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WilliamPitt

(58,179 posts)
Mon Sep 16, 2013, 10:11 AM Sep 2013

Rising Left in the Democratic Party Killed Larry Summer’s Fed Chair Chances

Rising Left in the Democratic Party Killed Larry Summer’s Fed Chair Chances
Larry Summers has dropped out of the race for chairman of the Federal Reserve. He was President Obama’s choice, but Peter Beinart says he’s a victim of the new Democratic left.

By Peter Beinart
The Daily Beast

September 16 2013

(snip)

But the main reason Summers dropped out is that he became identified with deregulatory policies that were far more tolerated inside the Democratic Party in 1999—or even 2009—than they are today. Four of the 12 Democrats on the Senate Banking Committee and 19 Democrats (plus one independent) of the 54 in the full Senate had already expressed their public opposition, meaning that Obama would have had to rely for Summers’s confirmation on Republican votes. The AFL-CIO had come out against Summers. So had MoveOn, Daily Kos, Chris Hayes, Paul Krugman, and the editorial page of The New York Times. By contrast, Summers had barely any high-profile defenders outside the administration. When people did speak up in his defense, it was often on background.

What the Summers’s fight shows is how dramatically the financial crisis has reshaped the economic debate inside the Democratic Party. In 2008, Summers’s patron and ally, Robert Rubin, was rumored as a potential Obama running mate. Today, Rubin has largely disappeared from public view and, given his role in the deregulatory policies of the 1990s, any defense he offered of Summers would have hurt his cause. In 2006, an ambitious Democratic policy wonk like Gene Sperling could write a book that criticized liberals for being insufficiently pro business without worrying that it would hurt his chances of getting a top government job. No one would do that today.

It’s not that Wall Street no longer wields influence among Democrats. The party still relies on the financial services industry to help fund its campaigns, and its lobbyists can still shape legislation. But the danger of being too publicly associated with Wall Street has increased. Democrats who want to pass their time between government gigs and earning millions at an investment bank now have to think harder about the political risk. And regulators who coddle Wall Street have to worry more about becoming props in an Elizabeth Warren YouTube video gone viral.

(snip)

The Democratic rebellion against Summers, like the Democratic rebellion against military action in Syria, bespeaks a deep frustration that party elites still share the economic and foreign policy assumptions that helped cause the disasters of the last decade. The next battle may be the Obama administration’s desire for “fast track” authority to help push through giant new trans-Atlantic and trans-Pacific free trade deals. If I were Hillary Clinton, I’d come out against it now.

