Summers May Be Off Short List for Treasury

New book says Obama's team routinely undermined him

(NEWSER) - In March 2009, in the throes of the financial crisis, Barack Obama told Tim Geithner to focus on a proposal to dissolve Citigroup—but the Treasury Secretary ignored him and never developed a plan, according to former Wall Street Journal reporter Ron Suskind’s new book Confidence Men. In the book, which was obtained early by the AP and the New York Times , Suskind writes that Obama’s “authority was being systematically undermined or hedged by his seasoned advisers.” More»

Peter DeFazio says White House betrayed Main St. for Wall St.

(NEWSER) - Rep. Peter DeFazio wants Barack Obama to fire the Larry Summers and “Timmy Geithner” for being Wall Street lap dogs, and says there’s a “growing consensus” in the Progressive Caucus that agrees with him. Summers and Geithner oppose a Progressive proposal to use unspent TARP funds to create jobs through infrastructure projects. “We think it is time, maybe, that we turn our focus to Main Street,” the Oregon Democrat tells MSNBC’s Ed Shultz. More»

But he didn't, and now GOP fat cats can somehow play populist

(NEWSER) - How can rich fat cats like Glenn Beck and Rush Limbaugh pretend to be populists, while tarring Barack Obama as the establishment? Because Barack Obama missed his chance to strike a blow for the little guy and prosecute Wall Street, writes communications professor Jon Taplin. Instead, he listened to Wall Street flunkies like Tim Geithner and Larry Summers. More»

Geithner and Summers speak loudly, cohesively, driving Obama's agenda

(NEWSER) - Among the policymaking din at the White House, the voices of Larry Summers and Tim Geithner have emerged as the loudest—and generally in unison, the Washington Post reports. The duo first teamed up to battle financial crises in Asia and Mexico in the mid-‘90s at the Treasury Department; a friendship formed, complete with tennis camp vacations, and the pair have once again become a potent voice representing an administration and an agenda. More»

Yep; here are some reasons for concern and skepticism about Obama

(NEWSER) - Yesterday’s inauguration was such a feel-good fest, and our problems are so dire, that everybody is on board with President Obama. Leave it to Politico’s Jim VandeHei and John F. Harris, then, to give us some reasons for skepticism:

• The genius fallacy: The best and brightest screw up, too. Everyone’s praising Larry Summers and Timothy Geithner as brilliant? They did the same with Alan Greenspan and Robert Rubin, who deserve a fair share of blame for this crisis.