Dec 242010

A reshaping of the economic team, beginning by naming a new director of the National Economic Council, is among the most urgent priorities of the new year. Gene Sperling, a counselor to the Treasury secretary who held the position in the Clinton administration, is among the final contenders to succeed Lawrence H. Summers in the job, along with Roger C. Altman, a Wall Street investment banker who also served in the Clinton administration.

Jeff Zeleny, New York Times

White House portrait of Lawrence Summers.
Image via Wikipedia

I find it interestin­g that just 10 days ago the story had Obama selecting the replacemen­t for Summers from three finalists, with only one not having strong Wall Street ties. Now it appears that only Sperling and Altman are still in the running, with Richard Levin, the one candidate who might have put Main St. in front of Wall St., having been eliminated­.

If only Obama would just once embrace his rhetoric with his actions, but that’s not going to happen. Alternativ­ely, he could just start being honest in what he says and admit that he is politicall­y wed to Wall Steet. Obama telegraphs everything well in advance of taking action, and this reorganiza­tion follows that practice — it portends a continuati­on of Wall St. feast and Main St. famine.

And with the Republican­s gaining control of the house and far too many Democrats falling in step to support Obama’s spirit of “compromis­e,” the writing is on the wall, etched in stone — things are likely to get worse, much worse for the average American.

Read the entire Article at the New York Times

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