The rest: http://www.thedailybeast.com/articles/2013/09/16/rising-left-in-the-democratic-party-killed-larry-summer-s-fed-chair-chances.html
121 replies = new reply since forum marked as read
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Rising Left in the Democratic Party Killed Larry Summer’s Fed Chair Chances (Original Post) WilliamPitt Sep 2013 OP
Maybe more of the Dem party should be moving left as well. L0oniX Sep 2013 #1
What's with the sarcasm thingy? RC Sep 2013 #14
The sarcasm tag is to avoid another possible silly clown jury result. L0oniX Sep 2013 #16
Got it. RC Sep 2013 #18
go, us! roguevalley Sep 2013 #23
Beinhart is selling ProSense Sep 2013 #2
I doubt that Elizabeth Warren makes decisions based sufrommich Sep 2013 #4
It might be hard for HRC to come out against the new trade deals karynnj Sep 2013 #29
Hil will not oppose TPP, or any other... tex-wyo-dem Sep 2013 #87
In 2008, she did distance herself from her husband's NAFTA karynnj Sep 2013 #95
Doubt that, Prosense. Th1onein Sep 2013 #37
Correction Caretha Sep 2013 #70
"Beinhart is selling a bag of goods." Is that your argument against what he rhett o rick Sep 2013 #67
No, of course that's not all. You forgot the blue links that say NOTHING Th1onein Sep 2013 #73
I take Beinhart's bag of goods bobduca Sep 2013 #79
Here, ProSense Sep 2013 #100
realistic danger may be that a lefty challenger forces her into positions that hurt her in the GE DJ13 Sep 2013 #103
and what's in the bag you keep trying to sell? RetroLounge Sep 2013 #81
What "bill of goods"... ljm2002 Sep 2013 #82
"Her" programmers presumably haven't had time to add content yet nxylas Sep 2013 #89
No, I try to avoid stupidity. n/t ProSense Sep 2013 #99
Then you don't do a very good job of it... ljm2002 Sep 2013 #109
I'm ready to dig in my heels against TPP as well. K&R for a good article. myrna minx Sep 2013 #3
Circulate a petition. That seems to work. Blanks Sep 2013 #11
The comments on that article certainly are interesting Autumn Sep 2013 #5
Yes!!! gopiscrap Sep 2013 #6
Democrats killed the nomination. tridim Sep 2013 #7
Well, I hope there is a rise of the left and not just wishful thinking. Eleanors38 Sep 2013 #8
this PowerToThePeople Sep 2013 #12
Link to article "Rise of the new left". It's long, but worth every moment! Melinda Sep 2013 #53
I am hopeful! BlueEye Sep 2013 #62
It's your time! Rest assured, the left of a certain age have your back! Stay involved... Melinda Sep 2013 #63
Thank you for the kind words!! BlueEye Sep 2013 #66
I don't know who wrote this, but I wish I could hand out a flyer to everyone in your generation... Caretha Sep 2013 #71
This GenXer has your back. blackspade Sep 2013 #119
Thanks. I did read this a few days ago, and it does.. Eleanors38 Sep 2013 #64
Recommend jsr Sep 2013 #9
Recommended Safetykitten Sep 2013 #10
"Ironically, Warren may be the political loser in Summers’s decision to drop out" MNBrewer Sep 2013 #13
Still, this is a good line-- Jackpine Radical Sep 2013 #25
We may actually get another bone? RedCloud Sep 2013 #15
Summers was not the nominee Ichingcarpenter Sep 2013 #17
I've been enjoying that line. WilliamPitt Sep 2013 #19
he offically withdrew his name from consideration for something he was not be considered for. KG Sep 2013 #33
He was so not considered lark Sep 2013 #49
He wasn't - deal with it. jazzimov Sep 2013 #80
Officially, no. But he was GONNA be, and I think you know that tkmorris Sep 2013 #84
Lol! NealK Sep 2013 #36
And Saddam shipped his WMDs to Syria. (nt) jeff47 Sep 2013 #41
No, he was just the front runner for getting picked Rex Sep 2013 #42
You realize of course Ichingcarpenter Sep 2013 #45
Yeah I know that did not come from you Rex Sep 2013 #46
Where do you guys come up with these "points"? sendero Sep 2013 #61
Maybe we're finally starting to see a backlash against the DLC era DissidentVoice Sep 2013 #20
After the 2010 Congressional losses, Obama said "I get it." Now, with Summers, he gets it? AnotherMcIntosh Sep 2013 #21
Good news. proud2BlibKansan Sep 2013 #22
Is it time for this now? Tierra_y_Libertad Sep 2013 #24
Whatever works... mountain grammy Sep 2013 #26
"And regulators who coddle Wall Street have to worry more about becoming props... magical thyme Sep 2013 #27
True! Vanje Sep 2013 #35
3 Cheers for America's "Rising Left". bvar22 Sep 2013 #28
+1 NealK Sep 2013 #38
"Left" and "Democratic" should be redundant Roland99 Sep 2013 #30
They are, except for those who always claim to be further left than whoever they're talking to. tridim Sep 2013 #52
I don't consider DLCers (or Third Way) as Democrats Roland99 Sep 2013 #55
Yet the DLC Dems still vote with the Democrats. tridim Sep 2013 #56
I'm doing nothing of the sort. Roland99 Sep 2013 #57
You just called a group of Democrats, Republicans. tridim Sep 2013 #59
No, I called them Republican wannabes Roland99 Sep 2013 #60
I always said Caretha Sep 2013 #72
Are you Alan Greenspan? dreamnightwind Sep 2013 #93
There are plenty of Dems who like and enact Republican policies. cui bono Sep 2013 #88
+a brazilion Roland99 Sep 2013 #96
Not when the chips are down they don't Doctor_J Sep 2013 #94
a lot of people do make that conflation--but that's only possible because the left's been purged MisterP Sep 2013 #54
Who said the Occupy Movement is dead? Jack Rabbit Sep 2013 #31
This is, of course, a painful, and most likely fatal, loss for the Left. QC Sep 2013 #32
And next we are going to kill TPP. TBF Sep 2013 #34
IMHO - It Is About Damned Time That Progressives Demand Accountability cantbeserious Sep 2013 #39
Great article. NealK Sep 2013 #40
Obama to Summers: "You did a heckuvajob, Summy!" Ian_rd Sep 2013 #43
K&R Enthusiast Sep 2013 #44
I don't credit the "rising left." Renew Deal Sep 2013 #47
The President didn't realize he was awful either. Marrah_G Sep 2013 #102
Yet he didn't choose him Renew Deal Sep 2013 #105
Because of public outcry Marrah_G Sep 2013 #108
Actually Obama did choose Summers.....but not for Fed nomination. Vanje Sep 2013 #116
Thank you Mr President! nt Cryptoad Sep 2013 #48
? NealK Sep 2013 #51
Exactly when did Cryptoad Sep 2013 #50
I missed that whole part too. Whisp Sep 2013 #58
So we should always wait until he nominates someone... ljm2002 Sep 2013 #86
Yes, interesting concept. Celefin Sep 2013 #91
No,,, Cryptoad Sep 2013 #92
I haven't seen... ljm2002 Sep 2013 #97
Critical Reading is Critical! Cryptoad Sep 2013 #112
Wow, I am gobsmacked... ljm2002 Sep 2013 #114
Good,,, about time Cryptoad Sep 2013 #115
Thank you for continuing to illustrate... ljm2002 Sep 2013 #117
Thank you for playing! Cryptoad Sep 2013 #118
I know that there's no shortness of hand wringing over something that never happened Renew Deal Sep 2013 #106
So are you claiming... ljm2002 Sep 2013 #110
I'm thinking libdude Sep 2013 #65
Or Wall Street frazzled Sep 2013 #68
Really great article. Thanks for posting that. Number23 Sep 2013 #77
K & R !!! WillyT Sep 2013 #69
DAMN STRAIGHT Skittles Sep 2013 #74
What's sad is the Democrats need to get consulted on how to be Liberal these days. Spitfire of ATJ Sep 2013 #75
let's make this a triple play. NO TPP. Not now, not ever. nashville_brook Sep 2013 #76
I supported Yellen, but jazzimov Sep 2013 #78
I love the very last sentence Oilwellian Sep 2013 #83
Wait until Obama has his say on who's next blkmusclmachine Sep 2013 #85
I love this line... emsimon33 Sep 2013 #90
LOL ProSense Sep 2013 #98
"He was President Obama's choice" bigwillq Sep 2013 #101
I think a teabagger got a hold of your account Renew Deal Sep 2013 #107
Jury says 1-5 to LEAVE IT pintobean Sep 2013 #113
If: "The party still relies on the financial services industry to help fund its campaigns, Zorra Sep 2013 #104
A "victim", eh? Perhaps we should take up a collection! bullwinkle428 Sep 2013 #111
There are people within or close to the Democratic Party's leadership who are terrified... YoungDemCA Sep 2013 #120
There are plenty right here on this forum WilliamPitt Sep 2013 #121
 

