Reply #39: A direct link to the OpenLeft petition. [View All]

[Imperialism Inc.]

We of course do not know if Summers is being considered as the top choice. Maybe Obama is already thinking along these lines. However, we owe it to Obama to let him know what we think and not be lap dogs or be cowed by those who expect obedience. If he picks Summers I personally have no intentions of turning against him. I'll accept it but I will be disappointed. I personally support Sheila Bair ,or someone like her, for the post (http://www.prospect.org/cs/articles?article=sheila_bair_for_treasury_secretary) and have written Obama to that effect.


http://action.openleft.com/page/petition/treasury

We Need Real Change: Ask Obama's Transition Team to Appoint a Treasury Secretary That Did Not Have a Hand in Deregulating Wall Street

When you sign this petition, your comments will go to John Podesta and Michael Strautmanis of the Obama transition team.

Right now, the rumors are that Larry Summers is one of the leading nominees to become the Treasury Secretary for the Obama administration. During normal times, the Treasury Secretary is an enormously important position, responsible for representing the position of an administration on both the global and domestic economy and making key policy decisions. At this particular moment, the Treasury Secretary is even more significant, responsible for a $700 billion bailout fund and for restoring balance to the American economy during turbulent times.

President-election Obama spoke eloquently and often about the perils of deregulation and trade agreements that do not include worker and environmental protection. These were in fact key distinguishing points between Senator Obama and Senator McCain, and with the financial crisis in mid-September, perhaps quite significant in the election as well. Obama has spoken clearly and effectively on these points, that it is critical that the next Treasury Secretary not continue the legacy of both the Clinton and Bush administration, a legacy of deregulation of financial markets and corporate trade agreements. The deregulation of our financial institutions has led to the current crisis, and threatens the stabiity of the global economy.

We are asking that Obama match his words with personnel decisions. In 1999, Summers was a proponent within the Clinton administration of the Gramm bill to deregulate the banking industry, and as such, bears responsibility for the current environment. It is not enough to fix the policy apparatus behind the crisis. President-elect Obama must not reward those who got the entire thesis about what makes the economy work wrong. There were advocates in 1999 who foresaw the crisis these policy choices would enable, both Senators like Byron Dorgan and advocacy groups.