More Details on the President's Economic Recovery Advisory Board

I would like to see the board make a recommendation that the unclaimed property in this country should be liquidated. I believe that providing an economic incentive to the states would help increase the likelihood that the funds will be distributed to the rightful owners while giving the states the opportunity to close some of the budget gaps that have been reported. Either states would receive a compensatory incentive of 100% of the dollars distributed if they incur the costs of loacting the property owner or the federal government would purchase the unclaimed property at a fixed percentage and retain the remaining amount to cover the location and distribution costs. There is quantifiablity, accountability and cost effectiveness.

To round-out the cross-section of economic expertise represented on this advisory board, and in keeping with President Obama's stated intention to implement grass-roots, inclusive democracy in his administration, two or three persons from the ranks of "ordinary"/"grass-roots" Americans -- who are not affiliated at leadership levels with any institution representing an identifiable economic perspective -- should be chosen for inclusion on the board... This would allow for meaningful and honest feedback/checks- and-balances in regard to board position/opinion on the gamut of economic-policy issues that it will consider in assisting President Obama in the formulation of economic-recovery policy/measures...

Just research the Bio's on most of President Obama's named Economic Advisory Board?...!What an Joke!
Subprime, Savings and Loan bank failures,ARC scandal,billions of dollars lost due to these individuals corruption and economic rape of America.
Jeff Immelt,Penny Pritzker,Robert Wolf.To name a few.........
What is wrong with this picture???

"distinguished citizens outside the government" - I didn't know being a CEO made you a distinquished citizen. I guess these individuals where already hanging out in Washington so might as well give them something official to do. Again, not a "main street" street kind of crowd. I'f you want a real Economic Recovery Advisory Board make out of someone real people(A small business owner, a single mom, a mayor from the rust belt, ...). Real people that can bring common sense ideas back to the way goverment runs.

Don't be too hard on Immelt. The real villian at GE is Jack Welch. Everyone thinks he is a legendary businessman. All he really did is figure out that he could use the GE AAA rating to get cheap money which he then went out and lent out to make money. GE Capital was one of the biggest banks out in the system. Jack got out, the financial system started falling apart and two things happened at GE: 1. Immelt cannot get the cheap money anymore 2. The value of a lot of their loans went bust.

Do you really think Welch made all the money on turbines, light bulbs and medical equioment? Heck no, he was using the great name of GE to be a loan shark and Immelt is now dealing with the mess.

Lastly, Welch is a man of low morals. Never trust a person who cheats at golf or on his wife...

Ummm Kathy... GE's stock *HAS* plummeted and Jeff Immelt is still there -- he hasn't "left".

The composition of this advisory board is interesting in that it reflects what the Obama administration is all about -- political pandering, not decisive solutions, not making the difficult decisions in a dispassionate manner.

The Obama administration is certaintly shaping up to be the gang that couldn't shoot straight.

What a joke. I am beyond pissed. Jeffrey Immelt? Now we know why NBC/MSNBC has been drooling all over Obama for the past two years. Immelt has done such a good job destroying GE. Let's reward him with a chance to destroy our economy too.
Can you say quid pro quo?
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One of the obvious drawbacks to questioning choices by the Obama administration is that it can be used for fodder that's extremist as the example shows. I might add it's imaginative as well. Immelt destroying GE? I certainly haven't read anything to the effect that GE stock has plummeted, or that it's having major lay offs. Its standing has remained stable since before and after Immelt left.

There's a sad lack of intelligence and reasoning with many of the anti-Obama postings.

What a joke. I am beyond pissed. Jeffrey Immelt? Now we know why NBC/MSNBC has been drooling all over Obama for the past two years. Immelt has done such a good job destroying GE. Let's reward him with a chance to destroy our economy too.

Can you say quid pro quo?

Nice to see Obama modeling his administration after Eisenhower- who in a number of ways, is an admirable Republican figure of the past. Though there's a certain irony that Immelt from GE is on board. Eisenhower warned of the military industrial complex almost fifty years ago --so I couldn't help but notice the paradox of having a former CEO from a giant military defense company and media complex on board.

Some of them look like they are corrupt.

Not the most inspiring or enlightening list of members... The President's Economic Recovery Advisory Board seems to be as faultily built as his Cabinet of Corruption.

Anna Burger? What was he thinking? Given the recent financial corruption in her own SEIU and her relentless crushing of rank and file democracy I can hardly see how she provides a " "fresh" view of the situation untainted by the workings in Washington" or meets the qualifications "on the basis of achievement, experience, independence, and integrity."

Anna Burger?

It's urgent that this pork bill passes now.

ACORN needs their $4 billion to get started on the 2012 election.

Jeffrey R. Immelt, CEO, GE, This is the guy that took GE to the gutter. Makes me feel good that he has input in this. NOT.
Maybe they will learn from him on how not to do things.

"Actually, Immelt, being CEO of GE frightens me."

Yeah, but at least he is bringing some skills and experience to the table.

What is the women running the local Spanish language newspaper bringing as sage wisdom?

"You sore losers have a long 8 years ahead of you.

Posted by: Steve_NJ | Feb 6, 2009 11:15:00 AM"

Nah a little less than 4 years. Once the new car smell is gone people will realize the mistake they made. Some people are already realizing it.

I was trying to be optimistic but Obama is proving to be the typical far left politician as I suspected and contrary to liberal thinking that is not what people want.

I see two names on the list that were taken in by Madoff and a couple of names whose companies are receiving bailouts.

Makes me wonder about their expertise.

This group is too diverse to ever arrive at a conclusion supported by even a significant majority.

However, I take comfort in the possiblity that this action reflects a recognition on Obama's part the Larry Summers advice should be evaluated by another group.

When he also recognizes the limitation of Goolsbee his decisions will improve.

OMG! Penny Pritzker?

Barack Obama was in Chicago at the time of the Superior Bank failure & has full knowledge of what went on and the cause of the collapse.

NY Times (Dec, 2001):

The Pritzkers, one of the nation’s wealthiest families and heirs to the fortune created by the Hyatt hotels, agreed today to pay a record $460 million to the federal government to avoid being punished for the failure of Superior Bank F.S.B., the big savings and loan institution that regulators seized last summer.

Federal officials said the payment, which will be spread out over 15 years, is the largest settlement ever in the failure of a banking institution. The failure itself is one of the largest in the last decade, one that some estimate could cost the government up to $1 billion.

(Unbelievable isn’t it? The failure of Superior Bank, based in Hinsdale, cost the F.D.I.C. about $700 million, making it one of the largest federally insured financial institutions to fail in a decade. Regulators said Superior had collapsed because of poor lending practices and sloppy bookkeeping.)

Meanwhile, roughly 1,000 depositors who had deposits above $100,000 in a Superior account—money above the FDIC-insured limit—lost about $65 million. Most of them were middle-class individuals, attracted by Superior’s high interest rates.

You Repubs can complain all you want.

Obama is the President and will appoint his Council of Economic Recovery Advisers.

If you want to appoint yours, run for President, win and appoint yours.

You sore losers have a long 8 years ahead of you.