L0oniX

(31,493 posts)
1. Maybe more of the Dem party should be moving left as well.
Mon Sep 16, 2013, 10:14 AM
Sep 2013

Of course you will have to shower first before mingling with us.

 

RC

(25,592 posts)
14. What's with the sarcasm thingy?
Mon Sep 16, 2013, 11:04 AM
Sep 2013

They damn well better shower first. And wear orange jump suits so we can better tell them from sane people who don't have to move Left.

 

L0oniX

(31,493 posts)
16. The sarcasm tag is to avoid another possible silly clown jury result.
Mon Sep 16, 2013, 11:07 AM
Sep 2013

You know ...the attack on a group thingy.

 

RC

(25,592 posts)
18. Got it.
Mon Sep 16, 2013, 11:15 AM
Sep 2013

I sometimes forget this place is being over run with pseudo Democrats. My head is getting full, because I have been around learning stuff for so long.

I really do think the TOS needs to be changed to define Democrat as being Center or Left of Center. Being in the middle of the Right side politically and still claiming to be a Democrat is getting old.

ProSense

(116,464 posts)
2. Beinhart is selling
Mon Sep 16, 2013, 10:15 AM
Sep 2013

a bag of goods.

Ironically, Warren may be the political loser in Summers’s decision to drop out. Had he come before her banking committee, their duel would have dominated cable news. And he would have served as the perfect foil for her populist challenge to the Wall Street branch of her party. Hillary Clinton, by contrast, would have had to explain on the stump whether she supported confirming as Fed chairman the man her husband had picked to run the Treasury Department.


