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Summers to Be Top White House Economic Adviser at NEC
November 22, 2008 5:19 PM
ABC News has learned that President-elect Obama has decided to name former Treasury Secretary Larry Summers the director of the National Economic Council, essentially the president's senior economic adviser.
Part of the Executive Office of the President, the NEC was created for the purpose of advising the President on matters related to U.S. and global economic policy. The NEC has four functions, by executive order: ensuring that programs and policy decisions are consistent with the President's economic goals, monitoring the implementation of the President's economic policy agenda, coordinating policy-making for domestic and international economic issues, and coordinating economic policy advice for the President.
Summers was the 71st Secretary of the Treasury, serving from July 1999 until the end of the Clinton administration in January 2001, having previously served as undersecretary for international affairs and deputy secretary of the Treasury. He also served as chief economist of the World Bank.
At the Treasury Department in the 1990s, Summers worked closely with Tim Geithner, the man Obama intends to nominate to be the next Secretary of the Treasury. The two are said to have an excellent working relationship.
After the Clinton administration, Summers took office as 27th president of Harvard University, where he had a stormy tenure, including comments that women might not be as inherently apt at engineering and math. Some feminist groups made it known that they might have issues with Summers being appointed to the office of Secretary of Treasury, which Obama had been considering. The job Obama is giving him is not one that necessitates confirmation by the Senate.
Previous directors of the NEC include Robert Rubin, Laura D'Andrea Tyson, Gene Sperling for President Bill Clinton and Lawrence Lindsey, Stephen Friedman, Allan Hubbard, and Keith Hennessey for President George W. Bush.
Some Democrats say that Obama and Summers have an understanding that when current Federal Reserve Chairman Ben Bernanke's term expires in 2010, Obama will name Summers to take his place.
- jpt
November 22, 2008 | Permalink | Share | User Comments (82)
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Oh My God..This is Bill Clinton Coronation once again !!! It looks as if the Clintons may be running the government! It's a sneaky backdoor path to revenge the blatant misogyny and sexism, arrogance and bullying, fraud and deceit, ...lmao I have to admire how the Clinton's have turned this around on Obomoron. Destroy him from the inside with their own people. Of course, the Bilderberg group realized what they were doing, getting a puppet plant in as POTUS and reasoning this arrogant puppet couldn't stop them from doing what they want...look at all the strings they have already pulled since Nov. 4. Hillary will make a great ambassodor to the world for the Bilderberg group. I believe she will do her own thing. After Obomoron succumbs to the "hate of the Obots" who realize they have been cheated, then Hillary can step back in to campaign in 2012, if she so desires. Someone is going to make a lot of money when this book is finished...what a read! Maybe the electoral college will have awakened by Dec. 15. I don't and won't support "the thing"! The misogynistic SOB makes my skin crawl. OMG is that racism? I'm from the South and proud of my heritage.
Posted by: SocratesM | Nov 23, 2008 9:03:01 AM
puzzled in france
lets say what you say is true,
Was there no one in the bush adm. in eight years who could have stopped this from happening on their watch?
Posted by: northsidemessenger | Nov 23, 2008 8:15:02 AM
Obama appointments follow a clear pattern of blue states and no red states. Very few fresh faces, just old Clinton cronies in sheeps clothing and plenty of Clinton sleaze. However, during the campaign, rhetoric of change resonated with the American people. For decades the US administration has lacked a fresh approach and a non-partisan and bipartisan perspective. However the need for change has now been identified and is stronger than ever. We need change and change we can depend on. I voted for change and was disappointed. I will vote for change again.
Posted by: IWasThere7 | Nov 23, 2008 5:25:47 AM
Media reports say President-elect Barack Obama has selected Eric Holder as his Attorney General, and that Holder may already have accepted the offer. Holder, as Deputy Attorney General under Janet Reno during the Clinton Administration, said that the Second Amendment does not protect an individual right, but instead protects the right to have a firearm when serving with a militia. After leaving office, Holder stuck to that assertion when he signed Janet Reno's brief to the Supreme Court in the Heller case, which stated, "The Second Amendment does not protect firearms possession or use that is unrelated to participation in a well-regulated militia." Can you say BYE, BYE second Amendment....
