rhombus
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Tue Aug-24-10 06:14 PM
Original message |
Your Thoughts --- Should Summers and Geithner go? |
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Edited on Tue Aug-24-10 06:43 PM by rhombus
Me, I say we bring in a fresh economic team. Time for a change.
I think Barack Obama bought too much into the criticism he faced during the campaign that he needed 'experienced' hands. Hillary was steeped in policy details with a comparatively sharper policy team and Obama admired that. And sure enough John Podesta, his point man during the transition, pointed Obama in the direction of Summers and Geithner, ex Clinton pros who were centrist and who were part of Time magazine's cover story - Committee to Save the World.
I also believe Obama felt he had to pick centrist advisers to ward off the 'socialist' attack from the right and McCain. He wanted to appear reasonable. Economists like Krugman, Stiglitz, Reich, Dean Baker, etc would scare off the 'reasonable center'. Big mistake. America judges presidents by results. So Obama put the cart before the horse. We needed a paradigm shift on economic policy. Summers, Geithner, are part of the status quo.
Your thoughts?
Update- I agree though that canning Summers and Geithner before the election would be a huge mistake. It would be a huge present to Boehner and the party of No. If they have to go, let them go after the election.
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Demeter
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Tue Aug-24-10 06:18 PM
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And then the Treasury and the Cabinet should be disinfected...
They should never have darkened the doors of power, frankly.
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chimpymustgo
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Tue Aug-24-10 06:19 PM
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2. Hell yeah. Should never have been hired. |
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Tue Aug-24-10 06:21 PM
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jefferson_dem
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Tue Aug-24-10 06:28 PM
Response to Reply #3 |
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Are you sure. Boehner thinks they SHOULD go. Does that make him a Democrat? You guys have me so confused...
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geek tragedy
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Tue Aug-24-10 06:29 PM
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11. No questions, just an observation that you're completely wrong. nt |
jefferson_dem
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Tue Aug-24-10 06:33 PM
Response to Reply #11 |
18. The illogic is absolutely astounding. |
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If you don't support the ouster of the President's economic team, you're not a Democrat. :crazy:
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JamesA1102
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Tue Aug-24-10 07:55 PM
Response to Reply #3 |
47. So anyone who disagrees with you |
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should be kicked out of the party? How very progressive of you.
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SeattleGirl
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Tue Aug-24-10 09:00 PM
Response to Reply #47 |
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Guess I'd better turn my Democratic Magic Decoder ring in right now.
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peacebird
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Tue Aug-24-10 06:22 PM
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LWolf
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Tue Aug-24-10 06:22 PM
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bluethruandthru
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Tue Aug-24-10 06:23 PM
Response to Original message |
6. Yes, as long as he replaces them with people like you suggest. |
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Krugman, Reich, Baker, etc.
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villager
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Tue Aug-24-10 06:23 PM
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7. Go? They never should've come. |
valerief
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Tue Aug-24-10 06:25 PM
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8. They should be flushed. Twice. nt |
tularetom
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Tue Aug-24-10 06:26 PM
Response to Original message |
9. It's like the owner of a store hiring a shoplifter to be his chief of security |
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Summers, Geithner, and Rubin must pinch themselves daily to make sure they aren't dreaming. First they drive the economy into the ground and rob the country blind. Then they get put in charge of cleaning up the mess that they created.
It's every criminal's wet dream. And no, I'm not implying that Geithner, Summers and Rubin are criminals. I'm not implying it, I'm coming right out and stating it.
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scheming daemons
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Tue Aug-24-10 06:30 PM
Response to Original message |
12. I see this thread is full of Boehner fans... |
geek tragedy
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Tue Aug-24-10 06:31 PM
Response to Reply #12 |
14. One has to wonder about the intelligence of people |
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who eagerly join an election season proclamation by John Boehner.
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IndianaGreen
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Tue Aug-24-10 06:33 PM
Response to Reply #14 |
19. Liberals have been calling for their scalps long before Boehner said a word about them |
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Geithner in particular played a role in the economic collapse of 2008.
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geek tragedy
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Tue Aug-24-10 06:36 PM
Response to Reply #19 |
20. And in true form, many didn't think about what |
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the consequences of such action would be.
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amandabeech
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Tue Aug-24-10 06:52 PM
Response to Reply #20 |
31. I have thought every day since they were appointed about |
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the consequences of dumping Little Timmy and the Misogynist.
And I won't stop thinking about it until Obama replaces them with folks who can depart from current economic dogma when economic dogma isn't working for 90% of the population!
