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Wed Jul 31, 2013, 02:32 PM

Larry Summers Gets 'Full-Throated Defense' From Obama In Capitol Hill Meeting, Lawmaker Says

Source: The Huffington Post



WASHINGTON -- President Barack Obama gave a "full-throated defense" of Larry Summers in a closed meeting with House Democrats Wednesday, according to a lawmaker in the room, but said he’s nowhere near making a decision on who will be the next Federal Reserve chairman.

Summers, along with Janet Yellen, are reportedly the top contenders for the Fed post. White House adviser Dan Pfeiffer said Wednesday that no decision will be made until the fall, but that hasn’t stopped people from speculating about the frontrunner.

During Wednesday’s meeting, one Democratic lawmaker, who requested anonymity, said the president became agitated and rose to Summers’ defense in response to Rep. Ed Perlmutter (D-Colo.) walking up to the microphone and simply saying, "Larry Summers. Bad Choice."

In paraphrasing Obama's response, the lawmaker said the president replied, "Hey, don't talk sh*t about him because he's actually a pretty good guy. And then he said, 'If somebody talked sh*t about you like that, I'd defend you too."' (The lawmaker added that Obama didn't use the expletive.)



Read more: http://www.huffingtonpost.com/2013/07/31/larry-summers-obama_n_3682908.html



I hope that he doesn't choose Summers.



78 replies, 6987 views

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Arrow 78 replies Author Time Post
Reply Larry Summers Gets 'Full-Throated Defense' From Obama In Capitol Hill Meeting, Lawmaker Says (Original post)
Beacool Jul 2013 OP
Kelvin Mace Jul 2013 #1
AndyA Jul 2013 #17
Nay Jul 2013 #26
Octafish Sep 2013 #74
Marrah_G Jul 2013 #2
Crow73 Jul 2013 #24
Marrah_G Jul 2013 #35
SammyWinstonJack Aug 2013 #51
Fantastic Anarchist Jul 2013 #3
Beacool Jul 2013 #6
Fantastic Anarchist Jul 2013 #8
Beacool Jul 2013 #10
Fantastic Anarchist Jul 2013 #13
Beacool Jul 2013 #16
Crow73 Jul 2013 #25
former9thward Jul 2013 #33
markpkessinger Jul 2013 #46
former9thward Aug 2013 #57
Jackpine Radical Jul 2013 #7
Fantastic Anarchist Jul 2013 #11
pampango Aug 2013 #52
joshcryer Aug 2013 #53
AnotherMcIntosh Jul 2013 #4
Divernan Jul 2013 #32
jsr Sep 2013 #78
JDPriestly Jul 2013 #5
Mass Jul 2013 #9
Beacool Jul 2013 #12
Mass Jul 2013 #14
deurbano Jul 2013 #18
JoePhilly Jul 2013 #23
markpkessinger Jul 2013 #47
Mass Aug 2013 #62
grahamhgreen Jul 2013 #15
Skeeter Barnes Jul 2013 #19
forestpath Jul 2013 #29
NRaleighLiberal Jul 2013 #20
Beacool Jul 2013 #22
lark Jul 2013 #21
truebluegreen Jul 2013 #27
eppur_se_muova Jul 2013 #28
Arctic Dave Jul 2013 #30
UglyGreed Jul 2013 #31
truedelphi Jul 2013 #34
Major Hogwash Jul 2013 #36
MBS Jul 2013 #37
Beacool Jul 2013 #41
alp227 Jul 2013 #38
PSPS Jul 2013 #39
Owl Jul 2013 #40
roamer65 Jul 2013 #42
madrchsod Jul 2013 #43
MBS Jul 2013 #44
Beacool Aug 2013 #58
winter is coming Jul 2013 #45
blkmusclmachine Jul 2013 #48
yurbud Aug 2013 #49
Waiting For Everyman Aug 2013 #50
Carolina Sep 2013 #72
librechik Aug 2013 #54
Arkana Aug 2013 #55
Fire Walk With Me Aug 2013 #56
srican69 Aug 2013 #61
Yavin4 Aug 2013 #59
Carolina Sep 2013 #73
jakeXT Aug 2013 #60
Beacool Aug 2013 #63
Beacool Aug 2013 #64
MBS Aug 2013 #65
Beacool Aug 2013 #66
adirondacker Aug 2013 #67
Beacool Aug 2013 #68
adirondacker Aug 2013 #69
MannyGoldstein Sep 2013 #76
woo me with science Sep 2013 #70
woo me with science Sep 2013 #71
Beacool Sep 2013 #75
Lint Head Sep 2013 #77

