Hen house outsourced to wolves

As they say, “if you can’t beat ’em, hire ’em.” Bloomberg, Boston.com, LA Times and others are reporting that your President is about to name JPMorgan executive, William Daley,  as the new White House Chief of Staff. No comment, yet, from the White House on how they plan to cover the odor from this stink bomb.

Yes, he’s the brother of Chicago Mayor Richard M. Daley who is stepping down to allow former investment banker and most recent White House Chief of Staff, Rahm Emanuel, to take over the city of Chicago. For those of you who might be jumping to the conclusion that there’s some connection between the two events, it seems reasonable, but surely just a “coincidence.” Technically, this does not violate Obama’s stated goal of tougher a “revolving door” policy. Nor is it likely that after months and months of future politically-motivated Republican Congressional hearings into the matter and articles of impeachment, will, what’s left of Harry Reid’s Senate, actually make Joe Biden president. Watch Fox News or go to www.FoxNews.com/ImpeachObamaIn2011 for updates.

This is just a stink screen for the bigger message being sent to the US Chamber of Commerce – you don’t have to wait until 2012, you can have executive wing of our government now. The message of the midterm elections was clear – every sitting president loses the midterms. No, the other message – food for the hungry, medical care for the sick, quality education, unemployment benefits and peace are anti-business which is anti-jobs which is anti-people which is anti-American.

Joining the ranks of other Obama administration bankers, Wall Streeters and their lobby and attorney emissaries with impressive progressive credentials, including, but not limited to, Larry Summers, Timothy Geithner, Rahm Emanuel, Gary Gensler, Peter Orszag, Mark Patterson, Diana Farrell, Stephen Friedman, Robert Hormats, Neel, Mark Patterson, Adam Storch, Michael Froman, Thomas Donilon, Louis Caldera and David Axelrod, William M. Daley is currently Midwest Chairman, Head of Corporate Social “Responsibility,” and Member of the Operating Committee of JPMorgan Chase. He’s also serves on the board of US-China Business Council, Merck & Co., Abbott Laboratories, Boeing, and, surprise, is a director of the US Chamber of Commerce. Richard Daley’s seventh and youngest child, Mr. Daley is also a lawyer, former Commerce Secretary under Bill Clinton and was vice chairman of Al Gore’s presidential selection campaign.

So let’s recap, and I’m not making this up: President Obama is poised to pick as White House Chief of Staff, arguably the second most powerful job in government, a man who is currently working for the second largest US bank, two of the largest pharmaceutical companies, the third largest military contractor, a pro-China business group and the US Chamber of Commerce. In President Obama’s defense, he did warned us about the audacity of hope.

8 thoughts on “Hen house outsourced to wolves

  1. Me

    Wow. I can’t believe Obama would really consider a man for Chief of Staff “who is currently working for the second largest US bank, two of the largest pharmaceutical companies, the third largest military contractor, a pro-China business group and the US Chamber of Commerce.”

  2. Monica Smith

    Color me perverse, but I just can’t go with the flow, regardless of whether it’s being dispensed by conservatives or self-styled progressives. Moreover, if, as I happen to believe, the big task ahead is to wrest our money from the clutches of the banksters, what better people to help do it than people who actually know how banks “work”? Bailing out the banks when they claimed they had no money, was a calculated risk, designed in part to get us a view into the sacrosanct bank vaults, and which, if nothing else, eventually proved that the banks lied.

    Why did they do that? Was it just a put-up job to take profits while they could be had and put a scare into the electorate in November that was just poorly timed? If Team Obama had fallen for McCain’s gambit and stopped the campaign, what would have been the result?

    We do have a liquidity problem. Even though there’s more money than ever in circulation, it’s not coursing through the sluices that water productive activity. Instead, over three trillion dollars in cash is being sequestered, just as surely as if every American had hidden $10,000 under the mattress.

    What’s worth three trillion dollars? I think Warren Stephens gave us the answer when he nattered on about the federal government taking over the allocation of credit from the banks. Control of the currency is the key to controlling the economy. That’s why it was assigned to the Congress. But, the Congress “reserved” that responsibility to the Federal Reserve. Why? So they could claim that any mismanagement is not their fault and the people are just going to have to sacrifice more.

