The Wall Streeters Obama Loves Most - Bill Moyers & Michael Winship/Salon

[WillyT]

The Wall Streeters Obama loves most
The president may call them "fat cats" in public, but far too many of his closest advisors are former bankers.
BY BILL MOYERS AND MICHAEL WINSHIP - Salon
MONDAY, JAN 23, 2012


President Barack Obama speaks about the resignation of White House
Chief of Staff Bill Daley, right, Monday, Jan. 9, 2012
(Credit: AP Photo/Susan Walsh)

<snip>

We’ve already made our choice for the best headline of the year, so far:

“Citigroup Replaces JPMorgan as White House Chief of Staff.”

When we saw it on the website Gawker.com we had to smile — but the smile didn’t last long. There’s simply too much truth in that headline; it says a lot about how Wall Street and Washington have colluded to create the winner-take-all economy that rewards the very few at the expense of everyone else.

The story behind it is that Jack Lew is President Obama’s new chief of staff — arguably the most powerful office in the White House that isn’t shaped like an oval. He used to work for the giant banking conglomerate Citigroup. His predecessor as chief of staff is Bill Daley, who used to work at the giant banking conglomerate JPMorgan Chase, where he was maestro of the bank’s global lobbying and chief liaison to the White House. Daley replaced Obama’s first chief of staff, Rahm Emanuel, who once worked as a rainmaker for the investment bank now known as Wasserstein & Company, where in less than three years he was paid a reported eighteen and a half million dollars.

The new guy, Jack Lew – said by those who know to be a skilled and principled public servant – ran hedge funds and private equity at Citigroup, which means he’s a member of the Wall Street gang, too. His last job was as head of President Obama’s Office of Management and Budget, where he replaced Peter Orzag, who now works as vice chairman for global banking at – hold onto your deposit slip — Citigroup.

Still with us? It’s startling the number of high-ranking Obama officials who have spun through the revolving door between the White House and the sacred halls of investment banking. Sure, you can argue that it makes sense that the chief executive of the nation would look to other executives for the expertise you need to build back from the disastrous collapse of the banks in the final year of the Bush Administration. Remember — it was Bush and Cheney with their cronies in big business who helped walk us right into the blast furnace of financial meltdown, then rushed to save the banks with taxpayer money. That little fact seems to have been overlooked in the current primaries.

<snip>

More: http://www.salon.com/2012/01/23/the_wall_streeters_obama_loves_most/

[JoePhilly]

1. That's the last straw, I'm staying home in 2012.

Obama is Bush and Romney and Newt.

Chris Hedges says there is no reason to vote. Its all theater.

So I'm staying home so I can watch D level celebrities dance.

[eShirl]

2. Of course you are.

[paulk]

3. will Bill Moyers fit under the bus?

[gratuitous]

7. I reckon so

I'll have to wait to see exactly why, but the Defenders of the Faith will be here anon with ample reason, or no reason at all. And that will be good enough for the likes of me!

[msongs]

4. are there any that obama doesn't love? hmmm nt

[Raine]

9. If there is he has yet to meet them. nt

[SpartanDem]

5. Jack Lew worked for Dems for 20+ years, 4 at Citigroup

so those years he worked for Joe Moakely, then Tip O'Neil and in the Clinton WH is completely worthless?

[_ed_]

20. In light of the fact that he went on to short the housing market

and personally take a bonus funded by taxpayer money, yes, his previous work is worthless. Beyond that, he represents the "revolving door" between Wall St and the executive branch. He's part of the problem. He IS the problem.

[redqueen]

6. "The real truth of the matter is, as you and I know,

The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson ..."

somehow I never got the impression anyone could change that in 4 years. Yeah, even a cool black dude.

[paulk]

8. somehow I got the impression he was going to try

must have been the campaign slogan...

you know, the "change" one

[redqueen]

10. Change is a matter of degrees.

I know how politics works. I didn't expect all that much. The power of the president is vastly overestimated, especially by people here apparently. Going after big fish with guns blazing in a first term? Yeah, that's the thing to do. Of course it is.

Regardless, the alternative is worse, much worse, and that's just a very simple and incredibly obvious fact.

[paulk]

12. his power is not "vastly overestimated" when it comes to his cabinet appointments

unless it comes to paying off your campaign supporters, then, yes, that's how politics works.

and I really find the "going after big fish with guns blazing in a first term" argument incredibly weak and self defeating. George Bush seemed to do a pretty good job of it, and he didn't have near the majorities Obama did. In fact, he had no mandate whatsoever for the hard right turn he took the country on, especially since he didn't even win the election!

Maybe it's that Obama has been a weak and vacillating President.

and I don't recall this discussion being about alternatives.

[redqueen]

17. Are you forgetting who all Bush had on his side?

When you play along with those who *really* hold all the power, then yeah, your work is much easier.

Fancy that. Shocking stuff, eh?

[paulk]

19. what's "shocking" to me is the endless willingness by some

to make excuses for Obama.

Obama has certainly "played along" with Wall Street, as the article in the OP points out. Is it too much to point this out? Is it too much to be unhappy (especially as someone who voted for him) with this sort of thing?

[redqueen]

21. It's all spelled out in this thread and my responses at the end.

http://www.democraticunderground.com/1002200402

[JoePhilly]

11. I used to mock right wingers who claimed that the left saw Obama as the Messiah.

I now realize that they were not completely wrong. A segment of the left DID see Obama as some kind of Messiah.

Some on the left actually expected Obama to change the world, and American politics, in 1 or maybe 2 years ... they didn't even given him a single term.

He's supposed to purge the government of everyone they dislike, and also get everything fixed, while also battling the worst obstruction in decades.

They might as well demand that the fireman to put out the fire but not get the house wet in the process.

[paulk]

13. his appointments, which is what the article is about,

are more about pouring gasoline on the fire.

your argument rings hollow

[JoePhilly]

14. No one passes the purity test.

No matter who he picks, they suck apparently.

All of them. Every one.

Like Richard Cordray?

Obama is evil.

He stopped the collapse into a full on Depression. Saved the US auto industry. And he has reversed the job loss numbers in a huge way. UE is now down almost 2% from its worst point.

But he's just throwing gasoline on the fire!!!!!

it is your complaint that rings hollow.

[Better Believe It]

15. Do you have an opinion on the article? If you do, please post it.

And I hope any rebuttal you may wish to post goes beyond simply writing "it sucks".

Thanks.

[paulk]

16. strawman

debate like a grownup.

[_ed_]

22. That's a straw man

We're specifically discussing his PERSONAL (read: without Congress at all) choices for his CABINET. Not Congress, not laws, not the courts. His PERSONAL CHOICES of Tim Geithner, Larry Summers, Bob Rubin, Bill Daley, Jack Lew, Rahm Emanuel, etc.

He has 100% control over these appointments. This has nothing to do with "purging the government of everyone they dislike." It's his actual, personal choices that he made without Congressional approval.

[FarLeftFist]

18. The Americans President Gingrich/Romney loves the most