Response to Beacool (Original post)

Wed Jul 31, 2013, 02:35 PM

1. And people ask me why I continue to lose respect

for Obama.

Well, he keeps defending idiots like Summers.

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Response to Kelvin Mace (Reply #1)

Wed Jul 31, 2013, 03:01 PM

17. +1,000--and giving some of them jobs!

You can't bring about CHANGE when you keep the same people responsible for the problems around. We need a clean sweep for a CHANGE!

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Response to Kelvin Mace (Reply #1)

Wed Jul 31, 2013, 04:03 PM

26. Indeed. Who can possibly defend Summers? Only a dem, only a dem. If a pub did it, we'd

be all over him. That's why a dem was allowed to be prez the last 2 terms -- the PTB knew that's the only way the most reactionary shit could be done.

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Response to Nay (Reply #26)

Sat Sep 14, 2013, 05:28 PM

74. BINGO! Why would the Bush Crime Family, who stole office 5-4, want to take a chance with prison?

So, in addition to who would forgive and forget over at Just-us, the ownership class looks to have made certain things clear and one of them was who would get to control the Pentagon cough Gates and another the Treasury cough Geithner. and to make sure no one of any import gets to say anything on the tee vee about it, we get Sunstein.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 02:36 PM

2. Why would this be any different?

He has proven time and again to be on the side of big corporations.

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Response to Marrah_G (Reply #2)

Wed Jul 31, 2013, 03:58 PM

24. Tisck Tisck

 

You know they don't like it when you point out facts.

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Response to Crow73 (Reply #24)

Wed Jul 31, 2013, 06:00 PM

35. lol yeah

I'm too old to care

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Response to Crow73 (Reply #24)

Thu Aug 1, 2013, 05:15 AM

51. heh

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Response to Beacool (Original post)

Wed Jul 31, 2013, 02:36 PM

3. It's all by design.

Obama gets what Obama wants.

He ain't no progressive, so we might as well quit wishing he enacts progressive policies. Yes, I do realize he helped with DADT. I'm referring to progressive economic policies.

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Response to Fantastic Anarchist (Reply #3)

Wed Jul 31, 2013, 02:39 PM

6. He thinks progressives are not being fair to Summers.

The president’s irritation wasn’t just reserved for Perlmutter. According to two Democrats in the room, Obama also ripped The Huffington Post for making Summers, in the president’s words, “a progressive whipping boy.”

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Response to Beacool (Reply #6)

Wed Jul 31, 2013, 02:41 PM

8. What do you expect from us Professional Leftists?

We're no good to him.

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Response to Fantastic Anarchist (Reply #8)

Wed Jul 31, 2013, 02:42 PM

10. Except around election time........

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Response to Beacool (Reply #10)

Wed Jul 31, 2013, 02:45 PM

13. Exactly. And then it's, "Next time it'll be better!"

Or, "We can't have the Republicans win, now can we?"

To me, looks like Republicans won in 2008 and 2012.

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Response to Fantastic Anarchist (Reply #13)

Wed Jul 31, 2013, 02:54 PM

16. To be fair, that applies to most politicians.

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Response to Beacool (Reply #16)

Wed Jul 31, 2013, 04:00 PM

25. Not Joe

 

You think the President would have stopped riding the fence if Binden didn't push him off to support same sex marriage?

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Response to Crow73 (Reply #25)

Wed Jul 31, 2013, 05:32 PM

33. Biden did no such thing.

VPs do not put their presidents in that position. Biden was told to take that position as a trial balloon. No one shot at it so Obama moved to that position.

