onsdag 20 maj 2009

Lawrence H Summers, Robert Edward Rubin, Phil Gramm

Lite fakta om Lawrence H Summers. Man undrar hur Obama kan komma undan att stå för "change" när han omger sig med den här typen av människor. Direkt ansvariga dessutom som de är för pågående fianance debacle.

Lawrence Henry Summers (born November 30, 1954) is an American economist and the Director of the White House's National Economic Council for President Barack Obama

During the California energy crisis of 2000, then-Treasury Secretary Summers teamed with Alan Greenspan and Enron executive Kenneth Lay to lecture California Governor Gray Davis on the causes of the crisis, explaining that the problem was excessive government regulation.[10] Under the advice of Kenneth Lay, Summers urged Davis to relax California's environmental standards in order to reassure the markets.

Summers hailed the Gramm-Leach-Bliley Act in 1999, which lifted more than six decades of restrictions against banks offering commercial banking, insurance, and investment services (by repealing key provisions in the 1933 Glass-Steagall Act): "Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Summers said. "This historic legislation will better enable American companies to compete in the new economy."

Nedan frågas Summers ut med anledning att Obamas "stimulans paket" inte stimulerar den reala ekonomin utan till 92% som vi sett tidigare på denna blogg istället går till wall street. Så allt detta snack om multiplikatorer är därför lögn. Karln som skapade krisen sitter här och dividerar om hur den skall lösas. Dessutom ljuger han medvetet. Magstarkt.

Larry Summers--Economic Stimulus 1

Larry Summers--Economic Stimulus 2

Robert Rubin
Precis som sin efterträdare Henry "Hank" Paulson kom Rubin innan sitt tillträde som Secretary of Treasury från finansgiganten Goldman Sachs.

Robert Edward Rubin (born August 29, 1938) served as the 70th United States Secretary of the Treasury during both the first and second Clinton administrations. Before his government service, he spent 26 years at Goldman Sachs.

In 1997 and 1998, Treasury Secretary Rubin, Deputy Secretary Lawrence Summers, and Federal Reserve Board Chairman Alan Greenspan worked with the International Monetary Fund and others to effectively combat and contain financial crises in Russian, Asian, and Latin American financial markets. In its February 15, 1999 edition, Time Magazine dubbed the three policymakers "The Committee to Save the World." [7]
Mr. Rubin was succeeded on July 1, 1999 as Treasury Secretary by his deputy, Lawrence H. Summers.

Det är altså en inavel utan dess like. Ironiskt nog så har Summers och Rubin arbetat med att sanera andra länders ekonomi samtidigt som de altså full steam ahead raserat sin egen.

In 1997, together with then-Federal Reserve chairman Alan Greenspan, Rubin strongly opposed the regulation of derivatives, when such regulation was proposed by then-head of the Commodity Futures Trading Commission (CFTC), Brooksley Born. Overexposure to credit derivatives of mortgage-backed securities was a key reason for the failure of US financial institutions Bear Stearns, Lehman Brothers, Merrill Lynch, American International Group, and Washington Mutual in 2008.

In January 2009, Rubin was named by Marketwatch as one of the "10 most unethical people in business".

Phil Gramm kan se lite om i CNNs inslag "10 most responsible.." som jag laggt upp i annat inlägg. Men intressant nog så var denna trojka Summers, Rubin och Gramm synnerligen aktiva och involverade i Enron debaclet desutom.

Många glömmer idag bort det faktum att tidigare president Bush faktiskt flera gånger dessutom försökte få till en översyn av kvasi organisationerna Fannie Mae och Freddie Mac som visade sig vara så involverade i ffa subprime debaclet. En av anledningarna till att detta inte ändå kom till är att dessa bägge bolag betalde ut mycket avsevärda kampanjpengar till politiker som ex

Barney Frank
In 2003, while the ranking Democrat on the Financial Services Committee, Frank opposed a Bush administration proposal for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal reflected the administration's belief that Congress "neither has the tools, nor the stature" for adequate oversight. Frank stated, "These two entities...are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."[48] The two companies, which together own or back more than half the home mortgages in the US became "hobbled" by loan defaults.[49] Frank clarified in 2009 that Fannie and Freddie were not in crisis at the time and many financial institutions, like Lehman Brothers, also fell into crisis from 2003 to 2008.[50]
Conservative groups criticized Frank for campaign contributions totaling $42,350 between 1989 and 2008. They claim the donations from Fannie and Freddie influenced his support of their lending programs, and say that Frank did not play a strong enough role in reforming the institutions in the years leading up to the Economic crisis of 2008.[51][52] Frank's former partner, Herb Moses, was an executive at Fannie from 1991 to 1998, where Moses helped develop many of Fannie’s housing and home improvement lending programs.

The road to hell is paved with good intentions?

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