Reporting from Washington — During the campaign, when Barack Obama needed an authoritative voice to defend his tax and spending proposals, he turned to Lawrence H. Summers — the Clinton administration Treasury secretary and former Harvard president who has one of the sharpest minds in modern economics.
Now, as President-elect Obama considers his choice for Treasury secretary, Summers’ name is again front and center. But this time, the decision is not so clear. Obama faces conflicting advice from his close advisors, from Capitol Hill and from important Democratic constituencies.
Some argue that, with the economy gripped by a deepening crisis, he needs the country’s best and brightest to help him deal with it, chief among them Summers.
Others warn that Summers’ sharp elbows and his penchant for controversy could make him a damaging distraction at a time when the nation and the new president can least afford it. And they worry that Summers’ wide-ranging knowledge, expansive personality and combative impulses could clash with the president’s desire to have the White House deeply involved in the biggest problems facing the new administration.
These voices argue that a more reassuring pick might be the venerable former Federal Reserve Chairman Paul A. Volcker, perhaps teamed with New York Federal Reserve Bank President Timothy F. Geithner.
IMO he already has at least one strike on his first appointment. His Chief of Staff, Mr. Emanuel, has been described elsewhere as a cross between a hemorrhoid and a toothache. However, vastly more important is Mr. Emanuel’s role as a Director of Freddie Mac during the years that the scandal was occuring. He was not charged personally but the entire board Emanuel included, was cited for negligence. This is not an impressive start and does not bode well for other appointments.
#1, maybe you’d rather he appoint Dick Chaney?
[i] Comment deleted. Ad Hominem. [/i]
#2
Fine with me.
I was not aware that Vice President Cheney was under consideration, RoyIII. In light of the fact that the current economic crisis had its genesis (at least in part) in the failure of Fannie Mae and Freddie Mac, I believe that Mr. Emanuels position on the board at that time is an important fact. I believe that the concerns about Mr. Obama’s associations were swept away too lightly as it appears they may be justified.
noted Democratic statregist Paul Begala has described Emanuel as “somewhere between a toothache and a hemorrhoid,” so this issue withhim is not completely partisan. With reagrd to Summers, if for no other reason to antagonize the feminist professors who ran him out of Harvard, I think he would be great. More importantly, I think he does know economics and the markets need some assurance. I think Volcker is too old.
Either Rubin or Summers would be superb picks, head and shoulders above anyone we’ve had for the past eight years.
I had forgotten about Summers experience at Harvard. I would think that will knock him out before any serious consideration begins. Mr. Obama is not going to want to antagonize the Womyn.