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A senior administration officials confirms Larry Summers, the director of the National Economic Council, will leave the administration "soon." It is unclear WHEN the departure will be.
A Bloomberg News story out today suggests the departure will be after the midterms, but officials have not confirmed that timing to NBC.
*** UPDATE *** Summers will leave "at the end of the year," NBC has learned.
*** UPDATE II *** The White House just announced that Summers will return to Harvard University. Said Obama in a statement: “I will always be grateful that at a time of great peril for our country, a man of Larry’s brilliance, experience and judgment was willing to answer the call and lead our economic team. Over the past two years, he has helped guide us from the depths of the worst recession since the 1930s to renewed growth. And while we have much work ahead to repair the damage done by the recession, we are on a better path thanks in no small measure to Larry’s wise counsel. We will miss him here at the White House, but I look forward to soliciting his continued advice and his counsel on an informal basis, and appreciate that he has agreed to serve as a member of the President’s Economic Advisory Board.”
Said Summers: “I will miss working with the President and his team on the daily challenges of economic policy making. I’m looking forward to returning to Harvard to teach and write about the economic fundamentals of job creation and stable finance as well as the integration of rising and developing countries into the global system.”
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How many posts until someone with a far-right viewpoint declares this absolute proof that the White House's economic policies are, always have been and always will be a complete failure and/or indicative of dissent about a socialist/Marxist/Communist agenda?
How many posts until all pretense of civil discussion breaks down?
How many posts until someone calls someone else a chowder-head in dead seriousness?
About 3.
Q-Why would someone have to be from the FAR-RIGHT to make that statement? or does feeling that the administration's economic policies have been inadequate to the crisis make someone a right-winger to your way of thinking?
As to all pretense of civil discourse breaking down...
Losing faith so soon grasshopper?
You haven't even gotten the "who the hell do you think you are" posts yet...:)
Keep the faith...your presence here is a plus for all concerned...
WOW! You were right on the money!!!
See comment#3 where GaryHere has a nervous breakdown....
I agree with you Exodite Dragon, this is absolute proof that the White House's economic policies are, always have been and always will be a complete failure and/or indicative of dissent about a socialist/Marxist/Communist agenda. And the timing of the Feds saying they're ready to help (as is they haven't done enough) and Obamas economic council stepping down and Obamas turn around on the Bush tax cut extension (they will now finally cut taxes for all it seems) is just more political jockeying a month before elections. Just examples of politics as usual in Washington and that is what Tax Paying Americans are real tired of. Obama and the dems think they'll gain a few points with these maneuvers, but I say vote the bums out, I'm tired of speeches, panic legislation and running the government to try to win the next elections. I will join the Tea Party now as an American that has had enough politics and agendas, I just want lower taxes, less government and elected officials that actually like America and will do what is right for all of us.
Obamanomics is an utter failure and anyone that doesn't recognize that lives in la-la land.
Good riddance to Summers. His departure came not soon enough.
On a lighter note. Here's the joke of the day.
http://www.realclearpolitics.com/video/2010/09/21/obama_mexicans_were_here_long_before_america_was_even_an_idea.html
enjoy and spread the levity.
We should laugh. It shouldn't all be grimacing.
All of us? Hmm.
RonH-413707:
I'll bet you don't know that your taxes were lower under Obama than they were under Bush, do you? That's a big secret the corporate media has been keeping pretty well.
LeFT-wINg PAnIC AtTacK - so much for that economic utopia that hope and change were to bring. Most Americans with personal property, income and wealth continue to resist redistribution.
The mean and nasty Right Reich are never done crying no-matter-what. Grow up. Bush damn near sent the US into a full-scale depression and President Obamba saved our economy by having a Superior mind and drawing on Superior minds from the private secter. The GOP and it's clones/drones just-can't STAND it--let alone therir being a Dark Man in the White House. Get over yourselves or get back in the sand box.
Your all Chowder-heads! But im a clown.. im never serious.
*honks nose*
The absolute first thought that came to my mind as I read this, is the expression;"rats leaving a sinking ship".....it would be funny, except for the fact that we're all tied to that ship in one way or another,and as taxpayers,we're the ones without the life jackets.
