Jacob Lew Dr. Strange Love Of Economics

Say No To Jacob Lew

If President Barack Obama’s early nomination choices to fill now vacant key positions are of any indication then one thing is certain, the White House will operate as if Mitt Romney won the election. To the dismay of his most ardent supporters on the left, the decision to pick Jacob Lew as the potential replacement for Tim Geithner to head the Treasury signals an assurance to Wall Street that their interests will be protected while social programs like Social Security will remain under attack. Lew has worked with Citi Global Wealth Management and then Citi Alternative Investments, both of which were connected to the speculator practices which helped nose dive the US economy. Under the administration of Bill Clinton he was one of the architects behind the deregulation of Wall Street, along with the end of the Glass Steagall act which had prohibited commercial banks from acting as speculative investment firms. The law itself was passed during the great Depression after the US economy collapsed due to banks acting as investments entities, as was the case of the most recent recession. His time with Citi Group, while short, certainly shaped his philosophy when it comes to economy. http://www.huffingtonpost.com/william-k-black/jacob-lew-another-brick-i_b_2446848.html While speaking in front of Congress, Lew stated that he did not believe deregulation of Wall Street was the cause behind the great recession. http://www.citizen.org/pressroom/pressroomredirect.cfm?ID=3792 . With Lew heading the treasury, it is almost assured we can expect to see the same policies of Larry Summers and Allen Greenspan remain in place and most likely another implosion of our economic system, possibly before President Obama leaves office. Lew is also a well known supporter of slashing funding to many social programs such as Medicaid, Medicare and Social Security, all of which he seems to believe is a waste of money in the form of hand outs.

Jacob Lew’s pro-big business, anti-social security policies shouldn’t be the only concern for most working class Americans. He has also been a defendant in a lawsuit brought by Public Citizen who sued Lew over his lack of transparency into the agencies he is currently or has been involved with, along with several other agencies named in the case. http://www.citizen.org/litigation/article_redirect.cfm?ID=950 . Perhaps most troubling about Lew is how little attention he is receiving from the press and those from the Left. Under George W Bush, the mere suggestion of cutting SSI and turning the program over to private accounts correctly brought out waves of outrage but these sort of policies occurring under an Obama administration with little notice or empathy seems frighteningly real. And Lew seems to be the economic Doctor Strangelove to see it through. Jack Lew has already had his hands in the early negotiations with the Republican controlled House of Representatives over budget deals which would raise age eligibility and make major cuts to so called entitlement programs. http://ataxingmatter.blogs.com/tax/2013/01/more-on-jacob-lew-does-his-geithner-like-background-as-a-rubin-acolyte-rule-out-sensibility-on-debt-.html. - and remember cuts to Medicaid and Medicare are still on the table. Please consider contacting President Obama and ask him to withdraw Lew’s nomination: http://www.whitehouse.gov/contact/submit-questions-and-comments

Part two of this series will look at President Obama’s nominees to take over in the Pentagon. It’s worse than you think.

Until next time...


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