|EXECUTION WATCH: Rodrigo Hernandez (Texas)||Stunner. Warren Buffet’s Company a Big Winner in Obama’s Keystone Decision|
Actually, after reading them, I’m not stunned at all. Pretty much what anybody who has been paying attention already knew about this dishonest SCOAMF.
Via the American Enterprise Institute:
A lengthy piece in The New Yorker looks at policymaking in the Obama White House. A key source for writer Ryan Lizza is a 57-page, “Sensitive & Confidential” memo written by economist Larry Summers—eventually to be head of Obama’s National Economic Council—to Obama in December 2008. Here’s some of what I learned about Team Obama’s thinking as the financial crisis was exploding, followed by quotes from the memo itself:
- The stimulus was about implementing the Obama agenda.
- Team Obama knows these deficits are dangerous (although it has offered no long-term plan to deal with them).
- Obamanomics was pricier than advertised.
- Even Washington can only spend so much money so fast.
- Liberals can complain about the stimulus having too many tax cuts, but even Team Obama thought more spending was unrealistic.
- Team Obama wanted to use courts to force massive mortgage principal writedowns.
- Team Obama thought a stimulus plan of more than $1 trillion would spook financial markets and send interest rates climbing.
- Greg Mankiw, economic adviser to Mitt Romney, was dubious about the stimulus.
- But the Fed was a stimulus enabler.
- IPAB was there at the very beginning.
- The financial crisis wasn’t just Wall Street’s fault.
Go read the entire piece for more details on each.
Oh, and don’t forget that the memos also showed that Obama chose to use ugly (if not dishonest) character assassination tactics against Hillary Clinton during his 2008 presidential campaign, despite a pledge to steer away from negative electioneering.
Sounds like Obama was following his mentor’s book “Rules for Radicals’ to a tee.