Houston! > You have no clue what the dems have done yet. You, Me, My Children and Our Grandchildren will pay dearly for the way they blew over a trillion dollars without any results. In fact, if they had done nothing, the economy may actually be in a better position than it is now. You say I paid less in taxes under Obama, not true i paid dearly last year and under Bush i got a 1200.00 tax credit the year before, only $600.00 under obama. Obama hired thousands of new government employees (IRS) to oversee the collection of fines for the health care bill they rammed down our throats and the last thing we need is more government employees and more government spending. You're all fools if you think what they did will be good, we are headed for bankruptcy if the spending continues, we owe Communist China a trillion dollars, their mantra spread the wealth and threats of higher taxes and regulations for businesses and investors are killing the economy. Now 1 month before the elections they are scrambling again and changing their mind on the Bush tax cuts (They will extend for all now I believe) and are cleaning economic house with a few fall guys to gain some political points. Obama has been President 2 years now and it is his political agenda and views that is holding back the economy.
RonH-413707
THen maybe you need to get a new tax accountant, then. Tax rates were lower last year under Obama than they have been for FIFTY years.
Yes they were, put in place that low by Bush! Obama has only tried to raise taxes. Learn how to read.
I can't answer any of those questions. However, it appears the far left got off the mark in just one.
LaMarr Lloyd > How wrong you are. It took Bush 8 years, two major wars, 2 major disasters and an economic collapse due to easy credit and too much credit for all to create his deficit. It took Obama less than two years to triple the deficit Bush left, go figure. Remember the easy credit for all was fought for by the Democrats and Acorn (Obama was their Lawyer at the time) as the banks resisted loosening up credit for housing and credit cards. In the end the dems got their way and when they were warned 2 years before the collapse (Democrat Controlled Congress), they blew it off and let it continue. Obama never needed to spend the way they did to try to pump up the economy, all they needed to do was be business and investor friendly from they day he took office and the economy would already be a little better. It was Obama and the Dems attack on the free market, threats of higher taxes and government regulations combined with their mantra redistribute the wealth that has caused the economy to stagnate as Investors and businesses are unsure of what will happen to them.
Houston! > Houston the extra $50.00 tax savings is offset by the $9,000.00 for Social Security I had to pay. And in the end Obamas spending is about $44,000.00 per taxpayer owed (Maybe More), so the lower taxes won't be here for long. Remember Social Security is a tax and if I could save and invest that money myself, I'd be better off and so would many. Keep in mind the government used and abused the Social Security money for years and even the 1/2 of the social security that companies pay for their employees is a burden on businesses and for self employed like myself that pay 100% of the Social Security Tax, it is a killer.
Take a visit to the left-wing site Firedoglake.com, E.D.
There you'll find plenty of progressives who have been calling for Larry Summers' head and will be most pleased to put him in their rear-view mirror.
No love lost for Geithner, either.
That suggests that failure is an orphan...regardless of political orientation.
Number 3 of Obama's financial "gurus"....... they see the writing on the wall and don't want to be anywhere near when the implosion happens.
Socialism / class warfare / wealth re-distribution basically the "Fundamental Transformation" Obama envisioned doesn't work and is killing our great United States.
Not for long though.......... the Patriots are coming !!!!
the Patriots are coming !!!!
Uh, they came... and we whipped their butts!!!...:)
Sanchez, Jets beat Patriots 28-14...
