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Larry Summers to be Obama's senior economic adviser

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DCBob Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-22-08 07:40 PM
Original message
Larry Summers to be Obama's senior economic adviser
Summers to Be Top White House Economic Adviser at NEC
November 22, 2008 5:19 PM

ABC News has learned that President-elect Obama has decided to name former Treasury Secretary Larry Summers the director of the National Economic Council, essentially the president's senior economic adviser.Part of the Executive Office of the President, the NEC was created for the purpose of advising the President on matters related to U.S. and global economic policy. The NEC has four functions, by executive order: ensuring that programs and policy decisions are consistent with the President's economic goals, monitoring the implementation of the President's economic policy agenda, coordinating policy-making for domestic and international economic issues, and coordinating economic policy advice for the President.

Summers was the 71st Secretary of the Treasury, serving from July 1999 until the end of the Clinton administration in January 2001, having previously served as undersecretary for international affairs and deputy secretary of the Treasury. He also served as chief economist of the World Bank.

more: http://blogs.abcnews.com/politicalpunch/2008/11/summers-to-be-c.html
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Obama is assembling an economic "dream team". This will likely settle the markets and give some confidence, at least in the short term. We will see what they can do once they take control in January.


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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-22-08 07:40 PM
Response to Original message
1. As Brooks said, PE Obama is stockpiling brains. Love that line! nt
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DCBob Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-22-08 07:42 PM
Response to Reply #1
2. Yes, that is a great line and so true.
Was that in a David Brooks column?
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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-22-08 07:42 PM
Response to Reply #2
3. He was on PBS' Newshour last night and said that. nt
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Pirate Smile Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-22-08 07:46 PM
Response to Reply #2
5. Here you go:
Edited on Sat Nov-22-08 07:49 PM by Pirate Smile
http://www.nytimes.com/2008/11/21/opinion/21brooks.html?_r=1&em

The Insider’s Crusade

By DAVID BROOKS

-snip-
This truly will be an administration that looks like America, or at least that slice of America that got double 800s on their SATs. Even more than past administrations, this will be a valedictocracy — rule by those who graduate first in their high school classes. If a foreign enemy attacks the United States during the Harvard-Yale game any time over the next four years, we’re screwed.

Already the culture of the Obama administration is coming into focus. Its members are twice as smart as the poor reporters who have to cover them, three times if you include the columnists. They typically served in the Clinton administration and then, like Cincinnatus, retreated to the comforts of private life — that is, if Cincinnatus had worked at Goldman Sachs, Williams & Connolly or the Brookings Institution. So many of them send their kids to Georgetown Day School, the posh leftish private school in D.C., that they’ll be able to hold White House staff meetings in the carpool line.

And yet as much as I want to resent these overeducated Achievatrons (not to mention the incursion of a French-style government dominated by highly trained Enarchs), I find myself tremendously impressed by the Obama transition.

The fact that they can already leak one big appointee per day is testimony to an awful lot of expert staff work. Unlike past Democratic administrations, they are not just handing out jobs to the hacks approved by the favored interest groups. They’re thinking holistically — there’s a nice balance of policy wonks, governors and legislators. They’re also thinking strategically. As Norman Ornstein of the American Enterprise Institute notes, it was smart to name Tom Daschle both the head of Health and Human Services and the health czar. Splitting those duties up, as Bill Clinton did, leads to all sorts of conflicts.
Most of all, they are picking Washington insiders. Or to be more precise, they are picking the best of the Washington insiders.

-snip-
Finally, there are many people on this team with practical creativity. Any think tanker can come up with broad doctrines, but it is rare to find people who can give the president a list of concrete steps he can do day by day to advance American interests. Dennis Ross, who advised Obama during the campaign, is the best I’ve ever seen at this, but Rahm Emanuel also has this capacity, as does Craig and legislative liaison Phil Schiliro.

Believe me, I’m trying not to join in the vast, heaving O-phoria now sweeping the coastal haute bourgeoisie. But the personnel decisions have been superb. The events of the past two weeks should be reassuring to anybody who feared that Obama would veer to the left or would suffer self-inflicted wounds because of his inexperience. He’s off to a start that nearly justifies the hype.


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DCBob Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-22-08 07:50 PM
Response to Reply #5
6. Love this statement: "They’re thinking holistically"
Thanks.
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TacticalPeek Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-22-08 08:30 PM
Response to Reply #5
7. "Dennis Ross, who advised Obama during the campaign" may impress Brooks, but not moi.

Senior neocon suckup.

:thumbsdown:

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Cha Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-22-08 07:44 PM
Response to Reply #1
4. Birds of a
Feather.
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