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Response to former9thward (Reply #33)

Wed Jul 31, 2013, 09:46 PM

46. So the President lied when he said that Biden had gotten "a little out over his skis" . . .

. . . on the subject? Is that what you are saying? Because you can't really have it both ways. Just sayin'.

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Response to markpkessinger (Reply #46)

Thu Aug 1, 2013, 12:26 PM

57. I don't use the word "lie" when it comes to politics.

And if I did I would call it a "little white lie". That is why Obama used the "a little out over his skis". A vague phrase that does not say anything and can have a hundred different meanings.

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Response to Fantastic Anarchist (Reply #3)

Wed Jul 31, 2013, 02:41 PM

7. Somebody's bound to bring up ACA here.

Let me pre-emptively say that it does indeed make things somewhat better for health care "consumers."

But it makes things a WHOLE LOT better for insurance companies.

It was, after all, a plan hatched by the Heritage Foundation and first implemented by rMoney.

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Response to Jackpine Radical (Reply #7)

Wed Jul 31, 2013, 02:44 PM

11. Oh, I already know their apologetics about the ACA.

Yes, dried shit is easier to deal with than warm gooey shit, too.

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Response to Jackpine Radical (Reply #7)

Thu Aug 1, 2013, 06:54 AM

52. It was also hatched by the Democrats in the Massachusetts legislature which was 85% Democratic.

U.S. Senator from Massachusetts Edward M. Kennedy, who had made universal heath coverage his life's work, gave Romney's plan a positive reception, which encouraged Democratic legislators to work with it.

The legislature amended Romney's plan, adding a Medicaid expansion for children and imposing an assessment on firms with 11 or more workers who do not offer health coverage. The assessment is intended to equalize the contributions to the free care pool from employers that offer and do not offer coverage. The General Court also rejected Romney's provision allowing high-deductible health plans.

Romney vetoed eight sections of the health care legislation, including a $295-per-person fee on businesses with 11 employees or more that do not provide health insurance. Romney also vetoed provisions providing dental and eyeglass benefits to poor residents on the Medicaid program, and providing health coverage to senior and disabled legal immigrants not eligible for federal Medicaid. However, the state legislature overrode all of the vetoes.

http://en.wikipedia.org/wiki/Governorship_of_Mitt_Romney#Health_care


The Democrats in the Massachusetts legislature made many improvements in romney's healthcare proposal which he vetoed. They overrode all of his vetoes. With an 85% majority they could pretty much pass or reject whatever they wanted.

Democrats in Massachusetts (not known for their conservatism and with Kennedy's blessing) passed the bill they wanted; not the one romney proposed. So this was more a Democratic law than a republican one.

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Response to pampango (Reply #52)

Thu Aug 1, 2013, 07:25 AM

53. Yep.

And the Heritage Foundation's "mandate" was a tax rebate, not a fee. A major distinction.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 02:39 PM

4. Am I wrong in wondering about Obama's retirement plan?

 

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Response to AnotherMcIntosh (Reply #4)

Wed Jul 31, 2013, 05:24 PM

32. Quite robust with anticipated Board appointments/book deals/speaking engagements.

He'll be One Percent all the way, baby!

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Response to AnotherMcIntosh (Reply #4)

Sun Sep 15, 2013, 09:53 AM

78. Nope.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 02:39 PM

5. Summers is not the man for this moment.

We need someone who has confidence in the women he works with because increasingly, women are entering the field of economics and banking. That's my impression.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 02:41 PM

9. Anonymous source = BS. Frankly, it is possible that Obama defended Summers.

(it would not even surprise me) but I wont trust somebody who lacks the basic courage to give his name on that. Coward.

From what I read, Obama defended Summers as "a pretty good guy". He may be. I am not of those who think somebody I disagree with is a bad man. It is something I personally think extremely annoying and shallow. But what the anonymous source did not say is whether Obama said Summers was the right guy for the job. So, F*ck anonymous sources.

There are further down sources that say Obama did not endorse Summers.

Rep. John Larson (D-Conn.) disagreed with his colleagues on their characterization of Obama's remarks.

"I don't think he made a defense of Larry Summers," Larson said. "I think he just said, 'Listen, I want to state a few facts about his service.'"

