“On financial reform, Lew is a virtual cipher who, in his few public pronouncements, has appeared to toe the Rubin-Geithner line of minimal interference with America’s giant banks.”

“Hopes for change—any real progress in containing the power and systemic size of the banks—are not high. “By going with Jack Lew, Obama is making the decision: ‘I don’t want a fight over Treasury secretary. I want someone who’s going to maintain the status quo.’”

“And where are the bold-minded Democrats like Brooksley Born, the farsighted head of the Commodity Futures Trading Commission who took on Rubin and Alan Greenspan in the ’90s? Or Gary Gensler, Obama’s CFTC chief and a rare renegade Rubinite who has led a brave and lonely battle to rein in the murkiest market of all, over-the-counter (or privately traded) derivatives, but who leaves office at the end of 2013. (“No one has mentioned his name for Treasury or any other post,” laments a close ally of Gensler’s at CFTC.)”

“Instead, Obama wants to appoint a man who appears to be something of a naïf on financial reform and who, while he may not be as much a part of the Rubin cabal as Geithner was, worked with Rubin in the Clinton administration and later became one of a throng of former Clintonites recruited by Rubin at Citigroup. Liberal analyst Bob Kuttner’s pronouncement back in 2010 still rings true today: When it came to finance, Kuttner wrote, “instead of the team-of-rivals model that Obama had often invoked, Obama hired a team of Rubins.”

How is that for Change?

Wall St gets what Wall St wants.

The Bail Out of $40 Billion per month will continue and that farce that is Dodd-frank is all we are getting.

Wall Street’s rule over the Taxpayers’ financial resources remains absolute.

We are a bunch of chumps.


ps. Somebody might want to keep an eye on the furniture when Hillary moves out of the State Department.


Scappoose's picture
Scappoose 7 years 2 weeks ago

Lew was one of the architechs of the clinton era financial deregualtion that led to the 2008 crash and has said that deregulation didnt cause the crash.

He also went to work for Citibank and pocketed tens of millions of dollars from Citibank and a $950,000 bonus in early 2009 just months after Citibank had to be bailed out.

So he helped pass the law deregulating banks, joined one of the biggest banks and made tens of millions, got the bank bailed out when the bank collapsed and took home a huge bonus and Then Reentered government where he once again helped protect the banks.

During is time as COO at Citibank Lew also ran the trading desk that shorted the Housing Market at the perfect time to profit heavily off the Housing Collapse. So one of the people who helped create the Housing Bubble also profited off its collapse which robbed the American people of millions of living wage jobs and half of the wealth the bottom half of the country held.

He is a scumbag bankster and will probably be approved with nary a debate - Proving the neutered nature of the democratic left.

The ongoing Financial coup detat continues and nobody seems to notice and nobody seems to care.

Alberto Ceras 2's picture
Alberto Ceras 2 7 years 2 weeks ago

Thanks for calling attention to Michael Hirsh’s recent essay, Eliot. Those who would like to read more analysis by Michael Hirsh might read these Hirsh books:

Capital Offense: How Washington’s Wise Men Turned America’s Future over to Wall Street


At War with Ourselves: Why America Is Squandering its Chance to Build a Better World.

Or visit this site for more of his essays:


Yes, as you say Eliot, "we are a bunch of chumps." How else can you explain the fact that some who call themselves "liberals" continue to support Obama?

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