what EVERYONE IS MISSING………..the transfer of wealth that these people are talking about is not what Americans think it is. This is not a transference or redistribution of wealth from rich Americans to poor Americans….. dont seem to grasp the true concept. This is a redistribution of wealth FROM America to the rest of the poor……in the REST OF THE WORLD. You have to realize every American is considered rich compared to most median calculations of income to other countries. They have already started the machine by Obama shutting down drilling and giving upwards of 4 billion dollars to Brazil and Mexico to do exactly what Obama has shut down the U.S. from doing. In the same area in order to “save the world and environment.“ This was not done to ”save the environment”, but was done to limit our production and greatly assist in a poorer country to produce a product that we then will be forced to purchase from them. This has allready started with solar panels and light bulbs- (of all things……cheap to us right now, and you say so what, but everything is cheaper to make elswhere….mexico/ china etc. with the de- industrializing of our nation helped along by union reps (not union members mind you ) whose self stated goal is a world union….WORKERS OF THE WORLD UNITE……WORKING IN COLUSION WITH THIS OBAMA ADMINISTRATION and the FED in their goals to create a world bank and a world government that will strip America of its wealth and spread it around with them in control of everything this IS COMING AND MUCH SOONER THAN YOU THINK UNLESS WE STAND UP AND STOP IT
I do not believe our government has the countries best interests as a goal. I know these videos are kinda long but if you watch these videos and then look at the goals of the big union bosses words of a world government, the veiwpoints and ideologies of all the people working with this administration who controls the fed bank and glenn becks 9/21 show it will help you all to make a decision on what these peoples goals really are.
http://www.youtube.com/watch?v=eAaQNACwaLw
http://video.google.com/videoplay?docid=5232639329002339531#
What he knows about economic fundamentals of job creation should be an interesting work of fiction that could fill a thimble.
This does not surprise me. Larry Summers will leave because his work at sorting through the Wall Street collapse is done. That and the fact that Elizabeth Warren will be reporting not just to Geithner but directly to President Obama--no filters.
It's nice to know Elizabeth Warren will have the President's ear. She grew up poor and never forgot where she came from just like our President. She also cares about the American people; just like our President. Change is coming. I hope his replacement will be Paul Krugman.
Maybe we could petition the President to do so.
Beverly in Chicago
Say Hi to Mr. Tumbness will ya?
Amazing lack of political awareness. Dont worry, im a political athiest. I think they are ALL corrupt.
Beverly in Chicago, I hate to burst your bubble, but redistribution of wealth is just a mantra the dems use to entice poor people and the underprivileged to vote for them. They have used it for years and it works like a charm. In the end you vote for them and when they leave office you're still poor (Unless you get a job work hard and save your money). Redistribution of wealth, even if they could do it (it'll never happen), would only mean more money in the hands of the government and politicians to control and mismanage (as they've done for years), not to mention more corruption in the government that controls the money. In the end redistribution as the Democrats and Left Wing Loonies see it would cause economic slowdown (as we see already just saying redistribute the wealth), less jobs and amount to about another 600-1000 dollar tax credit (you got your 600 dollars last year from Obama) and did that make you wealthier ? Welfare, Free Medical and a tax credit will not make you wealthy, but it will cost you, your friends, your children and grandchildren thousands of dollars for years to come. Wealth will only come to those that earn the money themselves, keeping it is tough as many want what they did not earn themselves (including the government). The government does not make money, they just keep taking money. You will never get wealthy or have any more than you have now unless you go out and earn it. I know this as a fact (I am not wealthy myself) and if Obama and the dems stayed in office for the next 20 years, you will not be any wealthier because of them unless you go out and earn your wealth.
Beverly:
Barack Obama did not grow up poor or disadvantaged. In reading his biography, he certainly had more advantages than I did and based on his mother's education and background, his grandmother's help and other factors, he likely had far more material advantages than either you or me.
Beverly,
Paul Krugman is your choice? The gentlemen that consulted for Enron?
Houston --- The tax cut I received from President Obama worked out to be $12 a month. Is that what you're celebrating? The tax rates for last year were set by the Bush tax cuts --- the ones President Obama wants to do away with.
