November 24, 2008

Larry Summers and the Seven Dwarves?

Well, there weren’t seven co-announcements along with that of Larry Summers to chair the National Economic Council, but you get the general idea.

Tim Geithner? Never had to do serious heavy lifting; a mid-level Treasury guy, and now, Bernanke’s lackey.

Bob Orzag at OMB? Will probably sign on to be Summers’ willing deputy in “austerity measures,” though not austerity measures for Wall Street.

The other appointments? As if they can stand up to Summers.

Here’s your non-ironic irony alert pull quote, from the Head Cheese:
Obama said that recent news “has made it even more clear that we are facing an economic crisis of historic proportions.”

And, his economic puppetmaster is the guy who, more than any other single alleged Democrat, yes, even more than Robert Rubin, is responsible for this “economic crisis of historic proportions.”

Next, your Breathlessness Alert™:
“This is as big of an economic crisis as we've faced in 75 years,” Obama economic adviser Austan Goolsbee said Sunday on Face The Nation.

I’m not sure its bigger than the 1980-82 recession, or certainly not than the demobilization-related issues after World War II. Let’s just chill there.

Finally, a note on Robert Reich. Part of me says that it must be serious if he’s ready to fork over $500 billion to Wall Street. Another part of me wonders how much Obama Kool-Aid he’s already drunk as an insider. The Reich of five years ago might have had a different opinion.

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