Pres. Obama's biggest mistake was putting free-marketeers and banksters like . . .

[Krashkopf]

. . . Summers and Geightner in charge of the economy in the first place.

"Chicago School" economics and "democratic values" (small "d" AND big "D") are mutually exclusive ideas.

[FrenchieCat]

1. Did Summers and Geithner attend the Chicago School of Economics?

Cause I don't think so!

If they had, I don't think we would have gotten a $800 Billion Stimulus package straight out of the gate.

Your biggest mistake is judging too quickly things that are over your head.
The biggest financial meltdown since the Great Depression wasn't gonna be fixed
in 10 months, no matter if FDR would have come back and did his thing!

[Cant trust em]

2. What exactly is "Chicago School" of economics?

I haven't heard this one.

[ret5hd]

4. from wikipedia:

<snip>
The "Chicago School" is perhaps one of the better known American "schools" of economics. In its strictest sense, the "Chicago School" refers to the approach of the members of the Department of Economics at the University of Chicago over the past century. In a looser sense, the term "Chicago School" is associated with a particular brand of economics which adheres strictly to Neoclassical price theory in its economic analysis, "free market" libertarianism in much of its policy work and a methodology which is relatively averse to too much mathematical formalism and willing to forgo careful general equilibrium reasoning in favor of more results-oriented partial equilibrium analysis. The Chicago school is associated with neoclassical price theory and libertarianism in its support of lower taxation and private sector regulation, but differs from pure free-market economics in its support of government-regulated monetary policy.
</snip>

[FrenchieCat]

5. There is such a thing, and they are conservative in their philosophy.....

but the only thing that it has in common with Obama is that he's from Chicago and taught constitution law at the school....but totally different departments/schools. Kind of like comparing Harvard Medical School and JFK Law school at Harvard.

Background on that.
http://en.wikipedia.org/wiki/Chicago_school_of_economics

[Krashkopf]

8. You should read "The Shock Doctrine" by Naomi Klein . . .

She does a great job documenting the how time, and time again, "Chicago School" economics have thwarted (often violently) true democratic movements around the world with its radical free market capitalism.

Lawrence Summers, who is currently Director of the White House's National Economic Council for President Obama, was one of the "Chicago Boys" who helped oversee the "economic shock therapy" - rapid privatization and complete deregulation - administered by the IMF and the World Bank on the former Soviet Union.

As it always does, laissez faire capitalism in the Russia, led to the economic destruction of the middle class, and the rise of a very small, very rich, class of elites, who, in modern day Russia are called "the Oligarchs."

And THAT is one of Obama's top economic advisers. I don't think that is the kind of change most Americans had in mind when they voted for Obama in '08.

[Mithreal]

12. Second that.

[abq e streeter]

14. and second your second--a very important and eye-opening book

[BeFree]

3. Bullshit

Letting Cheney walk around free is his biggest mistake.

He turned the economy around, for now. That's about the only thing he's got right.

[rollingrock]

7. The Chicago boys may have turned Wall Street around for now

but what have they done for the real economy? for jobs, education, healthcare costs, etc? that has yet to be seen.

[Krashkopf]

9. The Chicago Boys have done what they ALWAYS do . . .

they have enriched themselves and screwed everyone else.

Again, I don't think THAT was the CHANGE most Americans were HOPING for back in 2008.

[Mithreal]

13. Turned the economy around for now is premature to be kind about it

[Hawkowl]

21. Disagree

The economy has not turned around. Unemployment numbers are being so blatantly manipulated so as to be worse than useless. GDP increases have been the result of more falsification and due solely to government spending and inventory replenishment.

If you are going merely on the inflationary run up of another stock and commodities bubble, may I suggest a comparison to another of the world's economies: Zimbabwe. At best, our economy will resemble the deflationary spiral of Japan's twenty year economic debacle.

[bongobobtherealone]

23. YEPPERS!!!!!

I don't get that! Well, actually, i do but it's sickening to think about. A lot of shit is coming down across the pond about Blairs participation in the Iraq cluster fuck. I hope it gains traction over here.
Cheneys not the only one that should be locked up. What ever happened to "it's treason to question the POTUS during time of war" or whatever he and all the other RWers were saying during the Bush years?

[Larkspur]

6. I agree that Gethner and Summers should be fired

but Geithner was head of the NY Fed, which is suppose to regulate Wall Street but Geithner didn't think he was suppose to be a regulator.

Summners is definiteley a Rubin disciple and he championed deregulation of Wall Street during Clinton's Admin and that deregulation along with the Repukes efforts helped us get into the mess we are in now.

[Name removed]

10. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Krashkopf]

18. The "free market" is a fiction . . .

It is a product of Milton Freedman's wildest wet dreams. It does not - and cannot - exist in the real world. The only place where it can exist is in a small society where everyone, literally, knows everybody else.

Attempts to impose a so-called free market it on the world have led, DIRECTLY, to death and destuction around the globe, including the current economic meltdown.

[Ikonoklast]

20. Aren't you precious.

Bless your heart.

[Ken Burch]

24. "precious" is gone now.

n/t.

[Jim Sagle]

11. It was no mistake.

[abq e streeter]

15. unfortunately true

[Rosa Luxemburg]

16. didn't he work for Bill Clinton?

[Krashkopf]

17. Yes he did . . .

After campaigning as a progressive, Bill Clinton - the best Republican president of the last 30 years - became a "Chicago School" acolyte. As a result, we got NAFTA and CAFTA which have been ruinous for the American middle class.

[defendandprotect]

19. "Mistake" seems an unusual choice of words ---

Obama certainly knew who these people were and what their backgrounds were --

and what roles they had played in past "mistakes" -- and direction they would likely

take new policies --- i.e., corporate !!!

[chimpymustgo]

22. Not mistake. DECISION. For us, anyway, cause it's working out GREAT for THEM.

[ima_sinnic]

25. Obama made a "mistake"? but it's "working very well for them" anyway, so no biggie

somehow, I would not have used the word "mistake" about this situation.