Rep. Tammy Duckworth (D-Ill.) said she didn't interpret Obama's comments as an endorsement.

"He was just talking about how he's interviewed quite a number of candidates and will make up his mind when he does," she told HuffPost.

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Response to Mass (Reply #9)

Wed Jul 31, 2013, 02:44 PM

12. I don't know Summers in person,

but I never heard him being called a "good guy", quite the contrary.

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Response to Beacool (Reply #12)

Wed Jul 31, 2013, 02:47 PM

14. And the quote you posted are not the words Obama said,but a paraphrase

There are plenty of people in the room that disagree with this anonymous source's characterization, so, as I say, forget the anonymous coward. If he does not want to say his name on something that banal, I have no respect for him.

I do not like Summers, but frankly, the process on anonymous sources on banal information makes me noxious. I am watching House of Cards and frankly, this type of behavior correspond perfectly to the disgusting behavior attributed to congresspeople and senators. I would hope it is not a generality, but frankly, do not ask me to trust an anonymous source.

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Response to Mass (Reply #9)

Wed Jul 31, 2013, 03:05 PM

18. Representative Gerald E. Connolly, Democrat of Virginia

http://www.nytimes.com/2013/08/01/us/politics/obama-goes-to-capitol-to-soothe-anxious-democrats.html?_r=0

By JONATHAN WEISMAN and MARK LANDLER
Published: July 31, 2013

<<President Obama on Wednesday offered a strong defense of his potential choice of Lawrence H. Summers to head the Federal Reserve, though he said no final choice had been made.

Speaking to members of the House Democratic caucus on Capitol Hill, Mr. Obama said in answer to a “barbed question” from a lawmaker that he believed Mr. Summers, a former senior economic adviser to the president, had been maligned in the liberal news media, according to Representative Gerald E. Connolly, Democrat of Virginia, who took part in the meeting.

According to Mr. Connolly’s account, the president described Mr. Summers as a rock of stability who deserved credit for helping steer the American economy back from the financial crisis of 2008 and the ensuing recession. Mr. Obama, Mr. Connolly said, singled out the negative coverage of Mr. Summers in The Huffington Post.

The president, Mr. Connolly said, emphasized that he had not made a decision on the next Fed chairman, adding, “I’m not even close to making that choice.” He did not address the criticism of Mr. Summers over his record on women’s issues, which have dogged him throughout his career.>>

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Response to Mass (Reply #9)

Wed Jul 31, 2013, 03:49 PM

23. Including that quote would have reduced the outrage effect.

And what fun would THAT be?

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Response to Mass (Reply #9)

Wed Jul 31, 2013, 09:51 PM

47. Here's a link to an article about it from today's NY Times . . .

The article says Obama's defense of Summers was reported by Representative Gerald E. Connolly, Democrat of Virginia.

Does that count as a reliable report?

http://www.nytimes.com/2013/08/01/us/politics/obama-goes-to-capitol-to-soothe-anxious-democrats.html?hp

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Response to markpkessinger (Reply #47)

Thu Aug 1, 2013, 08:49 PM

62. Definitively. It is a named source. I despise unnamed sources. Those are cowards.

Also not that Connolly says that Obama said he had made no choice, something that is actually in the HP article, but that the OP decided not to include. Anonymous sources with expletives are more fun.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 02:49 PM

15. More like DEEP THROATED :P

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Response to Beacool (Original post)

Wed Jul 31, 2013, 03:05 PM

19. There's not a Wall Street scumbag out there Barack won't shill for.

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Response to Skeeter Barnes (Reply #19)

Wed Jul 31, 2013, 04:40 PM

29. +1000

 

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Response to Beacool (Original post)

Wed Jul 31, 2013, 03:06 PM

20. A Summers selection would be pathetic. n/t

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Response to NRaleighLiberal (Reply #20)

Wed Jul 31, 2013, 03:41 PM

22. Just wanted to comment on those tomatoes, they look beautiful.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 03:08 PM

21. DLC DINOS hang together

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Response to Beacool (Original post)

Wed Jul 31, 2013, 04:10 PM

27. 'Course President Obama offered a defense of Summers, he picked him didn't he?