Posted by: 55Mariposa | Nov 23, 2008 12:00:49 AM
Since everyone has blames the failed Frannie Mae and Freddy Mac on the Bush Admin. then please tell me why Obama has hire 4 of the last CEO's from these two failed companies?
Posted by: 55Mariposa | Nov 22, 2008 11:59:04 PM
Summers is an idiot. The so-called "data" and his interpretation of it that he cited in his infamous comment is laughablely stupid to anyone who knows basic math and statistics.
If you can't tell when "differences" are due to chance or other explanations, you are far far too dumb to be heading the US economy.
Why do we want someone who can't do math as a top economic adviser? He flunked out of physics early in his college career.
All Summers is is the son and nephew of a bunch of prominent economists who gave him breaks and jobs his math-challenged brain can't handle.
His idea of an economy is one that benefits people like him. So therefore, A. nepotism, sexism and any other kind of -ism should determine who the winners are not merit and B. since A doesn't go over well Larry doesn't do math well, he will use both to pretend like "data" supports A. as meritocracy.
I worked my way through medical school ghostwriting research for his Harvard's esteemed medical school faculty. I am female and they were male.
Apparently the purported "over representation" of guys at the top of science is not what it appears to be. But, as long as the credit and the money goes to them Larry Summers and co. won't mind who really does the work!
Welcome to the New/Old Economy!
Posted by: Ghostwriter | Nov 22, 2008 11:34:21 PM
PS As for the 'feminists' - under the moral of we all teach people how to treat us, after seeing all the so-called 'feminists' trash Sarah Palin on behalf of Barack, is there any reason why he shouldn't feel totally at home naming a sexist twerp as one of his top advisors? I mean really . . .
Posted by: SamTheTVCat | Nov 22, 2008 11:01:48 PM
I'm female and I majored in Engineering in college and graduated near the top of my class. I've heard a lot said about how this Summers guy is supposedly 'brilliant', but based on that one comment alone you and peoples' support for him BECAUSE of that comment, you can tell that what he is in fact is a first class salesman rather than a first class policy wonk.
Political incorrectness aside, doesn't my very existence as a top Engineering graduate debunk his theory? And shouldn't otherwise intelligent people be aware that exceptions to his theory exist such that they render his idea untrue? Which means Summers has the power to persuade smart people to believe beyond reason - it's a form of persuasion that's charisma-based rather than idea-based.
Economics isn't rocket science - there's probably thousands of overachieving accomplished intelligent people who could be top advisor to Barack. I'm sure Summers'll be as good as the next guy - will he be the best though, usually it takes somebody with more thorough attention to detail. That's not this guy. But if Barack wants somebody who can insulate him from criticism then a guy who can say stupid stuff and still have people think he's brilliant, Summers is his man.
Posted by: SamTheTVCat | Nov 22, 2008 10:52:01 PM
Barack Obama is one of the most intelligent, well rounded person I have seen in political office in years.
Regardless of who he picks, what he does, how he does it, when he does it, is up to him. He is the president elect because he won. How did he win over Hilary? Because people voted for him istead of Hillary.
He is one of the most "loved" politicians like JFK that is so refeshing.
I'm really tired of being robbed by the Bush administration. I go into ADHD when I see Bush any where. When you look at your bank statements don't go crying to Barack to hurry up and fix it, go over to Halliburton and kick down the door and thank Cheyney for privatizing the war so that you have no jobs here and no money circulating in America. Where's the money? Hey, go hang on to one of those beautiful golden parachutes flying around. See where it takes ya. To a fund you never heard of that loses all of your money. The guy with the parashoot has it.
Now, Barack is smarter than all of us. He's way ahead of us that's why no body can figure out how he did it. He left us in the wind.