My dislike of Summers goes back to the Clinton Administration, and my dislike of Geithner doesn't go back that far only because I was not aware of the damage he was doing (like in the Asian meltdown in '98).
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geek tragedy
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Tue Aug-24-10 06:53 PM
Response to Reply #31 |
32. Would Paul Krugman get confirmed by the Senate? nt |
amandabeech
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Tue Aug-24-10 07:30 PM
Response to Reply #32 |
41. He wasn't considered by Obama, |
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and yes, I think that if Obama was 100% behind him, he would have been confirmed.
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HiFructosePronSyrup
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Tue Aug-24-10 06:48 PM
Response to Reply #19 |
28. Are these the same 7% of liberals who were against health care reform? |
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Did you know that's the same percentage of Democrats who think Obama is a Muslim?
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amandabeech
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Tue Aug-24-10 06:54 PM
Response to Reply #28 |
33. I'd say that the percentage of people around DU who don't think |
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well of G & S is rather larger than that, and only increased when there were reports posted here claiming that Geithner in particular was against the appointment of Elizabeth Warren.
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rhombus
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Tue Aug-24-10 06:36 PM
Response to Reply #12 |
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I hear you on the timing.
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ozymandius
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Tue Aug-24-10 07:00 PM
Response to Reply #12 |
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This is one instance when Boehner and I agree. Geithner and Summers are Rubinites of the first degree. That is not intended as a compliment. Robert Rubin's ruinous policies elevated the banking industry above all else but the Pentagon as parasites without a cure.
Rubin, as his protégés Geithner and Summers (with Bernanke's help), made 30:1 leveraging rules the catalyst for financial disaster. This happened under Geithner's watch as the FRBNY Chief. The Geithner accepted absolute shit assets for collateral to bailout the banks so their executives, by agreement of the TARP terms, could accept enormous performance bonuses again. As a result - the bailout temporarily made the banks wards of the state. Conversely, the banks made serfs of the United States taxpayer.
Today, these utter fools fritter around the edges of regulation and good government policies of making plain the records of these transactions. They should have been shown the door last year.
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geek tragedy
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Tue Aug-24-10 06:30 PM
Response to Original message |
13. Absolutely not. It would be moronic to fire them now. |
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Wanna know why?
Whodoya think the Republicans would allow to be confirmed as their replacements?
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IndianaGreen
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Tue Aug-24-10 06:31 PM
Response to Original message |
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And I didn't need Boehner to tell me that!
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jefferson_dem
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Tue Aug-24-10 06:32 PM
Response to Original message |
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While those economists you mention differ (somewhat) from the Obama team, there's zero chance of them actually taking a position in this administration. They're journalists, academicians, celeb-economists, not administrators or advisors...which is fine by me.
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Davis_X_Machina
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Tue Aug-24-10 06:32 PM
Response to Original message |
17. I would like them to go... |
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...and for nothing to change, causing DU to all stand around staring at each other and wondering what to do next.
DU is like a 5s and 6s soccer game. Everyone -- all 20 non-goalies -- chasing the ball, wherever it goes.
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Skittles
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Tue Aug-24-10 06:36 PM
Response to Original message |
22. they are an absolute fucking FAIL |
HiFructosePronSyrup
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Tue Aug-24-10 06:36 PM
Response to Original message |
23. They seem to be doing pretty good so far. |
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They were given what was nearly a second great depression, and made a recovery out of it.
Maybe that's why Boner, and the people who are carrying water for him, want to see them go.
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LAGC
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Tue Aug-24-10 06:40 PM
Response to Reply #23 |
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Over 10% chronic unemployment and its a pretty good job?
Didn't Obama promise that unemployment would never go above 8% with his economic team and policies in place?
Time for a change.
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geek tragedy
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Tue Aug-24-10 06:41 PM
Response to Reply #24 |
25. The problem was (1) making that stupid promise and (b) not |
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getting a big enough stimulus through Congress. Now, if Congress balked at $900 Billion, would they have passed $1.3 Trillion? Doubt it.
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amandabeech
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Tue Aug-24-10 07:33 PM
Response to Reply #25 |
42. The problem was in Obama believing what these idiots said. n/t |
HiFructosePronSyrup
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Tue Aug-24-10 06:44 PM
Response to Reply #24 |
26. Unemployment would be at 16% without Obama and his economic team. |
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You guys are going to be awfully desperate to spin it once the recovery is over.
What will you be complaining about then?
