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FT and Sense on Cents Agree: “Heads still have to roll”

Posted by Larry Doyle on January 25, 2010 11:24 AM |

Talk is cheap. America is exasperated with the excessive pandering from the crowd in Washington and their cronies on Wall Street. If President Obama and his handlers do not see that, they are less savvy than I thought. America wants action. America also wants people in Washington who will truly support them. Unfortunately, America knows Barack’s team is not positioned for that support.

America has grown weary, but accustomed, to the wailing and gnashing of teeth from both Washington and Wall Street. Americans are tired of being the punching bag. America’s voice, heard last week in Massachusetts, is resonating throughout the nation and around the world.

Not surprisingly (but certainly disappointingly), President Obama is resorting to his old campaign mode and style. Mr. President, America does not want to hear your campaign rhetoric. It’s time to acknowledge your failures and take action. What is your primary failure? Your team.

The Financial Times zeroed in on this very point the other day in writing, White House Nightmare Persists. How might the White House alleviate this nightmare, not only for itself but more importantly for the nation? The FT asserts that unless

the president changes the way his White House works, things are going to continue to go badly for him,” says the head of a Democratic think-tank. “Heads still have to roll.”

I agree, heads do have to roll. I said as much the other day in writing, If Wall Street Wants a Fight, Obama Should…

1. Fire Tim Geithner and replace him with Paul Volcker.
2. Fire Larry Summers and replace him with Harvard economist, Martin Feldstein.
3. Fire Mary Schapiro and replace her with New York Attorney General Andrew Cuomo.

While Geithner did not rack up multiple millions on Wall Street, certainly Summers and Schapiro did. Who else in Obama’s administration made a quick and convenient pit stop on Wall Street to collect tens of millions in compensation? Rahm-bo picked up approximately $20 million dollars for a few quick years at Blackstone. Nice work if you can get it.

I agree with the Financial Times that heads certainly do need to roll – and not for symbolic reasons. Heads need to roll because this crowd does not fully espouse and promote the truth, transparency, and integrity America so badly wants and needs.

Ball in, Barack. When will you realize your teammates aren’t operating from America’s playbook?

LD

  • Bill

    Rahmbo was also on the board of Fannie
    Mae for which he was generously compensated,
    doubtless for filling a chair on
    occasion. These Wall St. outfits are pretty much
    back to business as usual, just like
    before the crash. You read Sellout by
    Charles Gasparino, as well as other tomes,
    and you see this is a pattern that has
    repeated over and over and over and over,
    with the ante going up every time after
    the Feds pull their chestnuts out of
    the risk fire.






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