And you want to sit around and scrutinize his choices?
You better look, learn and listen.
He's got something for you that you will never be able to comprehend.
Eight years later the world will be a great place and you'll still be scratching your head.
I can't wait until Jan.20, 2009
If McCain had won you'd be having moose for dinner!
Posted by: polisci4real | Nov 22, 2008 10:42:57 PM
He is using his community organizing skills to put people around him so his lack of executive or any other experience for that matter can carry him for 4 years.
Just hope they go by quickly and there is something left of America in 2012.
Posted by: HH | Nov 22, 2008 10:31:12 PM
First of all change has already taken place. We will not be continuing the failed policies of the Bush administration. That is the most important change for me.We need the most capable people to run the country and get us out of the mess we are in right now, even if the people have experience from being in a past administrations. What is wrong with that?
Posted by: abraham lincoln | Nov 22, 2008 10:12:22 PM
I read in one blog about this subject that I or anyone who voted for George Bush should just be quite . Well , I do believe we in America have a right to discent . I am a Viet Nam Vet and that alone gives me the right to say what I please . And I believe we all have that right . I didn't vote for Obama but I do hope he straightens out the mess this country is in . The reason I don't vote democrat most of the time is I don't believe in inocent babies been aborted . Someone has to speak up for them, they can't .Yes, war requires that we kill but I had no choice, mothers do .
Posted by: ron chapman | Nov 22, 2008 10:07:44 PM
I see many lame responses to recycle Clinton cabinet and same ole faces etc. Let's get real here, if Obama brought in new faces that had no previous experience with the critical issues facing this nation then you could wisely bash him.
Remember what CHANGE really means. Obama is he shot caller and he is demanding that those he appoints to his cabinet follow his platform for CHANGE and that is the only change we need in Washingtion. He clearly set rules for lobbyists ties and the time frame before and after his administration.
In the real world Obama is assymbling the best minds in this country, because we the people need the man to step in on the worst economy this nation has faced since the great depression.
We expect results and he is going to deliver a positive change and most Americans and the rest of the world trust his ability to organize not only a community but this nation and the world economy!!
Stop complaining most of you voted for Bush 2 times so I suggest you be QUITE because you are partially responsible for the mess we're in.
Posted by: Lou | Nov 22, 2008 9:16:37 PM
"failed past administrations" . . . not true at all.
Posted by: pefros | Nov 22, 2008 9:15:57 PM
sbirgdog - What do you mean "failed" past administrations? President Clinton's adinistration did not fail. President Bush's administration has certainly been a "failed" administration or are you simply out of touch with what is happening in this country?
Posted by: David | Nov 22, 2008 9:08:09 PM
Well now, let's begin by watching the personnel barry uses to affect his 'changes.' Much like the freddie/fannie mess, you certainly have to consider not using the same people who created the problem as the lead dogs to fix it. If real change is going to happen, barry must do something different and collecting the econ-smarties of failed past administration certainly, in my book anyway, doesn't fill be with much confidence that much will be different.
Posted by: sbirdog | Nov 22, 2008 8:56:19 PM
Please!: Who did you vote for? Who would you have liked to see as president? You seem so negative that I assume you were against both sides. I admit to being a Hillary supporter. I'm not sold on Obama, but encouraged that he has the sense to put the Clinton "people" in place.
Posted by: David | Nov 22, 2008 8:50:01 PM
Back to the future. Change? change What?
Posted by: Brian | Nov 22, 2008 8:46:15 PM
Another Clinton Administraion appointee, What the he##! Crap when is Obama going to appoint real people? Like middle class white collar or working class persons on his team? This is getting really ridiculous, no wait. we might accuately have a say in how the country might be run.
Posted by: CusterwasSiouxed | Nov 22, 2008 8:44:32 PM
I am a feminist (good at math, too) and have no problem at all w Summers.
He will do a great job.
Posted by: simona | Nov 22, 2008 8:43:39 PM
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