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ozymandius
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Tue Aug-24-10 07:12 PM
Response to Reply #24 |
39. Consider the U6 numbers and any decent person would quit out of principle. |
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But I do not count Geithner and Summers among any decent people. Beholden to the banks and to their own egos; they wilt at the thought of bank regulations such as those being offered in Europe. Yet a U6 unemployment rate of nearly 21% is a mere annoyance but nothing of worry to these people.
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ozymandius
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Tue Aug-24-10 07:09 PM
Response to Reply #23 |
37. 99% of the time - people do not know they've experienced a Depression until after it has passed. |
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By every metric established by 1936 - we are in a Depression right now. The recovery is all stimulus, without any strong emergence of a natural market for the economic sectors the stimulus was intended to stimulate.
Geithner and Summers deserve no credit for the anemic 1.x% growth we see today. That credit goes to the House and a few in the Senate. Divine retribution is deserved for the Republicans and DLC Democrats who stymied a truly populous series of stimulus bills.
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IndianaGreen
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Tue Aug-24-10 07:11 PM
Response to Reply #23 |
38. 'Recovery?' What frakking recovery are you talking about? |
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The rich are doing fine, while the rest of us continue to sink in the muck!
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housewolf
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Tue Aug-24-10 06:47 PM
Response to Original message |
27. Oh yes! and bring in some economists like Joseph Stigllitz $ Robert Reich |
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Let these guys with some really different ideas see if they can fix things.
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amandabeech
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Tue Aug-24-10 07:36 PM
Response to Reply #27 |
43. Why not? What G&S are doing now isn't working. |
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FDR was flexible. When policies didn't work, he looked for something else.
Obama should take a page from FDR.
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alcibiades_mystery
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Tue Aug-24-10 06:50 PM
Response to Original message |
29. Summers, yes; Geithner, no |
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Summers is a neoliberal douchebag who is nothing but wrong, almost all the time. Geithner is a much vilified public servant who actually knows how finance works.
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geek tragedy
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Tue Aug-24-10 06:54 PM
Response to Reply #29 |
34. Geithner's replacement would also need Senate confirmation. |
Milo_Bloom
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Tue Aug-24-10 06:51 PM
Response to Original message |
30. Yes, after the election, they need to replaced by competent people. |
bbgrunt
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Tue Aug-24-10 06:56 PM
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avaistheone1
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Tue Aug-24-10 07:26 PM
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40. Of course they should. |
Lint Head
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Tue Aug-24-10 07:38 PM
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Parker CA
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Tue Aug-24-10 07:49 PM
Response to Original message |
45. Perfect chance for Obama to tell Boner he's got it right on Geithner and Summers but that he's |
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flat wrong on extending Bush tax cuts.
Spin this back on those fuggers to our benefit on all fronts.
Make Boner own his statement. Clean house of Geithner and Summers. Make clear absurdity of extending Bush tax cuts. Watch Boner try to eat his words and walk back half of his statement. Fire up the progressive base. Win. Win. Win. Win. Win.
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depakid
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Tue Aug-24-10 08:56 PM
Response to Reply #45 |
49. One of those "reach across the aisle moments" that he's so fond of |
Barack2theFuture
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Tue Aug-24-10 07:50 PM
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Get them the hell out. Find actual Democrats and rabid demand-side ideologues
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pscot
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Tue Aug-24-10 08:24 PM
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Pisces
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Tue Aug-24-10 09:21 PM
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51. Since when does DU jump to Boner's tune? |
golfguru
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Tue Aug-24-10 09:27 PM
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52. "Home-Sales Plunge" what is that telling you? |
Proud Liberal Dem
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Tue Aug-24-10 09:35 PM
Response to Original message |
53. Well, if Boehner says so...................... |
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:eyes:
Certainly, there's NOBODY in the Democratic Party whom would be acceptable to him or the rest of his Republican colleagues, so I definitely wouldn't even pretend to care about Boehner's WH staffing "recommendations".
What are their huge *crimes*, anyway? All I've heard are people badmouthing them (and Rahm) pretty much since Obama became POTUS like they're the worst people on the planet- without laying out a definitive case as to why they should be fired (if not hung and quartered). :shrug:
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TheKentuckian
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Tue Aug-24-10 09:46 PM
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54. That is some bipartisanship I can believe in. Get rid of the banker first supplysiders. |
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Tue Aug-24-10 09:56 PM
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customerserviceguy
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Tue Aug-24-10 10:22 PM
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56. I've never liked either of them |
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Having Boner say this doesn't mean I automatically change my mind and support them. They both have serious flaws, and the economic performance of the country shows their incompetence.
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