The Democratic rebellion against Summers, like the Democratic rebellion against military action in Syria, bespeaks a deep frustration that party elites still share the economic and foreign policy assumptions that helped cause the disasters of the last decade. The next battle may be the Obama administration’s desire for “fast track” authority to help push through giant new trans-Atlantic and trans-Pacific free trade deals. If I were Hillary Clinton, I’d come out against it now.

sufrommich

(22,871 posts)
4. I doubt that Elizabeth Warren makes decisions based
Mon Sep 16, 2013, 10:22 AM
Sep 2013

on how much face time it would get her on television,that's really insulting to her.

karynnj

(59,498 posts)
29. It might be hard for HRC to come out against the new trade deals
Mon Sep 16, 2013, 11:51 AM
Sep 2013

Last edited Mon Sep 16, 2013, 12:25 PM - Edit history (1)

-- as she was a leading person in their negotiation. She didn't work to change the Pacific treaty She announced the Pacific treaty - http://uneditedpolitics.com/secretary-of-state-hillary-clinton-speech-announcing-trans-pacific-trade-agreement-in-hanoi-vietnam-71012/

With Europe, she spoke (favorably) about the European one, but that will be finished in the second term. It is entirely possible if it is unpopular, that she will speak of as she did Bill Clinton's NAFTA - saying that it was not what she wanted.

tex-wyo-dem

(3,190 posts)
87. Hil will not oppose TPP, or any other...
Tue Sep 17, 2013, 01:25 AM
Sep 2013

"Free trade" agreement...her whole political life is indebted to big money.

Which is why she would lose to the likes of Warren.

People have had enough of the empty promises of globalization and voodoo trickle-down BS.

karynnj

(59,498 posts)
95. In 2008, she did distance herself from her husband's NAFTA
Tue Sep 17, 2013, 07:51 AM
Sep 2013

I don't think she will distance herself from TPP unless it is implemented and highly diliked by Democrats AND she has a viable opponent. Then it will all be Obama's bill == or even John Kerry's = not hers.

Th1onein

(8,514 posts)
37. Doubt that, Prosense.
Mon Sep 16, 2013, 12:02 PM
Sep 2013

But, then, we know you love every decision Obama makes, right?

Sorry, but Summers was a BAD choice, really, really bad. And I, for one, am glad that he's pulled out.

 

Caretha

(2,737 posts)
70. Correction
Mon Sep 16, 2013, 07:53 PM
Sep 2013

ProSense loves every decision the Obama Administration makes that is right of Attila the Hun.

ProSense

(116,464 posts)
100. Here,
Tue Sep 17, 2013, 12:05 PM
Sep 2013

from Beinart, the guy who signed the PNAC letter (http://www.publiceye.org/pnac_chart/pnac.html) :

At this (ridiculously early) juncture, it seems likely Hillary will be able to ride out her party’s lurch to the left. The more realistic danger may be that a lefty challenger forces her into positions that hurt her in the general election. Against Chris Christie, that could be a real worry. Against Ted Cruz or Rand Paul, not so much.

http://www.thedailybeast.com/articles/2013/08/06/hillary-clinton-s-big-challenges-in-2016-will-come-from-the-left.html


Enjoy!!!

DJ13

(23,671 posts)
103. realistic danger may be that a lefty challenger forces her into positions that hurt her in the GE
Tue Sep 17, 2013, 12:27 PM
Sep 2013

Wont happen.

Obama's victory in 08 over a "moderate" Republican showed that a perception of a Dem being liberal isnt an impediment to victory.


ljm2002

(10,751 posts)
82. What "bill of goods"...
Mon Sep 16, 2013, 10:25 PM
Sep 2013

...would that be?

You highlighted a couple of statements, apparently indicating your disagreement with them -- yet you provide zero argument supporting your disagreement.

Content-free.

nxylas

(6,440 posts)
89. "Her" programmers presumably haven't had time to add content yet
Tue Sep 17, 2013, 04:15 AM
Sep 2013

I assume that "she" was just generating some placeholder text until a more detailed response can be written.

ljm2002

(10,751 posts)
109. Then you don't do a very good job of it...
Tue Sep 17, 2013, 01:47 PM
Sep 2013

...and BTW, what "stupidity" specifically are you avoiding here, by avoiding answering my question? You highlighted a couple of things, and made zero comments of your own apart from saying the author is selling a bag of goods. You made NO refutation of the excerpts you cited, you gave NO reason for your disagreement, you just said the author is wrong.

Who's being stupid here? Someone who asks you to support your statements, or you, who apparently cannot do so?

Blanks

(4,835 posts)
11. Circulate a petition. That seems to work.
Mon Sep 16, 2013, 10:57 AM
Sep 2013

In the past couple of weeks I have received a couple if petitions in my email.

1) oppose war in Syria.
2) oppose summers.
3) oppose government surveillance

They seem to be working, and I don't seem to be getting a lot more spam.

tridim

(45,358 posts)
7. Democrats killed the nomination.
Mon Sep 16, 2013, 10:49 AM
Sep 2013

But I understand that artificial division sells more online ads. Heckuva job TDB.

