Posts Tagged ‘Hank Paulson’
December 3rd, 2009 at 5:55 pm
Obama Kept Larry and Moe; Why Not Curly?

There were three people at the center of the federal government’s response to the economic meltdown during the latter months of 2008. President Obama still employs two. Tim Geithner got a promotion from heading the New York Federal Reserve to Treasury Secretary. Now Fed chief Ben Bernanke is up for rehire. And while the Senate Banking Committee had some heated words for the Fed’s handling of the worsening economic downturn, it offered “measured support” for the man responsible for handling the Fed. This, despite labeling the Fed itself as a “failed” regulator doing a “horrible job.”

And yet, Bernanke is widely expected to be confirmed for a second term. Coupled with Geithner’s tax evasion, one is left to wonder what could have possibly disqualified former Treasury Secretary Hank Paulson from getting a plumb assignment in the Obama Administration.

November 2nd, 2009 at 11:55 am
Obama Unveils Re-Election Strategy

During his closing argument for New Jersey Governor Jon Corzine’s re-election campaign, President Barack Obama moved back the goalposts on when elected leaders should be held accountable for their actions:

Listening to Jon’s opponent, you’d think New Jersey was the only state going through a tough time right now,” Obama told almost 19,000 gathered inside the Prudential Center in Newark. “I have something to report: We have the worst financial crisis since the Great Depression. By the way, that didn’t start under Jon’s watch, that didn’t start under my watch. I wasn’t sworn in yet.”

Obama quipped there was a little revisionist history or selective memory on the part of Republicans and other critics who seek to hold Corzine responsible for New Jersey’s economic woes.

“A little amnesia about how we got into this mess,” Obama explained. “This crisis we are living . . . came about because of the same theories, the same laxed regulation, the same trickle-down economics that the other guy’s party has been peddling for years. And you know, look, we’re not interested in relitigating the past, and I’m more than happy to go and do the work that’s required to get this economy moving again. I think about it every day. Jon Corzine thinks about it every day.”

One problem with Obama’s remarks; Corzine was sworn in before the economic recession hit – by two years. And it’s not like Corzine can say he’s just a community organizer with scant business experience. As head of Goldman Sachs during part of its “master of universe” phase, Corzine – along with former colleague and successor, Hank Paulson – knows how to make money under a lax regulatory system.

In fact, Corzine apparently knows how to “spread the money around” to take care of his former corporation while serving in government.

As for the president, apparently he thinks a re-election campaign is not the right forum to “re-litigate” the past four years of the current administration. Good to know. I guess that means a politician can only be criticized when he’s termed out of office. Thank goodness for Jon Corzine!