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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRising Left in the Democratic Party Killed Larry Summer’s Fed Chair Chances
Rising Left in the Democratic Party Killed Larry Summers Fed Chair ChancesLarry Summers has dropped out of the race for chairman of the Federal Reserve. He was President Obamas choice, but Peter Beinart says hes 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 1999or even 2009than 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 Summerss 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 Summerss fight shows is how dramatically the financial crisis has reshaped the economic debate inside the Democratic Party. In 2008, Summerss 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.
Its 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 administrations desire for fast track authority to help push through giant new trans-Atlantic and trans-Pacific free trade deals. If I were Hillary Clinton, Id 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
L0oniX
(31,493 posts)Of course you will have to shower first before mingling with us.
RC
(25,592 posts)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)You know ...the attack on a group thingy.
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.
roguevalley
(40,656 posts)ProSense
(116,464 posts)a bag of goods.
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 administrations desire for fast track authority to help push through giant new trans-Atlantic and trans-Pacific free trade deals. If I were Hillary Clinton, Id come out against it now.
sufrommich
(22,871 posts)on how much face time it would get her on television,that's really insulting to her.
karynnj
(59,498 posts)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)"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)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)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)ProSense loves every decision the Obama Administration makes that is right of Attila the Hun.
rhett o rick
(55,981 posts)said?
Th1onein
(8,514 posts)to back up her argument.
bobduca
(1,763 posts)over your warmed-over doggie bag of blue links.
ProSense
(116,464 posts)from Beinart, the guy who signed the PNAC letter (http://www.publiceye.org/pnac_chart/pnac.html) :
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)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.
RetroLounge
(37,250 posts)RL
ljm2002
(10,751 posts)...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)I assume that "she" was just generating some placeholder text until a more detailed response can be written.
ProSense
(116,464 posts)ljm2002
(10,751 posts)...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?
myrna minx
(22,772 posts)Blanks
(4,835 posts)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.
Autumn
(44,982 posts)gopiscrap
(23,726 posts)tridim
(45,358 posts)But I understand that artificial division sells more online ads. Heckuva job TDB.
Eleanors38
(18,318 posts)PowerToThePeople
(9,610 posts)Melinda
(5,465 posts)-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 dont 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. Butand this is the key point--theres reason to believe that Americas next political generation will challenge those limits in ways that cause the leaders of both parties fits.
Americas 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)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)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)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)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)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)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.
jsr
(7,712 posts)Safetykitten
(5,162 posts)MNBrewer
(8,462 posts)Yes, she lost SO badly on this!
Jackpine Radical
(45,274 posts)"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.
RedCloud
(9,230 posts)Ichingcarpenter
(36,988 posts)WilliamPitt
(58,179 posts)He withdrew from being the grand marshal of the Rose Bowl Parade SO STOP SAYING THAT.
KG
(28,751 posts)or something.
lark
(23,065 posts)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)At one time, that distinction would have meant something to you. What happened?
tkmorris
(11,138 posts)Now he isn't and I am pleased as punch.
NealK
(1,851 posts)Good one.
jeff47
(26,549 posts)Rex
(65,616 posts)and was the man Obama wanted...funny how some here have to poo poo on anything that doesn't fit their made up narrative.
Ichingcarpenter
(36,988 posts)I didn't say that, I just thought Will would enjoy the link.
Rex
(65,616 posts)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)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.
DissidentVoice
(813 posts)And, if so, I welcome it.
AnotherMcIntosh
(11,064 posts)What's the likelihood of that?
proud2BlibKansan
(96,793 posts)Tierra_y_Libertad
(50,414 posts)mountain grammy
(26,598 posts)magical thyme
(14,881 posts)... in an Elizabeth Warren YouTube video gone viral."
Vanje
(9,766 posts)and fantastic!
bvar22
(39,909 posts)Roland99
(53,342 posts)tridim
(45,358 posts)We're all Democrats, but I don't think they get that.. It's all very PUMA-ish.
Roland99
(53,342 posts)They're Republican wannabes (just not so bad on the social issues front)
tridim
(45,358 posts)They are not Republican wannabes, they are conservative Democrats.
Please stop trying to divide our party.
Roland99
(53,342 posts)I have no use for anyone pro-military industrial complex
And they don't always vote the way a real Democrat *should* vote!
tridim
(45,358 posts)That is divisive, and wrong.
Roland99
(53,342 posts)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!
Caretha
(2,737 posts)that Bill Clinton was the best Republican President we ever had.
dreamnightwind
(4,775 posts)because he said exactly that about Bill.
cui bono
(19,926 posts)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.
Roland99
(53,342 posts)Doctor_J
(36,392 posts)remember how the real Dems couldn't get anything done in 2009-2010 even though we had 60 senators
MisterP
(23,730 posts)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"
Jack Rabbit
(45,984 posts)The PTB who wish it were and nobody else.
QC
(26,371 posts)TBF
(32,007 posts)Enough is enough.
cantbeserious
(13,039 posts)eom
NealK
(1,851 posts)Ian_rd
(2,124 posts)Obama, sometimes he just don't get it.
Enthusiast
(50,983 posts)We just do not like policies that are harmful to the nation.
Renew Deal
(81,846 posts)I think Summers is terrible and everyone knows it except for Obama's trial balloon operators.
Marrah_G
(28,581 posts)He thinks he is a great choice.
Renew Deal
(81,846 posts)Marrah_G
(28,581 posts)This is why it is so important for people to speak up, write letters, make phone calls, etc.
Vanje
(9,766 posts)Obama chose Summers as part of his team to oversee his administration's economic programs for the nation.
Geithner too.
Cryptoad
(8,254 posts)Cryptoad
(8,254 posts)Obama nominate Summer for Chairman? I missed that part!
Whisp
(24,096 posts)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)...before we express approval or disapproval? Never voice an opinion on prospective candidates?
Talk about a formula for failure.
Celefin
(532 posts)Following that logic you shouldn't debate possible names for the next presidential election either since they aren't even candidates yet.
but you should wait until he nominates somebody before accusing him of nominating somebody.!
ljm2002
(10,751 posts)...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.
Cryptoad
(8,254 posts)ljm2002
(10,751 posts)...by the utter vapidity of that response.
Cryptoad
(8,254 posts)ljm2002
(10,751 posts)...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.
Cryptoad
(8,254 posts)Renew Deal
(81,846 posts)That's the way the internets work
ljm2002
(10,751 posts)...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)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)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):
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)WillyT
(72,631 posts)Skittles
(153,113 posts)SICK of the revisionists
Spitfire of ATJ
(32,723 posts)nashville_brook
(20,958 posts)jazzimov
(1,456 posts)Wall Street's reaction has me wondering......
Oilwellian
(12,647 posts)A very inspiring piece. Thanks for posting!
blkmusclmachine
(16,149 posts)emsimon33
(3,128 posts)"And regulators who coddle Wall Street have to worry more about becoming props in an Elizabeth Warren YouTube video gone viral."
ProSense
(116,464 posts)http://www.democraticunderground.com/10023681787
http://www.democraticunderground.com/10023676169#post2
bigwillq
(72,790 posts)Remember which side President Obama is on. Not ours.
RISE UP!!! TAKE OUR COUNTRY BACK!
Renew Deal
(81,846 posts)pintobean
(18,101 posts)I just served.
Zorra
(27,670 posts)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.
bullwinkle428
(20,628 posts)BWAH-HA-HA!!
K&R.
YoungDemCA
(5,714 posts)...of a rising progressive/left-wing voice within the Party.
WilliamPitt
(58,179 posts)who share that fear.