Melinda

(5,465 posts)
53. Link to article "Rise of the new left". It's long, but worth every moment!
Mon Sep 16, 2013, 02:31 PM
Sep 2013
The Rise of the New left

Maybe Bill de Blasio got lucky. Maybe he only won because he cut a sweet ad featuring his biracial son. Or because his rivals were either spectacularly boring, spectacularly pathological, or running for Michael Bloomberg’s fourth term. But I don’t think so. The deeper you look, the stronger the evidence that de Blasio’s victory is an omen of what may become the defining story of America’s next political era: the challenge, to both parties, from the left. It’s a challenge Hillary Clinton should start worrying about now.

-snip-

The argument between the children of Reagan and the children of Clinton is fierce, but ideologically, it tilts toward the right. Even after the financial crisis, the Clinton Democrats who lead their party don’t want to nationalize the banks, institute a single-payer health-care system, raise the top tax rate back to its pre-Reagan high, stop negotiating free-trade deals, launch a war on poverty, or appoint labor leaders rather than Wall Streeters to top economic posts. They want to regulate capitalism modestly. Their Reaganite Republican adversaries, by contrast, want to deregulate it radically. By pre-Reagan standards, the economic debate is taking place on the conservative side of the field. But—and this is the key point--there’s reason to believe that America’s next political generation will challenge those limits in ways that cause the leaders of both parties fits.

America’s youngest adults are called “Millennials” because the 21st century was dawning as they entered their plastic years. Coming of age in the 21st century is of no inherent political significance. But this calendric shift has coincided with a genuine historical disruption. Compared to their Reagan-Clinton generation elders, Millennials are entering adulthood in an America where government provides much less economic security. And their economic experience in this newly deregulated America has been horrendous. This experience has not produced a common generational outlook. No such thing ever exists. But it is producing a distinct intragenerational argument, one that does not respect the ideological boundaries to which Americans have become accustomed. The Millennials are unlikely to play out their political conflicts between the yard lines Reagan and Clinton set out.


^^^THIS^^^ gives me hope. The entire article is long, but a great read. I hope it lifts you up too.

BlueEye

(449 posts)
62. I am hopeful!
Mon Sep 16, 2013, 05:59 PM
Sep 2013

I am 21, and I have observed a marked shift to the left in the politics of my friends, as well as my own. We grew up watching the disaster of the Bush presidency, the Iraq war, etc. I watched my cousin go off to war and get PTSD. And in 2008 I watched my dad get laid off in the economic destruction that resulted from years of deregulation under every president since Reagan.

We are sick of it, and we want to take back our country.

Melinda

(5,465 posts)
63. It's your time! Rest assured, the left of a certain age have your back! Stay involved...
Mon Sep 16, 2013, 06:19 PM
Sep 2013

stay vigilant, and stay strong. It's not often I see or hear of youngsters your age giving a damn (being involved in political activities), and while this article gave me hope, you, my dear, inspire me to believe goodness is on the horizon! Thank you in advance, and welcome to DU!!

BlueEye

(449 posts)
66. Thank you for the kind words!!
Mon Sep 16, 2013, 06:45 PM
Sep 2013

I am glad we still have Democrats who remember the days when the party was more concerned with taking care of the working and middle classes. We could use your wisdom at our College Democrats meetings

 

Caretha

(2,737 posts)
71. I don't know who wrote this, but I wish I could hand out a flyer to everyone in your generation...
Mon Sep 16, 2013, 07:59 PM
Sep 2013

with this written on it.

" What they did not want you to ever find out is that your generation, the generation born between 1980-1995, actually out numbers the Baby Boomers. They knew that if you ever turned your eye towards political reform, you could change the world. They tried to keep you sated on vapid television shows and vapid music. They cut off your education and fed you brain candy. They took away your music and gave you top ten pop stations. They cut off your art and replaced it with endless reality shows for you to plug into, hoping you would sit quietly by as they ran the world. We as a society are only as strong as our weakest link. Give 'em hell kids."

blackspade

(10,056 posts)
119. This GenXer has your back.
Wed Sep 18, 2013, 02:26 AM
Sep 2013

I came of age in the 80s watching the promise of the late 70s get pissed down the drain by the greed is good crowd.
The 90s were scarcely better, with a flat income rate and good long term (union) jobs becoming progressively more scarce.
I truly feel for your generation, that is being systematically looted by Wall Street and their political cronies in both parties.

