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June 25, 2009

Obama's Cheney

Topics: Political News and commentaries

Worthy of mention, we have this scary nugget about our president's economic advisor, as though the state of our economy isn't enough to alarm us.

From SpeigelOnline - Chancellor Merkel Visits the Debt President
By Gabor Steingart:

Obama's Cheney is named Larry Summers. He is Obama's senior-most economic advisor, and like the former vice president, he is a man of conviction. The financial crisis may be large, but Summers' self-confidence is even larger. More importantly, President Barack Obama follows him like a dog does its master.

The crisis, Summers intoned last week at a conference of Deutsche Bank's Alfred Herrhausen Society in Washington, was caused by too much confidence, too much credit and too many debts. It was hard not to nod along in agreement.

But then Summers added that the way to bring about an end to the crisis was -- more confidence, more credit and more debt. And the nodding stopped. Experts and non-experts alike were perplexed. Even in an interview following the presentation, Summers was unable to supply an adequate explanation for how a crisis caused by frivolous lending was going to be solved through yet more frivolity.

Not very encouraging; little wonder Warren Buffet says there's no economic recovery in sight.

Posted by Richard at June 25, 2009 8:19 AM

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