ALL THE RATS ARE LEAVING THE SINKING SHIP!!!! Only in this case, We will all be much better-off for his leaving!!! These Wierdo academic Jerks, that Obama, has retained to guide him, are at best , totally out of touch with reality, and clearly DO NOT know what to do about the Financial Mess this Country is in!!!??? If they truely understood what was going-on they would have fixed some of it, instead of running like a bunch of Incompetent Cowards!!!! THIS COUNTRY DESPARATELY NEEDS REAL LEADERSHIP, AND ADVISORS WHO UNDERSTAND WHAT HAS HAPPENED AND WANT TO FIX IT, NOT JUST GO ALONG WITH THE WEATHLY -GREEDY CROOKS WHO GOT US INTO THIS MESS!!!!!! It is past time to CLEAN HOUSE IN WASHINGTON, D.C.!!!!!! KICK THEM ALL OUT......ALL OF THEM!!!!!! DO THE SAME AT THE STATE LEVEL AS WELL!!!! GH
Dear GaryHere:
I hear you, but replace them with whom? To do anything in our Congress, it takes not merely a majority, but a supermajority, as examplified today in the vote about gays in the military. Thus, to be able to do anything, takes compromising. Right and left wingers of any sort don't usually compromise. Thus, what I think we need to vote in are people who are moderate and intelligent, that mostly represent what we believe in, but we also need to realize we won't always get just what we want from them. That doesn't even happen out of the arena of Congress; at least not where I live. I think that is called "life."
I agree in that we need moderate intelligent politicians, but we also need term limits. I don't care who you are, once you get in the system, it's very difficult to keep your morals. Look at our Congressional representatives from Hawaii. They are pretty rich folks compared to the rest of us and they didn't get that way on their salaries. Hard not to cave-in to special interest groups when the money flows freely.
Garyhere; good rant....Hey, does anybody else remember the rest of the financial wizards out there?...like Bernake, who said in 2006;"I don't believe the slowing housing market will have any effect on the economy.....,,,dumbass....."Then there's the other money guy,who "forgot to pay income tax on $33 million.... who's job it is to enforce the tax laws of this country......mr.Geitner...well at least the recession's over and all is well. My friends who are out of work because of it will be glad to hear it.
What kind of chowder? its important you know...lol
I see this as more rats leaving a sinking ship, perhaps not rats though really...maybe they just drank the kool-aid and have come to their senses and have decided to bug-out and salvage what they can of their reputations. I'm sure we all know who the genuine rats are.
I'm sure Obammy has some more of his hippie 60's Socialist pals to replace this guy....his circle of friends is a bottonless resorvoir of Marxists, Socialists and smelly wads of corruption.
osamaobama
I'm sure Obammy has some more of his hippie 60's Socialist pals to replace this guy....his circle of friends is a bottonless resorvoir of Marxists, Socialists and smelly wads of corruption.
First of all, you do know Obammy is a racial slur?
Secondly, you can't even define Marxists or Socialists; I'll bet.
And, finally, you have exposed yourself for what most Tea Baggers are accused of.
Four. Four non-staggered posts~
President Obama was a baby in the 60's. Do you mean his Socialist kindergarten classmates?
lord beverly, you defend obama to the point of me having to ask, are you michelle in disguise? or a wanna be mistress?
Obammy is a racial slur?
Is "Oh Black Betty Bam-a-lam" a racial slur?
Is there a book one could buy that catalogs the racial slurs?
egm11
lord beverly, you defend obama to the point of me having to ask, are you michelle in disguise? or a wanna be mistress?
Would you believe neither?
If Beverly truly is from and in Chicago, she was just born and bred to hate anything Republican. 80 yrs of Democratic control in Chicago and $600M in debt. Way to go!
Bev - You say that "Obammy" is a racial slur. Where is your stance on calling Tea Partiers, "Tea Baggers"?
Pot/Kettle Bev.
Beverly in Chicago > You're right Tea baggers are accused of being racist, but they are not and it is not what they are about. They are about, less government, less taxes and real tired of Politics as usual in Washington. I'm not racist, not anti Muslim, confused, stupid or uninformed as Obama and the left wing loonies call us that don't agree with them, but I will join the Tea Party as I have had enough of the politics, I just want elected officials that really care about America and really care about what is truly best for all of us legal tax paying Americans. I invite all races and religions to join the Tea Party with me and the Tea Party would invite the same.
Perhaps will return to Enron - oh, that's right, he did assist in the corruption of that company.
Nice way t
to admit failure
Sounds like an admission of failure to Me.
Nice way to admit failure.
What in the world? What renewed growth? Let's see giving millions to the auto manufacturers and the finance companies, that sure did a lot of good. Got a bunch of Obama stickers off the roads and much money in the pockets of the finance bigwigs! LOL
I know things aren't great right now, but are you trying to say that the economy isn't in any better shape than it was in January 2009?