 

Eleanors38

(18,318 posts)
64. Thanks. I did read this a few days ago, and it does..
Mon Sep 16, 2013, 06:25 PM
Sep 2013

give me hope. I think the two leading causes for fundamental change will be bad, poor paying jobs & working conditions; and the student loan debt bubble. Thus will bring in the parents, too.

1 in 7 Americans are in the Sandwich Generation, those adult Americans who are living with family. Just heard that in the local newz. I read earlier where 36% of those aged 18 - 32 are living with family. Finally, within this milleneum, those qualified for food stamps has risen from 7 mill to 47 mill. One can wallow just so long in the worldliness of militant apathy before that hep cat status begins to stink like the impotence it is.

MNBrewer

(8,462 posts)
13. "Ironically, Warren may be the political loser in Summers’s decision to drop out"
Mon Sep 16, 2013, 11:03 AM
Sep 2013

Yes, she lost SO badly on this!

Jackpine Radical

(45,274 posts)
25. Still, this is a good line--
Mon Sep 16, 2013, 11:31 AM
Sep 2013

"And regulators who coddle Wall Street have to worry more about becoming props in an Elizabeth Warren YouTube video gone viral."

Liz isn't grandstanding; she's just pillorying certain oversized personalities who deserve it, saying some things that need saying, and straightening a few things out that need straightening out.

Whether she runs in 2016 (I think it's unlikely at this point) can't be predicted.

On the other hand, Hillary will be 68 then. Will she really want to run? 2 terms would leave her at 76. Of course Liz is only a couple of years younger.

 

WilliamPitt

(58,179 posts)
19. I've been enjoying that line.
Mon Sep 16, 2013, 11:16 AM
Sep 2013


He withdrew from being the grand marshal of the Rose Bowl Parade SO STOP SAYING THAT.

KG

(28,751 posts)
33. he offically withdrew his name from consideration for something he was not be considered for.
Mon Sep 16, 2013, 11:54 AM
Sep 2013

or something.

lark

(23,065 posts)
49. He was so not considered
Mon Sep 16, 2013, 12:55 PM
Sep 2013

that Obama had to voice full throated approval of Mr. Summers without ever saying he was NOT under consideration.

People +1
Wall St - -1

jazzimov

(1,456 posts)
80. He wasn't - deal with it.
Mon Sep 16, 2013, 10:12 PM
Sep 2013

At one time, that distinction would have meant something to you. What happened?

tkmorris

(11,138 posts)
84. Officially, no. But he was GONNA be, and I think you know that
Mon Sep 16, 2013, 10:35 PM
Sep 2013

Now he isn't and I am pleased as punch.

 

Rex

(65,616 posts)
42. No, he was just the front runner for getting picked
Mon Sep 16, 2013, 12:31 PM
Sep 2013

and was the man Obama wanted...funny how some here have to poo poo on anything that doesn't fit their made up narrative.

 

Rex

(65,616 posts)
46. Yeah I know that did not come from you
Mon Sep 16, 2013, 12:36 PM
Sep 2013

it came from a real Pro. Funny how they have to poo poo any type of victory we get over Wall Street.

sendero

(28,552 posts)
61. Where do you guys come up with these "points"?
Mon Sep 16, 2013, 05:48 PM
Sep 2013

Summers was Obama's FIRST CHOICE. He was defending him and talking him up early and often. Would the senate have blocked him? Hard to say but now we don't have to worry about it.

 

AnotherMcIntosh

(11,064 posts)
21. After the 2010 Congressional losses, Obama said "I get it." Now, with Summers, he gets it?
Mon Sep 16, 2013, 11:22 AM
Sep 2013

What's the likelihood of that?

 

magical thyme

(14,881 posts)
27. "And regulators who coddle Wall Street have to worry more about becoming props...
Mon Sep 16, 2013, 11:47 AM
Sep 2013

... in an Elizabeth Warren YouTube video gone viral."



tridim

(45,358 posts)
52. They are, except for those who always claim to be further left than whoever they're talking to.
Mon Sep 16, 2013, 01:34 PM
Sep 2013

We're all Democrats, but I don't think they get that.. It's all very PUMA-ish.

Roland99

(53,342 posts)
55. I don't consider DLCers (or Third Way) as Democrats
Mon Sep 16, 2013, 02:48 PM
Sep 2013

They're Republican wannabes (just not so bad on the social issues front)

tridim

(45,358 posts)
56. Yet the DLC Dems still vote with the Democrats.
Mon Sep 16, 2013, 02:55 PM
Sep 2013

They are not Republican wannabes, they are conservative Democrats.

