Posts Tagged ‘economic team’

Let’s Contrast Obama’s Work Schedule With His Economic Team’s

August 8, 2010

I found this interesting.  We’ve heard the inside stories that Christina Romer is quitting over conflicts with Lawrence Summers and frustration at being left out of Obama’s incredibly insular “team.” And then there’s also the fact that Romer recently published an academic paper that contradicts Obama’s central theses regarding government spending and high taxes.

But now we’re fed a different story, courtesy of the Official Obama Propaganda Service (OOPS):

Obama’s economic team exhausted
By Sam Youngman – 08/07/10 06:00 AM ET

President Obama’s economic team is exhausted, according to White House spokesman Robert Gibbs, and that is one the reasons Christina Romer announced her departure Thursday.

Gibbs dismissed reports that Romer, the outgoing chairwoman of the president’s council for economic affairs, was leaving because of conflicts with Larry Summers, the director of the National Economic Council.

The press secretary told The Hill on Friday that Romer and the rest of the economic team have worked the equivalent of six years during the 18 months they’ve been in office, and Romer wanted to return to her normal life.

“These guys have probably packed a term and a half into a half of a term,” Gibbs said.

Romer is the second member of the economic team to leave this summer. She follows Peter Orszag, director of the Office of Management and Budget.

The early days of the administration alone were enough to wear the team down, he said, as they realized the depth of the recession.

“If you think about what we went through in the beginning, nobody knew when we woke up if the whole thing was just going to come crashing down,” Gibbs said.

[If one listens carefully, one can hear a shrill, whiny voice screaming, “It’s all Bush’s fault Romer is resigning!”].

Romer was involved in the administration’s planning of the $787 billion economic stimulus package. Ever since the legislation was approved by Congress, she’s been at the forefront of the administration’s effort to sell the product to the public.

That’s been difficult given the fact that the nation’s unemployment rate soared to 10 percent after the legislation’s approval. The administration had hoped the jobless rate would top off at 8 percent.

Romer was the administration’s public face every month when the national unemployment numbers were released – usually to bad news. She issued a statement on Friday noting the private sector created 71,000 jobs in July, not enough to lower unemployment.

Reports surrounding her departure suggest she was leaving because of the heavy presence of Summers, an economist with a reputation for less than stellar people skills, and because she was frustrated with life in Washington.

Gibbs dismissed those stories, saying Romer had been in on every critical meeting with Obama on the economy and played a key role in the White House’s economic policies. […]

So here’s the White House narrative to cover up the fact that there are big pissing matches going on inside the White House economic team, and the fact that Obama’s own economist has written a paper suggesting that her boss is leading the nation to “highly contractionary” economic ruin: Romer is quitting because she’s been working 32 hours a day (6 years divided by 1.5 years, times an average 8-hour work day).

Let’s not laugh and take it seriously for a moment.  The White House economic team has worked themselves into a frazzled mess, burdened with their profound care for the average America.

Well, what about their boss, Barry Hussein?

From the GuardianUK:

As Barack Obama settles into the White House, the differences between the way the old and new presidents manage their time will begin to show. Now it is time to break the puritan fiction that the only way to achieve is to get up early and live clean.

Ex-president Bush rose at 5.45am and was at his desk by 6.45am. He worked until 6pm, taking meetings in strict five-minute blocks. He ran three miles in 21 minutes before lunch every day. He does not drink. Women’s skirts – in his White House – had to fall below the knee.

Obama gets up hours later – aides during his campaign said he did much of his strategising after midnight. He smokes, he drinks beer while watching sports, and has mentioned keeping his regular poker night while president.

Bush showed up ready to work at 6:45AM.  For Obama, it’s kind of nice if he shows up by 9:30 – and not particularly bright-eyed or bushy-tailed after the partying from the previous evening.

That economic team is working themselves to the bone.  Obama couldn’t give a flying favorite-Emanuel/Blagojevich-phrase.

But staggering in to the office late in the morning at a time when useful people might be typically taking their first break of the day isn’t really enough to get the picture of contrast between those frazzled, overworked economic team members and their boss Barry Hussein.  Because we haven’t taken into account for all the vacations and all the golf outings, have we?

Obamas Take 4 Vacations in 1 Month

While many Americans are cutting back on their vacation plans or eliminating them altogether, Barack Obama is setting an aspirational example for all of us. Sure, times are tough, but perhaps we can enjoy a life of leisure vicariously through our betters.

On July 16-18, the Obamas enjoyed their first summer vacation in beautiful Bar Harbor, Maine. The idyllic town has long been favorite summer getaway for the rich and powerful going back to the Gilded Age. Truly a resort fit for a king public servant.