With a straight face?
Clearly better than then, but much worse than during the growth spurts after past recessions with the right economic incentives and far less uncertainty in place.
I’m looking forward to returning to Harvard to teach and write about the economic fundamentals of job creation and stable finance as well as the integration of rising and developing countries into the global system.”
If this is so, why on earth did he not try to do anything about 'JOB CREATION' for the millions of unenplyoyed while in the administration? What does he know - I certainly won't buy his book!
Because like the rest of this administrration, they do not know a damn thing about the "real world", creating a private sector job,,,the community organizer in chief never ran a business, appears to be anti-business, and couldn't staff a ,(bad curse word now) profitable lemonade stand...You do not spend more money than you take in to get out of debt, and if you want to make an impact on an economy you put the entire stimulus package into the economy all at once with honest oversight , (meaning NOT the Congressional Black Caucus) committee and get experts (not hypothetical experts) who actually have created a job in their life and met a payroll,,,ya know private sector business people who do know how to make a (bad curse word again) profit...and quit blaming the past president, its your white house, run it like a MAN , not a crybaby finger pointer,,,tissue anyone,,,oh yeah go ahead libs-- its GWB's fault, and you hate Sarah Palin...
Seems to me like we avoided the horror of a 1930's-style collapse of the banking system, which we were on the verge of about two years ago. To the extent that Summers helped us avoid that: thank you Larry! Enjoy your life back at Harvard.
Yes, I'm glad all the banksters are doing alright now.
hell, i thought there was little point in stating the obvious. allegedly there is intelligent life on planet earth.
Not too many more rats left on the U.S.S. Obama.
Ari Flesicher
Colin Powell
John Ashcroft
Alberto Gonzales
Donald Rumsfeld
Paul O'Neil
John Snow
Etcetera, etcetera.
Holocaustic:
But some of those Bush rats didn't desert his sinking ship. They were pushed overboard. Rummy was the most infamous ejectee from the Bush administration. I wouldn't include Colin Powel in the "rat" list, except for that UN speech he gave peddling Bush's bogus "intelligence" about Iraqi WMDs. That was kind of a ratty performance.
Making a point that not everyone survives to the end of an administration is all...
Yea!!!!!!!!
That's what cowards do? No surprise. Why wait until the end of the year? just pack it in, clean out your office, shake Obama's hand and wish him luck and say, keep the rest of my salary. Oh! be man enough to at lease tell Obama, it was not his fault!
I guess his professional idea's have not worked, so he will go back to Harvard and try and corrupt some more minds. Maybe he can teach a class on "Proven way to raise the Poverty rate."
Whats that saying?... 'those who can do, those who can't teach.' Hehehe
You have got to love MSNBC page. One pic showing another corrupt rat JUMPING SHIP from the ces pool called Washington, while another pic shows a poor little kid dying from STARVATION! The human race is completely pathetic! I am ashamed to be apart of this species.
The human race is a joke!
More rats leaving a sinking ship. Ooooops! You beat me to it, Joe.
We'll all have time to sort this out in the coming depression.
Is he getting out before the economic holocaust?
Yes, just in time for the 2011 meltdown. Just like Christina Romer. They are all leaving before the bust.
with golden parachutes , no less. Sound familiar? Enron anyone?,.......No?
I knew it. I have been saying this for the last six months. First, Christina Romer leaves. Summers had to leave. Obama has not been listening to him. I say that because Summers was the architect behind the Clinton economy as well as having a strong influence in the Reagan administration. Read his biography and you'd find that he is an advocate of tax cuts for economic growth, especially capital gains tax. Obama now has nobody who can save him.
The word is he's leaving because he disagrees with Obama about tax cuts for the "rich". Obama cant let those stand after going around for 2 years campaigning about evil Bush giving cuts to the rich and not everyone else. And we know he was lying about the everyone else part because now hes all about keeping those cuts that he said Bush didnt give. This guy has been a sham from day one. How could libs be sooooo stupid?
Too many chowderheads calling for votes against everybody- that would do no good.