Please stop trying to divide our party.

Roland99

(53,342 posts)
57. I'm doing nothing of the sort.
Mon Sep 16, 2013, 04:46 PM
Sep 2013

I have no use for anyone pro-military industrial complex

And they don't always vote the way a real Democrat *should* vote!


Roland99

(53,342 posts)
60. No, I called them Republican wannabes
Mon Sep 16, 2013, 05:25 PM
Sep 2013

The bulk of the Democratic party has become largely what the Republicans were back in, oh, the Eisenhower age or shortly after. They are far from liberals and progressives.

They are pro-corporate and pro-MIC.

To deny that is to deny reality.


You think Bill Clinton was a liberal? HA!

cui bono

(19,926 posts)
88. There are plenty of Dems who like and enact Republican policies.
Tue Sep 17, 2013, 01:29 AM
Sep 2013

They are not hard to find. One of them is in the WH. Another was the last Dem to be in there.

Surely you realize there is a spectrum within the party, right? Unfortunately, the ones who are centrist and right of center have been steering the party, and steering it to the right. We need to bring it back solidly on the left.

The Dem party has gone way too far to the right. It's a bit sad when our president praises Reagan more than he praises FDR.

 

Doctor_J

(36,392 posts)
94. Not when the chips are down they don't
Tue Sep 17, 2013, 07:35 AM
Sep 2013

remember how the real Dems couldn't get anything done in 2009-2010 even though we had 60 senators

MisterP

(23,730 posts)
54. a lot of people do make that conflation--but that's only possible because the left's been purged
Mon Sep 16, 2013, 02:35 PM
Sep 2013

from public discourse: when the Dems did anything lefty 30s-80s it was because there was a tireless, activist actual left making its demands heard: you don't get 70s!Kerry to Congress or the Boland Amendment passed by whimpering that "we might lose the next election for the only party looking out for Our Side if we ask for too much"; handing the Dems a carte blanche gives it to the GOP too

and it's really funny that Beinart's the one saying this: he was one of the head Inquisitors in the "Cranstonization" of the party since the 80s: he was Michael Kinsley's protégé when they were given plausible deniability to Iran-Contra ("there are 'lefties' okay with it, so maybe it IS a true war of liberation against totalitarianism&quot

Renew Deal

(81,846 posts)
47. I don't credit the "rising left."
Mon Sep 16, 2013, 12:37 PM
Sep 2013

I think Summers is terrible and everyone knows it except for Obama's trial balloon operators.

Marrah_G

(28,581 posts)
108. Because of public outcry
Tue Sep 17, 2013, 01:10 PM
Sep 2013

This is why it is so important for people to speak up, write letters, make phone calls, etc.

Vanje

(9,766 posts)
116. Actually Obama did choose Summers.....but not for Fed nomination.
Tue Sep 17, 2013, 08:38 PM
Sep 2013

Obama chose Summers as part of his team to oversee his administration's economic programs for the nation.
Geithner too.

 

Whisp

(24,096 posts)
58. I missed that whole part too.
Mon Sep 16, 2013, 04:55 PM
Sep 2013

Apparently:

Obama really really wanted Summers and nominated him. Summers said, aw shucks, Okay, Mr. President, if you insist, i'll throw my hat(s) in the ring of fire.

Then xxxXXxxx from Democratic Underground, who is from the 'better' left than all us losers, started yelling, and YELLING&^%))!!!! and calling the President names, and such

and stuff

then next we know there's this Yellen character that Obama nominates instead.

you got the Powa!

ljm2002

(10,751 posts)
86. So we should always wait until he nominates someone...
Mon Sep 16, 2013, 10:41 PM
Sep 2013

...before we express approval or disapproval? Never voice an opinion on prospective candidates?

Talk about a formula for failure.

Celefin

(532 posts)
91. Yes, interesting concept.
Tue Sep 17, 2013, 05:40 AM
Sep 2013

Following that logic you shouldn't debate possible names for the next presidential election either since they aren't even candidates yet.

Cryptoad

(8,254 posts)
92. No,,,
Tue Sep 17, 2013, 06:03 AM
Sep 2013

but you should wait until he nominates somebody before accusing him of nominating somebody.!

ljm2002

(10,751 posts)
97. I haven't seen...
Tue Sep 17, 2013, 10:26 AM
Sep 2013

...any posts where people claim Summers was nominated.

