Column: Why I'm fed up with Summers
By Jim Hightower, OtherWords
AUSTIN, Texas — Will America ever get rid of Robert Rubin?
n Drop his campaign promise to help working families by raising the minimum wage.
n Push hard for the job-crushing NAFTA scam.
n Join the odious Republican Senator Phil Gramm of Texas in the disastrous deregulation of Wall Street derivatives, which led to the 2008 economic collapse that’s still crushing our middle class.
Heck of a job, Robbie!
Having worked his black magic with Bill, Rubin hightailed it back to Wall Street, where he led Citigroup into a bunch of reckless gambles, resulting in serial bailouts that cost us taxpayers hundreds of billions of dollars. But Rubin wasn’t through.Among his protégés are Timmy Geithner and Larry Summers. He helped slip them into the top economic spots in the Obama regime.Geithner, a true friend of Wall Street, led the Treasury during Obama’s first term in office. He dutifully fought such true reformers as Elizabeth Warren, when she was trying to stop the Street’s too-big-to-fail greedheads.Summers, an economics professor fond of sticking his foot in his mouth, was the “genius” who convinced Obama in 2009 to implement only a small, weak stimulus plan, then to surrender even that to Republican demands for a failed, budget-butchering, austerity scheme.With a record like that, surely we’ve heard the last of the Rubinistas, right? We wish! But, no.Astonishingly, Rubin’s deep circle of economic Hell has been pushing Larry “Screw-Up” Summers on Obama, saying he’s just the man to take over the Federal Reserve. For some reason, he’s supposed to steer America’s national monetary system and be trusted to fix our economy.Sure he is. The problem is that for Rubin & Co., the word “fix” has the same meaning as it does for your veterinarian.To say “no!” to Summers, go to TheNation.com/activism.
OtherWords columnist Jim Hightower is a radio commentator, writer and public speaker. He’s also editor of the populist newsletter, The Hightower Lowdown.