Voting all Democrats out would lead to total disaster- with repugnants and tea baggers running things forget Social Security, Medicare, Medicaid, Food Stamps- in other words all the poor will die- the middle class will become poor and die- the repugnants and tea baggers will have no one to vent their anger on and they will die- America will be gone- so who you votin for Bubba?
Twenty-two non-staggered posts.
The 1990's were pretty good, wouldn't you agree? It took a Republican takeover of Congress in 1994 to bring some fiscal sanity and a balanced budget for Bill Clinton, something which we do not have right now with the Democrat Congress.
Absolutely Fantastic! All our problems solved. That should make it easy for God to find some replacements.
Yep JimC, allot of folks would be forced to get off their butts and go to work. Republicans need the middle class too. Our problems stem from radicals both on the right and on the left. We didn't hear squat from the radical right until the radical left, which currently occupies the oval office and temporarily has a majority control in Congress surfaced. Obama conned us moderates into believing he was one of us. When we (yes I voted for this President) voted Obama into office, we believed his hope and change would be good for this country. Instead, he has caused the worst division amongst American citizens than any President in recent history. The nation is coming to terms with the fact that Obama doesn't have what it takes.
No, they would have to get off their ass and get to work. There is NO excuse for being poor in this country, or at least there wasnt until Dems took over Congress in 2007, then all bets were off
I wonder what jobs will be created for all people when the replublicans rule again...Let's see!
Unemployment for African Americans [ presently at 21%-I wonder if they were made the scape goats cause repubs hated Obama?
Latino / Hispanics 8%
White females 6.5%
White males 4.7%
All other ethnic groups..no data collected?
When they do make jobs for everyone, if you are not a professional and not aligned to their party and you are a minority, no matter what color you are, you will still be unemployed or classified as unemployable.
I guess just like Old Ebernezer Scrooge said...Bah Hum Bug..Better they just die, and decrease the surplus population.
Rumor said, Old Ebernezer was a republican Wigg over in England?
They're actually thinking about replacing Summers with a legitimate CEO from the business community...? Somebody that knows how the real business world operates....and who has actually had a job...and paid their taxes? I'll believe it, when I see it, but only then. Chances are it will be another pin headed academic that has never worked a real job in their life and has no conception of what it really takes to make a profit, just like young Barry.
Pays their taxes, in this administration,,,must not be a democrat..
If Summers is going back to write about the Economic fundamentals of Job Creation he'll have lot's of material for chapters on what not to do.
1. Don't take over whole industries just to buy votes.
2. Stimulus - Economic Lotto!
3. Cash for Clunkers - Fools gold for the masses
4. Keynsian Econcomics - The End!
Summers did pretty well under Clinton in the 90's. Obama is just not listening to him because his tax and spend philosophy does not jive with Summers'. He is leaving because his reputation has taken a beating under Obama.
well if you think so much of OBAMA check out bill HR-4646 and see what it will cost you!
...About time. ....Besides making concessions to Hitlery to make universal health care his signature program to get her and her supporters support for the general election, Obama's bigest mistake was appointing Wall street insiders to resurect a failed economy that failed because of greed on Wall street
I believe Obama does want to do what is best for America as a whole, but I hope he has learned a lesson about trading self serving favors and hiring wolves to guard the herd. .....Obama should know by now Hitlery duped him,and conned him into stepping on a political landmine to set herself up as the leading democrat for president in 2012......Too many people seem to forget it was Hitlery's universal health care plan that was most responsible for republicans take over Congress in 1994....she did not forget however
I wonder, if you cut Taxes, what taxes will be cut?
Payroll? only benefits those who have a job
Gas Tax? Only benefit those who have cars
Corporations? They would not miss a dime..They already have millions saved up on the backs of the laid off and unemployed.
Oil and Gas companies? Please!
Maybe cigarette tax..I think not! Everybody will be smoking something soon to keep from going crazy!
What about a overall tax annesty for one whole year [ remember! Even the unemployed receiving benefits have to pay taxes ] Nobody has to pay any tax and the Irs will be dissolved.
What a beautiful world it would be?
You forgot income and capital gains. These are the ones most would suggest I think.