Obama Maintains His Perfect Batting Average for Appointing Failed Insiders to Key Economic Posts

Other than Paul Volcker, who Obama has already sidelined (and I know not everyone likes Volcker), all of his economic advisors have been insiders who directly helped to create the current economic crisis.

Summers failed as the main guy who pushed for deregulation of derivatives, lowered bank fractional reserve lending requirements, etc.

Geithner is the guy who – as chief overseer of the banks located in Manhattan when he was head of the New York Fed bank – gave the big banks a free pass.

You can go through the entire list of appointees and the story is the same.

Now, Obama is naming the current head of Fannie Mae, Herb Allison, as the new head of the TARP bailout program. Allison has done such a great job at Fannie Mae that it has only required hundreds of billions in taxpayer bailouts.

Obama is certainly giving us change.

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  • Herb Allison wasn’t even at Fannie Mae for 6 months, so you cant really blame him for the problems that required bailing out.

  • Herb Allison was only appointed to Fannie Mae in September of last year, so you cant blame him for the troubles there.

  • Wow, am I glad I read the article before linking to your blog. I’ll sure be careful before thinking about doing that again.