Politics | 03/13/2009 11:45 am

White House: Economy Needs 'Greed'

By The Staff at wowOwow.com

Greed may be one of the seven deadly sins, but that’s exactly what the States needs right now, says a top administration official.

Speaking at a dinner last night, Lawrence Summers, the White House Economic adviser, said that too much greed had derailed the nation, but now consumers are too crippled by fear: “Before, we had too much greed and too little fear. Now, we have too much fear and too little greed.”

Summers elaborated in a speech at the Brookings Institution this morning, reports Politico: “In the past few years, we’ve seen too much greed and too little fear; too much spending and not enough saving; too much borrowing and not enough worrying. Today, however, our problem is exactly the opposite.”

Though he said it’s too soon to see how President Obama’s plans will impact the "inherited" economic problems, Summers insists they’re going to tackle them head on: "This is not a crisis we sought – nor is it one we created. But it is one, under the president’s leadership, that we have answered."

How that answer goes over remains to be seen.

Read more about: Barack Obama, Economy, Greed, Lawrence Summers, News, Politics, White House

81 Reader Comments (so far…) Sign In or Register to comment

Libra, that list would be hilarious, if it weren’t so sad (for all of us).

By Queenie . on 03/13/2009 4:40 pm

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My your mind must be really tired after all that, why don’t you take a nap and when you wake up hopefully you will be able to face the silliness of your comment.

By caj p on 03/13/2009 5:17 pm

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Not my words…I listed the source at the bottom of the page….cannot take credit for the words…just sayin’!

By Libra Lady on 03/13/2009 5:23 pm

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..well let’s just give credit where credit is due !! I guess he will hook up with his role model Jimmy Carter and build houses after his only term in office…but then again who would want a house with no foundation ?

By Al ias on 03/13/2009 6:13 pm

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Al ias —Now, I like that "foundation" thing! LOL

By Lady Gator on 03/15/2009 6:48 pm

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i see a different view! i see a young president, that is trying to get the very best people for there jobs, and because he doesnt know the ropes yet. at least he trying!

By shirley adams on 03/13/2009 3:23 pm

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"because he doesnt know the ropes yet. at least he trying!"…… he gets Brownie points for TRYING! Pleeze!

Mr Lonley gets lonlier….

H. Rodgin Cohen, chairman of the New York law firm Sullivan & Cromwell, has withdrawn his name from consideration for deputy Treasury secretary, becoming the fourth pick for a prominent Treasury Department post to pull out in recent weeks.

A prominent attorney who has advised many of the top Wall Street firms, Cohen dropped out after the White House found an issue during his vetting process, two sources familiar with the matter said. The sources declined to identify the reason. Cohen did not respond to messages seeking comment.

Though the Treasury is filling its lower-level positions, the thin ranks on the senior levels are taking a toll on the department’s ability to deal with a financial crisis that continues to deepen in scope and complexity, government and industry officials say.

Gus O’Donnell, Cabinet Secretary for the British government, was quoted this week in British news reports saying it has been “unbelievably difficult” to talk to people at the U.S. Treasury: “There is nobody there.”

Treasury Secretary Timothy F. Geithner said Wednesday during a briefing with reporters that he was “a little surprised” when told of the comments. He added that he has been working closely with British officials and had not heard of any communication problems."

By S.J. Morgan on 03/13/2009 4:20 pm

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Shirley your very nice comments don’t register with those on the right that come on here all they can say is negative things about Obama. No matter that he’s only been in power for 6 weeks, everything is his fault and the economy should be fixed etc etc, but you are totally right of course and that will show more and more as he gets into the Presidency when the country starts to turn the corner.

By caj p on 03/13/2009 5:24 pm

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On the job training by his socialist driven cadre of wealth spreaders. Of course, he IS trying. I agree that he has to be trying to get this agenda through as quickly as is humanly possible.

By deber B on 03/13/2009 6:56 pm

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Polling data show that Mr. Obama’s approval rating is dropping and is below where George W. Bush was in an analogous period in 2001. Rasmussen Reports data shows that Mr. Obama’s net presidential approval rating — which is calculated by subtracting the number who strongly disapprove from the number who strongly approve — is just six, his lowest rating to date.

Overall, Rasmussen Reports shows a 56%-43% approval, with a third strongly disapproving of the president’s performance. This is a substantial degree of polarization so early in the administration. Mr. Obama has lost virtually all of his Republican support and a good part of his Independent support, and the trend is decidedly negative.

http://online.wsj.com/article/SB123690358175013837.html

By Libra Lady on 03/13/2009 5:28 pm

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Speaking of polls…there is one that obama is ahead in:

msnbc announced a poll….obama had a 60% approval rating and Rush had a 30%…so he won this poll….my question, when has there ever been a need for a poll taken of the president vs a radio or tv commentator??? Really reaching aren’t they? This has to be a first!!!

By Libra Lady on 03/13/2009 5:34 pm

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you know I think MSNBC’s only remaining sponsor is NAMBLA…how do they stay in business?

By Al ias on 03/13/2009 6:16 pm

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Al ias….that is a very good question….they are on the bottom end of the ratings each week, and Chris M is not even shown at all….I think he blew it with his silliness during the election. He had no journalist quality left by the time it ended. I listen to Morning Joe and Fox while getting ready for work each morning, kind of flip back and forth…I don’t have much faith in tv, so I do quite a bit of research on line, it seems the best way to get information on what is going on….it’s funny, because after checking out the Drudge every morning, I usually hear the tv or talk radio discussing the same thing…I kind of laugh thinking I already knew that…lol…but going back to your question…msnbc, how they stay in business is a wonder in itself.

By Libra Lady on 03/13/2009 6:39 pm

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thank you al and libra lady…i’ll keep posting as long as they’ll let me—

i bet ol’ georgie has something to do with it…

"527" political committees organized by billionaire George Soros and others to mobilize resources - money, get-out-the-vote drives, campaign advertising, and policy iniatives - to elect Democratic candidates and guide the Democratic Party towards the left.

By under stimulated on 03/14/2009 11:00 am

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It is simply wrong for commentators to continue to focus on President Barack Obama’s high levels of popularity, and to conclude that these are indicative of high levels of public confidence in the work of his administration. Indeed, a detailed look at recent survey data shows that the opposite is most likely true. The American people are coming to express increasingly significant doubts about his initiatives, and most likely support a different agenda and different policies from those that the Obama administration has advanced.

Polling data show that Mr. Obama’s approval rating is dropping and is below where George W. Bush was in an analogous period in 2001. Rasmussen Reports data shows that Mr. Obama’s net presidential approval rating — which is calculated by subtracting the number who strongly disapprove from the number who strongly approve — is just six, his lowest rating to date.

By under stimulated on 03/13/2009 8:59 pm