    Btw, it’s reported that dogs are all descended from wolves that were bred to be docile to humans and attack various wild animals. As is not uncommon, some humans have long taken delight in setting dogs to fight each other (the Romans, supposedly, started it). I mention that because some members of Congress increasingly seem to be acting like dog-fight promoters, setting private corporations and citizens against each other just to see the fur fly and, like that neighbor with the pit bulls, put good people on notice that there’s mischief about. Personally, I’m real tar’d of the boogie man bein’ trotted out by Republicans and Democrats alike.

    The “audacity of hype” was apparent early on. Some people go for hype. What’s disappointing is that the former community organizer doesn’t seem to be able to recognize extortion when it’s right under his nose. Maybe he liked the organizing more than the community part.

    1. Lee Leslie Post author

      WDAR, people who are working for banks (pharma, Boeing and the Chamber) aren’t likely to do much wrestling. Loyalty in the workplace is bought and paid for and will go with him to Washington along with his stock options and future employment/board opportunities.

      President Obama had an opportunity to choose a qualified person without all the industry baggage. Instead, he chose the filter for everyone and everything coming to his desk, someone who has been publicly at odds with his major initiatives -- health care “reform” in particular.

      As for liquidity, right on. Jim Hightower has low-brow read today in truth-out.org on what US companies are doing with some of the money: http://www.truth-out.org/jim-hightower-playing-with-economic-dyanamite66551

      But I’m worried more for the lack of liquidity of our people -- suggested reading: http://www.mybudget360.com/retirement-account-fantasy-middle-class-erosion-retirement-account-top-1-percent-earnings-stocks/

      I don’t know much about dog fighting. When our beagle is threatened, she just turns on her back and wets herself -- she might have learned that from Harry Reid, not sure.

      As to the hype, I still have hope. I respect some of his reasons for deciding what he believes best for our country, I just disagree with his conclusions and have since he ordered his first drone attack… on a community in Pakistan.

  3. Bill Phillips

    You guys are much better enlightened than me on these matters, but possibly it’s worth hearing an impression from a half-informed yokel. I stood with my son in the crowd to hear Obama’s victory speech in the civic auditorium in Columbia, SC the night he won the SC Democratic primary. We had been canvassing neighborhoods all day to get out the vote for Obama. The inspiration and the spirit of hope that night exceeded anything I had experienced since standing arm in arm with a crowd in the sixties singing “We Shall Overcome.”

    Three years later, I’m still moderately hopeful and about half inspired, but sincerely confused. I am grateful since receiving my “geezer card” (Medicare) that, through the recently passed health care bill, I got a free flue shot and will this year get expanded free diagnostic tests. But, I listen to Eliot Spitzer (no matter what you might think of him, he is making brilliant sense to me on CNN) and he has questioned all these Wall Street appointments to the administration.

    And, I read a recent Robert Reich editorial that listed several pivotal decisions of the Obama administration that pampered Wall Street rather than disciplining them. I kept thinking Obama was going to be the combined reincarnation of MLK and FDR. Maybe I hoped for too much.

    1. Lee Leslie Post author

      I sincerely believe that President Obama is attempting to manage these decisions in ways that he believes is what is best for our country even though it is often at odds with his constituents.
      I believe that he saw the war in Afghanistan as one that could be fought more cheaply (lives and dollars) now than were we to leave and one day return -- I am convinced that he managed the decision, instead of basing it on history and his heart.
      I am convinced that he believes he should hire the best big business money people to manage the economy in attempt to achieve a short term success from the top of our economy, even though it does little for half the country and does almost nothing to undo the regulatory problems that caused the Bush bubble.
      I am convinced that believed our nation was not ready for real health care reform, but that it was so critical to our nation’s financial health that even compromised incremental changes was worth the risk -- though it was at odds with his supporters and would waste hundreds of billions of treasury dollars by unnecessary private subsidies.
      I am convinced the man is brilliant. I am convinced that he knows he is compromising his policy decisions, his moment for real change and that he does it anyway out of courage to do what he believes is a pragmatic greater good for our nation. I love the man. I just believe he is wrong.
      I know his pragmatic management is costing lives and the blood will never wash from his hands. I know that it is costing tens of millions their livelihoods and trillions of treasure that may never be paid back. I know that it is compromising the potential of a sustainable recovery and may lead to another bubble. And, most of all, I know that his decisions affect the quality of life and the futures of almost everyone in the industrial world.
      I shared your hope, but his early naivete combined with the hubris of Rahm Emanuel, the confrontation-averse Harry Reid , and the I-only-know-big banks intellect of Tim Geithner, it seems more than reincarnation of Bill Clinton’s first term. Now my hope is that he will become his own man before it is too late.


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