Same old Obama: Lew is a douchebag. Will we push back this time? Pfft... [View all]
Jack Lew, the President's nominee for Secretary of the Treasury, supported the creation of NAFTA and the deregulation of banks, and has supported similar strategies ever since, without apology or admission of error.
Tell the Senate to reject him by clicking here.
At CitiGroup, Lew oversaw a unit that profited from the housing collapse and financial crisis by investing in a hedge fund king who predicted it. Lew received over $900,000 in bonuses while creating huge losses before CitiGroup received $45 billion in TARP funds courtesy of you and me.
In October 2008, candidate Barack Obama said: "We know that it's because of deregulation that Wall Street was able to engage in the kind of irresponsible actions that have caused this financial crisis."
In September 2010, Lew said: "The problems in the financial industry preceded deregulation."
Who is right, the nominee or the nominator? They can't both be.
Senator Bernie Sanders will oppose confirming Lew and just remarked: "We don't need a treasury secretary who thinks that Wall Street deregulation was not responsible for the financial crisis. We need a treasury secretary who will work hard to break up too-big-to-fail financial institutions so that Wall Street cannot cause another massive financial crisis."
Lew is not the person to break up his former place of employment. There are numerous available individuals who did not play major roles in ruining our economy and do not hold the beliefs that generated that disaster -- beliefs that, if unchecked, will create the next one.
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