I have seen posts where people discussed his name being considered, and where others responded "Summers was not the nominee". This is not the same thing as people claiming he was nominated -- rather, it is an attempt to change the subject by people who would rather not talk about the fact that his name was under consideration.

ljm2002

(10,751 posts)
117. Thank you for continuing to illustrate...
Tue Sep 17, 2013, 08:49 PM
Sep 2013

...how juvenile you are. It is very helpful in considering how much weight to assign to your posts. I'd say you have achieved near-perfect weightlessness in that regard. Perhaps NASA could find a use for such a skill, that goes beyond mere hot air to achieve 100% lack of gravity.

Renew Deal

(81,846 posts)
106. I know that there's no shortness of hand wringing over something that never happened
Tue Sep 17, 2013, 12:57 PM
Sep 2013

That's the way the internets work

ljm2002

(10,751 posts)
110. So are you claiming...
Tue Sep 17, 2013, 01:51 PM
Sep 2013

...that Summers' name was not on the list? Because the reports I read said that Summers withdrew his name from consideration for the Fed position. And most reports I read prior to that had him as the front runner. But whether or not he was the front runner, only a fool would deny he was in the running. And THAT was what the hand wringing was about. Thank goodness enough people made enough noise and wrung their hands enough that some of our Senators reacted and Summers had to withdraw.

libdude

(136 posts)
65. I'm thinking
Mon Sep 16, 2013, 06:26 PM
Sep 2013

that the President should begin to run some of his ideas through DU, obviously, he isn't as much on the game as he has been given credit for or he is easily manipulated by his advisors.
Given the groundswell of public opposition he has received on several issues, the Summers thing being the last, he should be out of the White House listening to this new rising Left. It is not his telling us as Americans, and left of the main Democratic party elites what we should think about anything, but he should be listening. Without repeating the good insightful points in the many posts, it is a sign of hope that there are so many that see the true home of the Democratic party is in the land of the left. Not only on social issues, but also on economic and foreign policy to include military intervention.

frazzled

(18,402 posts)
68. Or Wall Street
Mon Sep 16, 2013, 07:05 PM
Sep 2013

Think about it: who counts for more, the left or Wall Street?

Plus, others disagree with the idea that Summers was somehow gungho on deregulation (and note that this is a very pro-Yellen article):


The case against Summers has been overblown. He's both much more concerned with the poor and middle class, and much less interested in deregulation, than his critics gave him credit for. The White House favored him, in part, because they thought he'd be more effective at fighting unemployment and regulating Wall Street than Yellen. Their progressive critics, of course, disagreed,

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/15/five-reasons-obama-should-name-janet-yellen-to-chair-the-federal-reserve/?wpisrc=nl_wnkpm

Number23

(24,544 posts)
77. Really great article. Thanks for posting that.
Mon Sep 16, 2013, 10:00 PM
Sep 2013
Yellen, however, is a consensus pick. She's Wall Street's favorite. She the monetary policy world's favorite. She's favored by congressional Democrats and organized labor. So far as anybody knows, she has nearly no enemies — at least outside the White House.

Oilwellian

(12,647 posts)
83. I love the very last sentence
Mon Sep 16, 2013, 10:31 PM
Sep 2013
The door is closing on the Reagan-Clinton era. It would be ironic if it was a Clinton herself who sealed it shut.


A very inspiring piece. Thanks for posting!

emsimon33

(3,128 posts)
90. I love this line...
Tue Sep 17, 2013, 04:15 AM
Sep 2013

"And regulators who coddle Wall Street have to worry more about becoming props in an Elizabeth Warren YouTube video gone viral."

 

bigwillq

(72,790 posts)
101. "He was President Obama's choice"
Tue Sep 17, 2013, 12:07 PM
Sep 2013

Remember which side President Obama is on. Not ours.


RISE UP!!! TAKE OUR COUNTRY BACK!

Zorra

(27,670 posts)
104. If: "The party still relies on the financial services industry to help fund its campaigns,
Tue Sep 17, 2013, 12:37 PM
Sep 2013

and its lobbyists can still shape legislation."

Then: Our political system is not a democracy.

Therein lies the source of all the problems we face as a nation. Unless they appoint someone like Paul Krugman, which we all know could never happen, whoever runs the Fed will be six of one and half a dozen of the other.

The bottom line is, we need to take it upon ourselves to take action to effectively get the money out of politics and government, or wealthy greedy sociopathic schmucks will continue to control our lives, and destroy the planet in the process.


 

YoungDemCA

(5,714 posts)
120. There are people within or close to the Democratic Party's leadership who are terrified...
Wed Sep 18, 2013, 06:34 AM
Sep 2013

...of a rising progressive/left-wing voice within the Party.

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