It would damage his credibility and reputation for smarts if he admitted what a tragic effing misstep that was.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 04:27 PM

28. NOT good news.

Has obama read Neil Barofsky's "Bailout" ? I don't think so.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 05:11 PM

30. Stop being mean to my friend!

 

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Response to Beacool (Original post)

Wed Jul 31, 2013, 05:22 PM

31. I had such great hope and

had tears of joy when he was elected. Then I thought in his second term he will do the right thing since there was nothing left to campaign for. Now I must turn my hope toward Elizabeth Warren.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 05:56 PM

34. K & R. And meanwhile, Nancy Pelosi cannot come out and endorse Yellen.

I have figured Pelsoi for a puppet of a puppet of a puppet for a long time.

Oh and BTW, Mr President, when we real progressives are attacked, and talked "shit about" you certainly don't defend us at all. I am sure you laughed your butt off when Rahm called us progressives "F__ing retards."

It is only your good buddies like Geithner, and those others, you fawn over on Wall Street who get such heavy duty defending from you.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 06:01 PM

36. This is the President I voted for, twice!!!

A man who sticks up for his other party members!!

<--- He's saying "Go Obama!!"

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Response to Beacool (Original post)

Wed Jul 31, 2013, 06:15 PM

37. I would be very, very, very, very. veru depressed

and upset if Obama picked Summers, the initiator of the US financial crisis (and we don't even talk about what he did to Harvard -- not just the women stuff, which is bad enough: but he also created Harvard's 2009 financial crisis, too, not to mention mismanagement of the faculty). Oh, yeah, and his utter lack of civility and diplomacy.
Plus Jane Yellen is very competent, and better qualified as a Fed administrator.
So there really would be no excuse for appointing (shudder) Summers instead.

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Response to MBS (Reply #37)

Wed Jul 31, 2013, 08:06 PM

41. This..............

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Response to Beacool (Original post)

Wed Jul 31, 2013, 07:09 PM

38. the senate should give a full throated NO. nt/

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Response to Beacool (Original post)

Wed Jul 31, 2013, 07:35 PM

39. Ans Bush's fourth term continues

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Response to Beacool (Original post)

Wed Jul 31, 2013, 07:53 PM

40. Why is President Obama in love with Larry?

I agree with Rep. Ed Perlmutter (D-Colo.); "Larry Summers. Bad Choice."

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Response to Beacool (Original post)

Wed Jul 31, 2013, 08:15 PM

42. Larry Summers IS a bad choice.

Sorry, Mr President...but it is the TRUTH.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 08:28 PM

43. i`m sure he will unless....

summer 'decides' to withdraw

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Response to Beacool (Original post)

Wed Jul 31, 2013, 09:12 PM

44. Yves Smith (Alternet) nails Summers

http://www.alternet.org/economy/larry-summers-federal-reserve

The headline says it all:
Why Larry Summers Shouldn't Be Permitted to Run a Dog Pound, Much Less the Federal Reserve
From his bank-centric policies to terrible leadership and sexism, Summers has nothing good to offer the country.


The main message:
The big problem with Summers is not his record on deregulation (although that’s bad enough) or his foot-in-mouth remarks about women in math, or for suggesting that African countries would make for good toxic waste dumps. No, it’s his appalling record the one time he was in a leadership position, as president of Harvard. Summers was unquestionably the worst leader in Harvard’s history.


More details at the url.

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Response to MBS (Reply #44)

Thu Aug 1, 2013, 02:01 PM

58. The part about Harvard is definitely true. He was a terrible president.

I'm sure that they were thrilled to see him leave.

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Response to Beacool (Original post)

Wed Jul 31, 2013, 09:16 PM

45. Here's hoping that "full-throated defense" = "heckuva job". n/t

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Response to Beacool (Original post)

Wed Jul 31, 2013, 11:45 PM

48. No change,

of course.

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Response to Beacool (Original post)

Thu Aug 1, 2013, 02:38 AM

49. Did Obama give a substantive defense of him?

is that even possible?

