President Obama Must Dump Larry Summers to Save His Presidency



March 28, 2009 (LPAC)–The following article by LaRouche’s National Spokeswoman, Debra Hanania-Freeman, will appear in the upcoming April 3, 2009 issue of the Executive Intelligence Review.

The Enemy Within: President Obama Must Dump Larry Summers to Save His Presidency

By Debra Hanania-Freeman


During an internationally broadcast webcast on March 21, Lyndon LaRouche noted that the real problem in the Obama Administration’s economic policy team is not Treasury Secretary Tim Geithner. Instead, LaRouche stressed, the man whose policies pose the gravest danger to both the nation and Barack Obama’s presidency is Larry Summers, the head of the President’s National Economic Council. LaRouche called for Summers to be removed from his post.

LaRouche’s Saturday warning that Summers posed a significant threat to the Administration was borne very quickly. By Monday, as Treasury Secretary Tim Geithner unveiled the latest phase of the biggest bailout swindle in history, it was announced that the President’s popularity had plummeted from a high of 78%, which he enjoyed in the days following his inauguration, to just under 50%. In fact, during the course of that week alone, the President’s approval rating dropped by more than 13%!

As the week progressed, it became increasingly apparent that there was a potentially cataclysmic split inside the Administration. While a clearly hoodwinked President Obama was persuaded by Summers and his backers that the way to solve this worst financial and monetary crisis in modern history was to turn the keys to the banking system–at taxpayers expense–to a bunch of hedge fund thieves, saner voices echoed the policies outlined by LaRouche. A group of prominent and accomplished economists, most notably Texas economics professor and noted author James Galbraith (who is also the son of FDR’s economic adviser John Kenneth Galbraith) and Nobel Laureate Paul Krugman, insisted that not only would the latest (and worst) of the bailout schemes could not work, but that in fact, it would serve to make things much worse. They argued instead for the solution employed by FDR; the same solution that Lyndon LaRouche put on the table almost two years ago – to save the U.S. banking system by reorganizing it under bankruptcy protection. Former Federal Reserve Chairman Paul Volcker, who heads the President’s Economic Recovery Advisory Board, during a speech in NYC, was even more emphatic on a point he has addressed before: that the current system absolutely had to be reorganized, and reorganized in a Glass-Steagall framework.

Continue Story:


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: