Petition to Send Larry Summers Back to Wall StreetSubmitted by meekandmild on Tue, 01/26/2010 - 12:40
Barack Obama is starting to go to war with the banks.
It only took a year, but Obama recently unveiled a handful of policies designed to rein in too big to fail financial institutions. So what took so long? Why, after a year of Obama being BFF with the banks, is he bringing back anti-bank populism?
Well, it's because for the first time, Obama didn't listen to Larry Summers, his top economic adviser and Wall Street's man inside the White House. Obama needs to make this a habit and kick out Summers.
Sign our petition: it's time for Larry Summers to get out of the White House and go back to Wall Street.
Nearly all the economic failures of Barack Obama's first year can be traced back to Larry Summers, whose apparent mission has been to protect Wall Street at all costs.
Summers is a product of Wall Street's reckless culture that got our economy into this mess in the first place. He advocated for the deregulation of banks and financial firms. Summers even lost more than $1 billion of Harvard's money as he gambled in the same derivatives market that sank the financial industry.
It was Summers who brought us Tim Geithner as Secretary of the Treasury, and Summers who supports renominating Ben Bernanke to the Fed. And when it was revealed AIG paid out millions in bonuses to its staff using taxpayer money, it was Summers who feigned outrage but failed to follow through to hold AIG accountable.
As the Huffington Post recently reported, Larry Summers has been temporarily sidelined by Barack Obama in favor of others in his administration who want to take Wall Street to task. But that's not good enough. It's time for Summers to go.
Sign our petition: Larry Summers needs to leave the White House and go back to Wall Street.
Thanks for your help. We'll keep you posted on the status of Summers and our campaign.