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Response to Beacool (Original post)

Thu Aug 1, 2013, 03:34 AM

50. Pathetic.

I think about his folksy speeches, and then I think about this kind of behavior (his constant sticking up for the worst banksters), and it's obvious that he doesn't give a damn about us, and those folksy speeches are just offensive lying charades. He thinks we're stupid, but he also hates our guts to even consider sticking us with Summers as head of the Fed, and all the damage that most certainly will do.

Those speeches and backing Summers simply don't go together in the same brain. I can't watch him anymore, because incidents like this are all I can think of when I see the folksy schtick. The looks of concern. The caring I'm-one-of-you joking around. I don't buy it anymore.

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Response to Waiting For Everyman (Reply #50)

Sat Sep 14, 2013, 04:34 PM

72. Waiting For Everyman, you are

so right!

I especially loved: those folksy speeches are just offensive lying charades And for that reason as well, I can no longer stand to hear BHO's voice, much less listen to one of his speeches. Bush was actually better because you knew where you stood and you knew you were being screwed, but BHO is shows so many sociopathic traits (glibness, superficial charm, shallow emotions, manipulation, lying), I have started thinking... if the shoe fits....

We, the majority of the people, were surely conned. But then again, look at fucking choices we had in 2008 and 2012. Sadly, the lesser of two evils is still EVIL!


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Response to Beacool (Original post)

Thu Aug 1, 2013, 11:28 AM

54. Thanks Ed!

Denver/Boulder area is lucky with its Reps--DeGette, Perlmutter, and Jared Polis!



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Response to Beacool (Original post)

Thu Aug 1, 2013, 11:33 AM

55. I'm sure he's a nice person, Mr. President,

but he'd be a disaster as Fed chair.

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Response to Beacool (Original post)

Thu Aug 1, 2013, 11:46 AM

56. Summers: Wall Street deregulator, Glass-Steagall destroyer, Citigroup Plutonomy member. Misogynist

 

as well, from what I'm hearing here. What's not to love?

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Response to Fire Walk With Me (Reply #56)

Thu Aug 1, 2013, 05:46 PM

61. Add Global warming Denier, Pro-Polluters to that list

I am amazed this guy isn't a Repuke

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Response to Beacool (Original post)

Thu Aug 1, 2013, 02:21 PM

59. There are ways of making the case against Summers without being assholes about it

Seems like Obama was defending his character more than defending choosing him for the position.

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Response to Yavin4 (Reply #59)

Sat Sep 14, 2013, 04:36 PM

73. And his character is

worth defending?! Puhleeze

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Response to jakeXT (Reply #60)

Thu Aug 1, 2013, 09:29 PM

63. Yeah, the perfect guy to put in charge of the US economy.

His risky ways were evident at Harvard, too. He gambled with the university’s operating fund, placing billions of dollars in an aggressive mix of investments. He would have heated debates with Jack Meyer, then the revered head of the endowment, who advocated for a more conservative approach.

During the good times, it was a lucrative strategy, and the cash from the operating account more than doubled under Summers. The windfall allowed Harvard to fuel his ambitious plan to expand its campus into Allston. But when the market crashed in 2008, Harvard lost $1.8 billion, prompting layoffs, tighter budgets, and an abrupt pullback of the Allston plans. Summers was long gone by then.

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Response to Beacool (Original post)

Thu Aug 1, 2013, 09:36 PM

64. Another article on Summers.

Last edited Sat Aug 3, 2013, 09:52 AM - Edit history (1)

Summers clashed with fellow members of the Obama team. Noam Scheiber, in his book The Escape Artists, reported that he sidelined Christina Romer, then the chair of the Council of Economic Advisers, when she tried to persuade the president to pursue a larger stimulus package. Meanwhile, Sheila Bair, the former Federal Deposit Insurance Corporation chair who had warned of trouble in the subprime lending market, was left out of most major financial policy decisions.

"The attitude was that they already had all the answers and were talking to us only because the president wanted them to," Bair wrote in her recent book regarding Obama's top economic advisers. "Larry and Treasury Secretary Tim Geithner didn't seem to care about the political beating the president took on the hundreds of billions of dollars thrown at the big-banks bailouts and AIG bonuses, but ... I don't think helping homeowners was ever a priority for them."

