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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsLew’s Latest Shows US Increasingly Out of Step in Holding Wall Street Accountable
http://www.commondreams.org/view/2013/02/27A Robin Hood lurks behind Jack Lew during recent hearings on Capitol Hill. What the White House chief of staff won't endorse, however, is a financial transaction tax that many are calling for.
Lews Latest Shows US Increasingly Out of Step in Holding Wall Street Accountable
by Deborah Burger
Published on Wednesday, February 27, 2013 by Common Dreams
How far behind the rest of the world can we continue to fall on holding the Wall Street traders and tycoons to account for the mess they made of our economy? The sharp contrast Monday between the Obama administration and Europe in statements about a financial speculation tax shows the gap appears to be widening.
Weve seen this picture before, and the U.S. is not about to get an Oscar.
Just last month, a study by the National Research Council and the Institute of Medicine found that the U.S. ranks last among 17 affluent countries in life expectancy (all the others have national healthcare systems, unlike our dysfunctional insurance model).
Now were losing ground in another arena making the financial speculators pay their fair share for revenue needed for economic recovery.
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Lew’s Latest Shows US Increasingly Out of Step in Holding Wall Street Accountable (Original Post)
unhappycamper
Feb 2013
OP
Octafish
(55,745 posts)1. THAT is the Inconvenient Truth
What Robert Scheer wrote:
The Inconvenient Truth About Jack Lew
By Robert Scheer
TruthDig.org, Jan 11, 2013
I suppose that he cant be much worse than Timothy Geithner, but that should be scant cause for cheer over the news that the president has nominated Jack Lew as Treasury secretary. Both championed the financial deregulation craze of the Clinton administration, and both are acolytes of Robert Rubin, the former Clinton Treasury secretary who unfettered Wall Street greed and then took his own considerable cut of the action.
SNIP...
Really? That is a statement of such deliberate ignorance that one must marvel at Lews audacity in uttering it. He was one of the top economic officials in the Clinton administration when the president signed the Commodity Futures Modernization Act into law that declared all of those derivative products exempt from the reach of any existing government regulation or regulatory agency. It was aimed at silencing the warning of Brooksley Born, who, as head of the Commodity Futures Trading Commission, attempted to control the burgeoning market in the toxic assets that have carried such a huge human price in foreclosed homes and lost jobs.
Not only did Lew go along with the Clinton administrations policy, he continued to endorse a radical deregulatory approach to financial markets as a board member of the Hamilton Project, funded by Rubin at the Brookings Institution. Lews myopic view of the origins of the economic meltdown, at odds even with Greenspans own admission of culpability, hardly qualifies him for the top economic position in the Obama administration. As Sanders told the Post this week, In my view, we need a Treasury secretary who is prepared to stand up to corporate America and their powerful lobbyists and fight for policies that protect the working families in our country. I do not believe Mr. Lew is that person.
But if we need that quality in a Treasury secretary, we certainly need it even more in the president, and given Obamas appointmentsfrom Lawrence Summers through Geithner and now Lewit is clear that he is not that person. In announcing Lews nomination, the president only once referenced his chief of staffs Wall Street experience, noting, He helped oversee ... one of our largest investment banks. That he also helped destroy it was buried as an inconvenient truth.
CONTINUED...
http://www.truthdig.com/report/item/the_inconvenient_truth_about_jack_lew_20130111/
Free the Banksters!
woo me with science
(32,139 posts)2. Had enough yet, America? nt