Anticipating exhaustion from two long weeks in Washington, D.C., Michelle Obama is hosting her eldest daughter and several family friends on a “private vacation” to Spain, August 4-8. Staying at the luxurious Villa Padierna, Americans can rest easy knowing the accomodations will “pamper guests with elegance, spaciousness and a comforting array of amenities.”  With three golf courses on the property, it’s quite a shame Barack must attend a party thrown in his honor by one of his billionaire friends.  Despite this hardship, I’m sure Michelle will sing “Don’t Cry for Me, America”. Or at least hum a few bars. (After the spa’s Chakra Balancing treatment with Hot Stones.)

The five days back in the White House will be a horrible burden to the family. Thankfully, the Obama clan will take a third vacation, Aug. 14-15, to Florida’s Gulf Coast, following charges of hypocrisy for vacationing in Maine earlier. As any PR pro will tell you, the best response to “out of touch” accusations is to face them head on. Preferably from a balcony, sipping a mojito while watching Helios’ golden rays paint the beach in myriad shades of gold as the fiery orb slips ‘neath the azure horizon.

Obama started out partying in a wildly inappropriate way:

WASHINGTON (AP) – The White House is the place to be on Wednesdays.Since the presidency changed hands less than six weeks ago, a burst of entertaining has taken hold of the iconic, white-columned home of America’s head of state. Much of it comes on Wednesdays.

The stately East Room, where portraits of George and Martha Washington adorn the walls, was transformed into a concert hall as President Barack Obama presented Stevie Wonder with the nation’s highest award for pop music on Wednesday.

// <![CDATA[//

A week before that, the foot-stomping sounds of Sweet Honey in the Rock, a female a cappella group, filled the East Room for a Black History Month program first lady Michelle Obama held for nearly 200 sixth- and seventh-graders from around the city.

Cocktails were sipped during at least three such receptions to date, all held on Wednesdays.

And he hasn’t let up since:

President party boy
The wrong kind of leadership

By JOHN GIBSON
Last Updated: 4:15 AM, June 10, 2010

Last week’s jobs report tanked the stock market; the president took weeks to assert control of the oil spill that threatens doom on the Gulf Coast — but at the White House the Gatsby-like parties roll on as if happy days were here again.

Just yesterday, President Obama held another fun-filled White House event, a picnic for Congress members, complete with hot dogs, cold beverages and a fire pit.

All told, during the last seven weeks of spewing oil and rampant unemployment, he has frolicked and danced through three major White House music parties:

Of course, the hypocrite propagandist lamestream media constantly criticized George Bush for golfing or vacationing or partying or pretty much anything, claiming that he needed to be constantly working to solve all the problems they said the nation faced.  And that was, you know, at a time when the nation didn’t have anywhere NEAR as many problems as it faces now.

Obama’s golf outings have generated favorable reports from the media, in contrast to his predecessor, George W. Bush.

On Aug. 5, 2002, The Washington Post wrote about President Bush golfing near his parents’ home in Kennebunkport, Maine. Under the headline “Before Golf, Bush Decries Latest Deaths in Mideast,” staff writer Mike Allen described Bush as he “sprang from his golf cart at 6:15 a.m. and said he was distressed to hear about the latest suicide bombers in Israel.”

“Bush, wearing khakis and a knit shirt, was holding a driver in his gloved left hand,” Allen wrote.

“However incongruous the setting, the president plunged ahead,” Allen wrote.

And the entire country wasn’t falling apart at the time Allen took his leftwing cheap shot at Bush in the name of “journalism,” unlike what’s going on all around us today.

Blatant media hypocrisy and total disregard for anything approaching objectivity aside, the real emphasis needs to fall back on our Vacationer-in-Chief, as contrasted with his near-dead from exhaustion economic team.

There’s an ad for Direct TV that features a Russian Zillionaire.  He says, “Opulence, I has it.”  As he strolls leisurely along, he looks at two golden sculptures of himself, and without bothering to seriously study either he casually points a finger and says, “Zis one.”

That pampered Russian is apparently playing the roll of Obama strolling through the White House at noonish after getting home from another vacation or from attending another lavishly-opulent and taxpayer-funded party.

On this scenario, Lawrence Summers and Christina Romer were both up all night working on an economic report – according to Robert Gibbs – and Obama strolls in while they each hopefully hold up their work and says “Zis one.”

And of course, according to the stories, most of the time it’s Lawrence Summers’ report Obama points at.  Because Summers can piss farther.

Obama is so out-of-touch with reality it’s unreal.  He knows nothing about business.  None of the people who are making all the stupid decisions around him know anything about business.

Our post turtle president:

There’s just one difference between Obama and the post turtle – or apparently Obama’s economic team.  The post turtle can actually be found at his post.