That it was two prominent women with whom Summers clashed has not gone unnoticed.

http://www.huffingtonpost.com/2013/08/01/larry-summers-janet-yellen_n_3691052.html

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Response to Beacool (Reply #64)

Sat Aug 3, 2013, 07:24 AM

65. yup.

The excerpts you quotes are particularly telling. . .It really would be a disastrous choice.

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Response to MBS (Reply #65)

Sat Aug 3, 2013, 10:00 AM

66. There's more.

"Summers protected the big banks from being taken over when they were insolvent, and he has been a consistent foe of any serious effort to rework the financial industry," said economist Dean Baker, co-director of the Center on Economic and Policy Research. For good measure, Baker noted that Summers earned millions from financial sector interests, including bailed-out Citigroup, around his stints in the public sector.

But here too, Summers defenders argue that these critics are omitting key facts. Summers was more resistant to immediate deficit reduction in 2009 and 2010 than other Obama advisers, they say, and he made the argument at the time that additional stimulus was needed. As for his divisiveness, Brad DeLong, a University of California, Berkeley economist and Summers supporter, had three explanations.

"A byproduct of his personality, a habit -- learned in graduate school, and before -- of overstating points in order to provoke in the belief that he is going to be judged on the smartest thing he says, and most important, an American left that does not understand who Obama is," DeLong said.

"The Democratic Party -- the left especially -- chooses somebody without a national political reputation, projects their hopes and their fantasies onto them as a blank canvas, enthusiastically supports their run for president, is then bitterly disappointed, and blames evil advisors who force Obama to listen to Jamie Dimon rather than Elizabeth Warren," he explained.

As DeLong sees it, Summers became a convenient bogeyman for Democrats disaffected with the president's performance. Obama himself told House Democrats on Wednesday that progressives were treating his former adviser as a "whipping boy." He urged them to not believe everything they read, singling out articles from this website in particular.

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Response to Beacool (Reply #66)

Sat Aug 3, 2013, 03:24 PM

67. This post alone should raise eyebrows as to how Democrats and progressive liberals are perceived.nt

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Response to adirondacker (Reply #67)

Sat Aug 3, 2013, 11:34 PM

68. I think that progressives are being treated like useful idiots.

Useful only when needed to win an election. Progressives are good at grassroots campaigning, raising money, knocking on doors, making phone calls, etc. When the campaign is over, then they are supposed to go back into the woodwork and keep their mouths shut.

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Response to Beacool (Reply #68)

Sat Aug 3, 2013, 11:56 PM

69. I expected to be dissappointed with this adminstration's "pragmatism", but it's

gotten to the point where the ideological line no longer exists between GOP and Democratic capitalism. This is unsustainable and THEY know it. Perhaps that's the plan.

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Response to Beacool (Reply #64)

Sun Sep 15, 2013, 12:52 AM

76. Sorry. Yellin's not the right man for the job. nt

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Response to Beacool (Original post)

Sat Sep 14, 2013, 12:07 AM

70. kick

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Response to Beacool (Original post)

Sat Sep 14, 2013, 03:34 PM

71. kick

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Response to woo me with science (Reply #71)

Sun Sep 15, 2013, 12:42 AM

75. Thank you for the k&r.

Let's just hope that Summers is not the chosen one.

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Response to Beacool (Original post)

Sun Sep 15, 2013, 01:13 AM

77. For someone who is as full of shit as Larry Summers it's very hard not to talk shit about him.

He pushed to repeal the Glass-Steagall. Summers blocked pre-crash regulation of Wall Street. He is directly responsible for me personally losing 1/3rd of my retirement. It was not much but enough to pay some bills when I get old. He can get fucked as far as I'm concerned. He's a primadonna and a cynical narcissist. Why are the rich assholes who raped us all getting a damn pass? No one in power or with power gives a good shit about the People. I'll talk shit about him but no one cares what I think. But, God forbid anyone in power should talk shit about him.

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