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Team Obama to the (Economic) Rescue...



Today President-elect Barack Obama unveiled his economic team, created to tackle the economic crisis.

From CNN...

"I've sought leaders who could offer both sound judgment and fresh thinking, both a depth of experience and a wealth of bold, new ideas, and most of all who share my fundamental belief that we cannot have a thriving Wall Street without a thriving Main Street," Obama said at a press conference Monday in Chicago.

Their responsibilities include overseeing the dispersal of the $700 billion bailout package and creating and preserving a targeted 2.5 million new jobs over the next two years.

His team includes:

Timothy Geithner, President of the New York Federal Reserve, as Treasury Secretary

Larry Summers, Treasury Secretary under the Clinton administration, as the head of the National Economic Council

Christina Romer, economist at the University of California at Berkeley, as head of the Council of Economic Advisers

Melody C. Barnes, former chief counsel to Senator Ted Kennedy on the Senate Judiciary Committee and executive vice president for policy at the Center for American Progress, as director of the Domestic Policy Council

Here is the official info about each member from Obama's transition website Change.gov.

Posted by Natasha G on 11.24.08
7 Comments   add a comment >>
Susan B.
Sunday November 30, 2008, 10:42 AM


America is not a Democracy, but a PLUTOCRASY
plu⋅toc⋅ra⋅cy   /pluˈtɒkrəsi

1. the rule or power of wealth or of the wealthy.
2. a government or state in which the wealthy class rules.
3. a class or group ruling, or exercising power or influence, by virtue of its wealth.

The richest people in the government ARE DEMOCRATS!!!!


Doug Wilson
Thursday November 27, 2008, 3:06 AM


If you keep doing what you're doing, you'll keep getting what you're getting....

Doug Wilson
Thursday November 27, 2008, 3:02 AM


So far nothing has changed. The privately owned fed. has a man inside. Everyone appointed comes right out of the same DC group that has painted the picture we see today. If nothing changes nothing changes.

Ellen Bryant
Wednesday November 26, 2008, 3:13 PM


Our Elected Officials are failing US(A). Or, are they conspiring against US(A) for their personal profit (Have's/Have More's) and their good buddy cronies, just like the megalomanic-war-monger-Bush?

"Conservatives" have tried destroy our Constitution and Bill of Rights in their greedy lust for World Empire and POWER...

A "Conservative" is a person willing to destroy our Nation, air, land, water and people for their personal profit.... They need to be tarred and feathered and shipped to China on one of their Container Cargo ships.

Diana Rae
Wednesday November 26, 2008, 10:25 AM


Part2

Productive activities qualify for 1% or less federal credit. Gambling, narcotics, prostitution, financial speculation, speculation, and money laundering are not productive, so they must take their chances in the free market they claim to admire so much. A centerpiece of a recovery program would be the rebuilding of rail systems, water systems, electrical grids, and the interstate highways, all of which are approaching the point of physical breakdown. Nationalize the Big Three auto companies and reconvert them for mass transit.

3. We must keep Social Security, Medicare, Medicaid, unemployment insurance, food stamps, Head Start, WIC, and the remaining parts of the social safety net fully funded, since IRA/401k accounts and private insurance will increasingly be wiped out. Federal emergency relief on the model of FERA, CWA, and WPA will soon be needed. Any cuts in these programs will lead to death on a vast scale, especially among the old, the sick, and the very young. Monetarist ideologues who sneer at the nanny state should tell us where they stand when it comes to the very real threat of genocide against the American people.

4. Abolish the International Monetary Fund and the World Bank, and set up a new world monetary system based on full employment through the revival of industrial production.


Webster G. Tarpley is a frequent contributor to Global Research


Diana Rae
Wednesday November 26, 2008, 10:23 AM


Here's what they really need to do (courtesy of Web Tarpley:

HOW TO END THE DEPRESSION WITH A RETURN TO THE AMERICAN SYSTEM

1. Wipe out derivatives, destroying the largest mass of fictitious capital the world has ever known. This includes credit default swaps, mortgage backed securities, structured investment vehicles, collateralized debt obligations, repo agreements, and other toxic paper. Outlaw hedge funds. Outlaw adjustable rate mortgages. Stop all foreclosures. Seize bankrupt banks, brokerages, and insurance companies and put them through debt triage under Chapter 11 bankruptcy proceedings. Re-establish the uptick rule against short sellers. Stop speculators with position limits and margin requirements for oil and other energy markets. Stop exporting jobs to third world sweatshops under NAFTA , CAFTA, and WTO.

2. Seize control of the Federal Reserve System and nationalize it as a bureau of the US Treasury. Decisions about money supply and interest rates must be made by public laws, passed by the House and the Senate and signed by the President. Re-start the US economy by issuing an initial tranche of $1 trillion in cheap 0.5% to 1% federal credit – federal lending, not spending – to state and local governments as well as to private companies engaged physical production. Production means infrastructure, manufacturing, mining, construction, farming, forestry, transportation, and commerce in tangible goods. Productive activities qualify for 1% or less fed

Peter L.
Wednesday November 26, 2008, 6:05 AM


Geithner and Summers have their prints on the deregulation that created this disaster and the massive unconditional bailouts of financial giants who gambled and lost- Good reason to be wary, and organize for the change we want in America! Email the Obama site demanding restoration of Glass-Steigal and Federal control of institutions receiving bailouts.


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