Update: In addition to the massive criticism Michelle Obama has deservedly received for her massively expensive vacation to Spain (complete with government-funded transportation and over seventy Secret Service agents), we now learn that the Obama’s are going on their FIFTH vacation since July.

Let them eat cake.

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Obama Surrounds Himself With Acolytes Of A Proven Economic Failure

November 26, 2008

The Obama administration is shaping up to pretty much be a Clinton administration reunion.  Hotair’s story is “Obama administration: Clinton sequel?”  The Politico story is “The Clinton band is back together.”  “Change” means “Just like the Clinton years,” and “new politics” means “Pretty much exactly like the old Clinton machine politics.”  You kind of have to wonder: if people had wanted a “Clinton administration, version II,” why wouldn’t they just have elected Hillary Clinton instead of Barack Obama?

Just in case you’re thinking, “Because a ‘Clinton administration version II’ would have all the bugs worked out,” think again.  There are still plenty of bugs.  And one of those bugs is named Robert Rubin.

According to the International Herald Tribune:

WASHINGTON: It is testament to the star power of former Treasury Secretary Robert Rubin among many Democrats that as Barack Obama fills out his economic team, a virtual Rubin constellation is taking shape.

The president-elect used the announcement Monday that he was appointing two Rubin protégés, Timothy Geithner as Treasury secretary and Lawrence Summers as senior White House economic adviser, to underscore his determination to step aggressively into a economic leadership vacuum in Washington while also maintaining continuity with the Bush administration before the transition of power Jan. 20.

Obama is expected to soon announce the appointment of another Rubin protégé, Peter Orszag, as White House budget director. And even the headhunters for Obama have Rubin ties: Michael Froman, who was Rubin’s chief of staff in the Treasury Department and followed him to Citigroup, and James Rubin, Robert Rubin’s son.

Geithner, Summers and Orszag have all been followers of the economic formula that came to be called Rubinomics: balanced budgets, free trade and financial deregulation.

But there’s only one problem with this “constellation of Rubin”; the biggest star has plunged to earth in a flaming trail of cosmic disaster.

Or maybe you want to have as your next President’s senior economic adviser the guy who ran one-time powerhouse Citigroup right into the ground.

As the New York Post puts it:

There’s no shortage of blame, but if a vote were taken for mayor of the Citi of Fools, Robert Rubin, the most prominent member of the bank’s board of directors, would almost certainly win hands down.

Rubin, a former treasury secretary, played a key role by leading Citi into a risky strategy of gambling on the weirdest and most exotic investments – like securities backed by subprime mortgages that probably would never be paid.

As long as the money and bonuses kept rolling in, who cared if no one really knew what all these strange securities were worth?

Certainly not Rubin, who was paid an astonishing $62.2 million between 2004 and 2007 – or his fellow bozos on the board.

“Citigroup’s board of directors increasingly resembles a first-class sleeping car on a train wreck that just keeps happening,” said J. Richard Findlay, head of the Centre for Corporate & Public Governance.

“Almost whatever it does, it is too slow and too late.

“It can take months for Citigroup’s directors to clue into what others in the real world have known for some time.”

Noting that Citi’s stock has lost more than $133 billion this year alone, Findlay said, “Citigroup’s board has demonstrated that it has not been on top of any major issue in more than a decade, much less ahead of it.”

Charles Elson, director of the Center for Corporate Governance at the University of Delaware, told The Post that Citi’s board consistently misled the public.

“Even up until last week, we were told Citi was a strong institution, but it’s clear now that things are a lot worse than we knew,” he said.

“Where was the board during this? It’s very troubling.”

Thanks to the negligence of board members – who smiled for the cameras as they assured anyone who’d listen that everything was A-OK – taxpayers are now on the hook for $351 billion.

In other words, even as Obama bets the country’s future on “Rubionomics,” the rest of the financial world is starting to recalculate.

Hey, Barack, I hear that GM CEO Rick Wagoner may be on the market pretty soon; why not appoint him to advise you on how you should move forward with the auto industry?  He’s right on board with you: he wants you to socialize the economy, too.

Folk over at the Wall Street Journal are wondering, “Why are Robert Rubin and other directors still employed?

I mean, even the Huffington Post is starting to ask the question: “Is Robert Rubin “Competent” Enough To Guide Team Obama?”  As the story unfolds, and builds the case that Rubin was directly involved in devising the strategy that led to Citigroup’s ruin, the answer becomes pretty clear.

And it is beginning to increasingly occur to investors that the “star economic team” of Rubin acolytes Barack Obama is assembling is pretty much the same bunch of guys who have been part of the crowd that basically turned our economy into the Titanic.

I suppose Barack Obama’s advice to Rubin will be something like, “Just think the exact opposite of absolutely everything you thought as the CEO of Citigroup, and we’ll do great.”