Barack Obama's little shop of economic horrors

Barack Obama named Clinton's Treasury Secretary Larry Summers as his top economic adviser at the White House as head of the National Economic Council.

Obama described Summers as “one of the great economic minds of our time” who has “earned a global reputation for being able to cut to the heart of the most complex and novel policy challenges.” Link.

Larry Summers is one of the people most responsible for the failure of the banking system. He was a strong advocate of scrapping Glass-Steagall. He did this under the encouragement of Former President Bill Clinton who received large contributions from Wall Street. Repeal of this regulatory act led to the repeal of more banking regulations and the spiral into the crisis we are now in. He has named a flaming liberal, Melody Barnes, as director of the White House Domestic Policy Council. These people will be working closely with Barney Frank, Maxine Waters and other Congressional democrats who are culpable in the economic crisis we face today. This is very much like putting the inmates in charge of the asylum.