skyrocketing straight north under the "leadership" of george w. bush and the republicans. In the last year of bush's failed presidency the unemployment rate shot from 5.4% in January 2008 to 8.5% in January 2009 when President Obama was sworn in. The trajectory continued upward through the remainder of 2009 as our political process required votes to enact the Democratic solutions to the mess and more time to execute the solutions. The republican party fought against the President's initiatives every step of the way despite his electoral mandate and the harm their delaying efforts did to the country. They have also engaged in a relentless campaign to prevent success by our President in order to further their own political interests. Despite the republican's efforts, however, the catastrophic rise in unemployment has been stabilized and is now starting to trend downward. By Election Day 2010, I would expect unemployment will be something in the neighborhood of a full point below where it was at the height of this republican caused recession.

scott3460 4 years, 4 months ago

"Better than going from 8.5 to 9.7. "

Only if you believe President Obama is responsible for all of that continued rise in unemployment rather than former President george w. bush and the republican's economic policies. Fair minded and informed individuals do not place 100% responsibility on President Obama as you do.

Steve Jacob 4 years, 4 months ago

That's why Governors are usually better Presidents, and Senators rarely get elected.

Steve Jacob 4 years, 4 months ago

We are at a crossroads. Obama made the decision for the quick fix, spent and printed money, and go into heavy debt, hoping the recovery afterwards would pay down the debt. We had a small recovery, but no job creation. So what do we do? Go into debt more or raise taxes? Both have a major consequences.

Don't forget how bad the economy was between September 2008 and March 2009. How quick can you bounce back from near Armageddon?

Godot 4 years, 4 months ago

In late September of 08, the market tanked due to as-yet-to-be-explained or investigated sudden and massive withdrawal of credit. Whoever or whatever manipulated that credit freeze is what struck fear into the psyche of American businesses and consumers. Then Obama took office and began implementing his massive transformational agenda that included authorizing spending over $1trillion without any congressional oversight, while his Treasury Dept and Federal Reserve pumped trillions into the banks in the form of zero percenet loans. Obama then pushed through massive new entitlements that everyone knows we cannot support. Now fear of new taxes and regulations and partisan interference in business by Obama and the Dems dominates the business climate. Obama further destroyed any hope in the future of our economy that might have remained. Now no one trusts the government, the stock market, or the future. Thanks, Obama!

Godot 4 years, 4 months ago

Remember how, way back in 2008 and 2009, every problem was Bush's fault and every solution involved the words "smart" and "responsible?" We have had 19 months of so-called smart and responsible fiscal policy, executive orders, democrat cram downs and unchecked spending. What have we got to show for it? An economy in shambles. An administration that is touting the new normal of 10 percent unemployment and permanenet funemployment benefits for millions of Americans.

You can't fix "smart."

OzD 4 years, 4 months ago

If Soros is the King of the elites, what title do we give to the Wyly brothers, the Koch brothers and Scaife?

I am a bit confused about the complaints about Soros (apart from his political advocacy donations). The guy seems to make a bunch of money in the "free market". What sort of restrictions (dreaded "regulation" of the market) on market forces would you suggest, so that financial bets you don't like won't be allowed. Should we eliminate short selling...somehow? Free market advocacy...at least until someone you don't like makes money in it. Maybe this is the socialist-fascism I've been hearing so much about lately, but that I still haven't figured out how to reconcile it to itself.

Godot 4 years, 4 months ago

Soros is a convicted felon, guilty of fraud in the world of finance. A Felon. A Crook. A person who takes advantage of others for his own personal gain, through criminal means. The fact that Soros has billions to spend to further his poligi zl agenda does not make him someone to admire or emulate. Every venture, every group, every website, every so-called non-profit organization Soros sponsors or funds is made possible because of Soros' unethical and illegal activiities.

Mike Ford 4 years, 4 months ago

tom stop drinking the kool aid, Boehner has no credibility at all. I love how these dumblicans can claim the economy has failed entirely at Obamas feet when they've done everything strategically to make sure the effects of economic stimulus were blunted by dumblican legislative meddling. I used to love to have this discussion with my racist ex-grandfather about the great society. If it failed it failed because of intially dixiecrat and later dumblican meddling. If this so called agenda would've been passed intact and then failed, I say toss Obama, but since you all chose to try and play spoiler and finger pointer I will call you out on it. Dumblicans and tealicans don't like facts. They like red meat. All of your bravado currently is mostly red meat with no substance. Substance would brunt your anger. So keep calling names and avoiding facts. You'll maybe succeed in putting this country in an even bigger mess. I read the book, "The Wrecking Crew" and it leads me to believe that you dumblicans get in power pad your cronies. wreck the government to the point that you think no one can fix it, and when they do try, you lay all of your disasters at the feet of the people who've inherited this mess, and hope that your idiotic reactionary constituency has a two year amnesia gap.. I think I'm doing pretty good so far.....

camper 4 years, 4 months ago

Boehner did not offer one idea on how the Republicans can create jobs or do anything differently than President Obama. If stimulus is not the answer there are not many tools that the federal government can do other than:

1) Tax cuts - This might help, but businesses are most interested in consumer demand. By the way, Obama is offering many small business tax credits in his jobs bill. 2) Lower Fed Reserve interest rates 3) Trade protectionism

Do the Republicans have any ideas? I know Obama has been in office for two years. While stimulus has not created many jobs, it has been somewhat of a safety net and prevented the economy from plunging to rock bottom. It has also helped support many State budgets which has kept those employees hired for an additional year,

Right now, the Republicans are behaving just as they did during FDR's 2nd term. That was when the economy plunged into a double dip depression in 1937. Some claim this was due to reversing many of FDR's initiatives and job programs. It was terrible that it took wartime production (ie technically classified as a government endeavor) to get the US out of the depression for good. The GI bill following the war, was also helpful.

So if we follow the Republicans advice (tho they are not saying much), be prepared for less stimulus and incidentally, higher unemployment until the market will correct itself. This is risky, because higher unemployment will lead to even less tax revenue and add to our debt as well.

Richard Heckler 4 years, 4 months ago

Stimulating the economy will require major steps:

Next: * New industry/ jobs that cannot be outsourced

  • Demand National Health Insurance - this will save tons of money for 95% of citizens and create 2.6 million jobs. Citizens will realize more expendable cash for other important matters.

  • Increase expenditures in public education and Vocational Technical Training

  • revoke all Bush tax breaks. Tax breaks have not created new jobs or new industry

  • Stop bailing out Wall Street - That money would be better spent on National Health Insurance or Vocational-Technical education

*Stop the corporate american welfare free lunch program. Local taxpayers get burned : http://www.democracynow.org/2008/1/18/free_lunch_how_the_wealthiest_americans

Corporate american free lunch money would be better spent on National Health Insurance,Public Education and Vocational-Technical education

Flap Doodle 4 years, 4 months ago

Tell us all about Iran/Contra again, merrill. That'll help take our minds off how the economy has been driven into the ditch by the current regime.

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