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Posted by on Sep 21, 2011 in Business, TG Roundup, USA

Ron Suskind Sheds Light on Innerworkings of Obama Presidency

In the news roundup segment of my Sept 16th show I made a mention of Ron Suskind’s book on Obama’s Presidency. This may be the first book of real substance about the inner workings of Obama Presidency. It sort of confirms my own instincts, which I commented here or on my show from time to time. When the financial crisis is unfolding in the 2007-2009 period, a number of people who have a good sense of financial history have suggested that US should nationalize the troubled banks, fire the top brass, clean the mess and then spin off the banks to shareholders. This is what the Swedish did and were extremely successful with this model. That’s why today Swedish banks are very strong.

And then the ideological zombies – you know that gang who keep saying “the government can’t do anything right” while sucking blood from the tax-payer teat at the same time – said, that would be outrageous. I checked out on Obama the moment Larry Summers name was announced as his economic adviser. There is no doubt that Larry Summers is one of the chief architects of this financial mess – included among others are Greenspan and Rubin. Suskind’s book reveals that Obama has had the right instincts. But, the President was dismissed by Larry Summers and the tax dodging Wall Street agent and the Treasury Secretary Geithner.

Watch Jon’s interview with Suskind. Jon has some choice words for Summers and Geithner.

Part 1: Jon: “Larry Summers, by unanimous consent, is an asshole.”

Part 2: Jon: “It was a moment gone to waste!” How true!