Posted on 06/12/2009 9:16:50 AM PDT by Free America52
President Obama's chief economic adviser said Friday that the president has only intervened in the financial marketplace out of necessity.
Lawrence Summers defended Obama's economic actions, saying they have been "particularly consistent and firm since the crisis began while he was campaigning for president."
Even as Capitol Hill Republicans are railing against the administration's interventions into the auto industry, Wall Street and healthcare, Summers said "the actions we take are those of necessity, not choice."
Summers, talking in New York City to the Council on Foreign Relations (CFR), said the president has demonstrated "an unequivocal recognition that we only act when necessary to avert unacceptable –and in some cases dire –outcomes."
"Barack Obama ran for president to restore America’s role in the world, reform our health care system, achieve energy independence and prepare our children for a 21st century economy," Summers said. "He did not run for president to manage banks, insurance companies, or car manufacturers."
Republicans, however, insist that Obama has gone too far in extending government bailouts and, in the case of General Motors and other companies, federal ownership.
Summers said Obama "has been unambiguous is that any intervention go with, rather than against, the grain of the market system."
"Our objective is not to supplant or replace markets," Summers said in remarks distributed by the White House. "Rather, the objective is to save them from their own excesses and improve our market-based system going forward.
"What is crucial and where our focus has been as we have intervened when necessary, is on the intervention being temporary, based on market principles, and minimally intrusive."
To that end, Summers said the president has made "financial regulatory reform a central legislative priority of this early phase of his administration."
"While many of the details are complex, the necessary fixes come from the application of common sense in an area where complexity can blind sophisticated observers to the obvious," Summers noted.
Consistent with the principles of Obama's communist mentor Saul Alinsky, that is.
These guys are creeping me out. They don't even lie well. They're just going through the motions, pretending to make an effort to cover their tracks, knowing that no one will call them on it.
This guy has a hard enough time staying awake during work for me to even remotely begin believing the typical garbage he and the other WH ilk spew.
Here is some “necessity” for ya, Summers: Get some sleep and stop sleeping on the job, moron.
Yeah, he had to take over the nation and make it his.
That’s why he intervened.
I still don’t understand how you get out a tough spot by spending loads and loads of money.
Imagine someone who is really drunk; and then you walk up to him and say, “take this bottle of bourbon and drink it right down. That’ll sober you up!”
God help us.
His Muzzie Masters!
Traitor!
“necessity”
http://legal-dictionary.thefreedictionary.com/Defense+of+necessity
A defense asserted by a criminal or civil defendant that he or she had no choice but to break the law.
The “necessity”, of course being whatever is required to achieve destruction of every obstacle to his “re-making” of the United States to his Marxist ideals.
Hitler only slaughtered millions out of necessity
And it’s weak mitigation defense at that, something like saying,
“Sure I crashed my car, but I was so drunk the paramedics
thought I was dead & embalmed.”
Reminds me of Slick Willie, back when, arguing the Soldiers & Sailors Relief Act to avoid having to cough up evidence. This is BS.
“Rather, the objective is to save them from their own excesses”
DING DING DING
Typical. This is a guy who made a comment about the dearth of women in engineering and the PC Police got him run out of Harvard on a rail.
I admit, for a toady of liberalism, it is always ironic to see them hung with their own rope.
I refuse to listen to the syncophantic opinions of someone who didn’t even have the courage of conviction to stand up for himself when his livelihood was on the line.
This is the same guy who thinks the 30 year old law student is the perfect guy to make all the decisions and do all the heavy lifting in the GM debacle.
This pinko lackey needs to STFU and go pound sand. He’s the same guy that said the economy would see immediate results as soon as Zero’s spending package was forced onto the American taxpayer.
if he’s out saying that then O’s internal polls on his handling of the economy must really suck
Their level of conceit is typical of socialists. They truly believe that they can make the economy run more smoothly than the market. They only intervene to make things better, you see.
This administration never wants to do anything that they do. I am amazed that the morons eat it up.
“Necessity is the plea of every infringement of human freedom. It is the argument of tyrants, it is the creed of slaves.”
~William Pitt, 1783
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