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The Big O gives his economic team the dreaded "vote of confidence"

("Dreaded vote of confidence") HuffPo:

"I have not made any determinations about personnel," the president said. "Larry Summers and Tim Geithner have done an outstanding job, as have my whole economic team. This is tough, the work that they do. They've been at it for two years. And, you know, they're going to have a whole range of decisions about family that'll factor into this as well."

Ah, yes. "Family." That with which one spends more time.

Summers, Geithner, and Obama have completed the work that Bush and Paulson began: They've orchestrated the largest upward transfer of wealth in world history, and normalized 10% nominal (20% real) disemployment. Well done all, and nothing could have been done without the leadership of the Ds.

So, anyhow, when the midterms are over, why shouldn't Obama kick the can down the road with a little "White House staff shake-up" kabuki, and buy another six months of grinding the 99% down?

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Submitted by Hugh on

I predicted back either in late 2008 or the first few months of 2009 that Obama would likely kick out some of his economics team after their policies failed and the Democrats got hammered in the November elections. But as I saw that Obama was a true believer in this economic voodoo and looting, I changed my mind and thought he might stick with them to the bitter end. I don't think he will abandon their policies. He's corporatist to the core. But now on the personnel I'm back on the fence. Orszag has already bailed. Goolsbee on the other hand looks like he's staying. I don't see Summers leaving willingly. I mean he's in the catbird seat, and where would he go? where could he go? Geithner is the one I wonder about. Career-wise he is at his apex. But he has put off for years now collecting all that easy money sitting on corporate boards, as the senior vice president for easy access to government, and of course all those speaking fees from the grateful crooks of Wall Street.