Advice from "beyond the echo chamber"

We just learned the economy lost another 600,000 jobs last month. It's a staggering number, and it underscores just how deep this crisis is – and, as the President pointed out this morning, it’s accelerating.

That's why he created the Economic Recovery Advisory Board -- to solicit ideas from "beyond the echo chamber of Washington, DC."

"I’m not interested in groupthink, which is why the Board reflects a broad cross-section of experience, expertise, and ideology," he said. "We’ve recruited Republican and Democrats; veterans of government and the private sector; advocates for business and labor. Not everyone is going to agree with each other, and not all of them are going to agree with me – and that’s precisely the point. Because we want to ensure that our policies have the benefit of independent thought and vigorous debate."

Before the President signed the executive order officially creating the board, he addressed the jobs numbers and brought home the individual pains behind those almost incomprehensibly large numbers.

"Somewhere in America, a small business has shut its doors; a family has said goodbye to their home; a young parent has lost their livelihood, and doesn’t know what’s going to take its place," the President said.

Read the rest of his remarks below -- along with those of PERAB chairman Paul Volcker -- and the list of board members below that.

REMARKS BY THE PRESIDENT ON THE ESTABLISHMENT OF THE ECONOMIC RECOVERY ADVISORY BOARD East Room, The White House February 6, 2009

THE PRESIDENT: Thank you. Thank you. Please have a seat. (Applause.) Good morning, everybody.

THE PRESIDENT: I have just had the opportunity to welcome the members of my Economic Recovery Advisory Board. And I'm grateful that I will have the counsel of these extraordinarily talented and experienced men and women in the challenging months to come.

If there's anyone, anywhere, who doubts the need for wise counsel and bold and immediate action, just consider the very troubling news we received just this morning. Last month, another 600,000 Americans lost their jobs. That is the single worst month of job loss in 35 years. The Department of Labor also adjusted their job loss numbers for 2008 upwards, and now report that we've lost 3.6 million jobs since this recession began.

That's 3.6 million Americans who wake up every day wondering how they are going to pay their bills, stay in their homes, and provide for their children. That's 3.6 million Americans who need our help.

I'm sure that at the other end of Pennsylvania Avenue, members of the Senate are reading these same numbers this morning. And I hope they share my sense of urgency and draw the same, unmistakable conclusion: The situation could not be more serious. These numbers demand action. It is inexcusable and irresponsible for any of us to get bogged down in distraction, delay, or politics as usual, while millions of Americans are being put out of work.

Now is the time for Congress to act. It's time to pass an Economic Recovery and Reinvestment Plan to get our economy moving.

This is not some abstract debate. It is an urgent and growing crisis that can only be fully understood through the unseen stories that lie underneath each and every one of those 600,000 jobs that were lost this month. Somewhere in America a small business has shut its doors; somewhere in America a family has said goodbye to their home; somewhere in America a young parent has lost their livelihood -- and they don't know what's going to take its place.

These Americans are counting on us, all of us in Washington. We have to remember that we're here to work for them. And if we drag our feet and fail to act, this crisis could turn into a catastrophe. We'll continue to get devastating job reports like today's -- month after month, year after year. It's very important to understand that, although we had a terrible year with respect to jobs last year, the problem is accelerating, not decelerating. It's getting worse, not getting better. Almost half of the jobs that were lost have been lost just in the last couple of months.

These aren't my assessments -- these are the assessments of independent economists. If we don't do anything, millions more jobs will be lost. More families will lose their homes. More Americans will go without health care. We'll continue to send our children to crumbling schools, and be crippled by our dependence on foreign oil. That's the result of inaction. And it's not acceptable to the American people.

They did not choose more of the same in November. They did not send us to Washington to get stuck in partisan posturing, to try to score political points. They did not send us here to turn back to the same tried and failed approaches that were rejected, because we saw the results. They sent us here to make change, with the expectation that we would act.

Now, I have repeatedly acknowledged that, given the magnitude and the difficulties of the problem we're facing, there are no silver bullets and there are no easy answers. The bill that's emerged from Congress is not perfect, but a bill is absolutely necessary. We can continue to improve and refine both the House and Senate versions of these bills. There may be provisions in there that need to be left out; there may be some provisions that need to be added. But broadly speaking, the package is the right size, it is the right scope, and it has the right priorities to create 3 to 4 million jobs and to do it in a way that lays the groundwork for long-term growth -- by fixing our schools, modernizing our health care to lower costs, repair our roads and bridges and levees and other vital infrastructure, move us towards energy independence. That is what America needs. It will take months, even years, to renew our economy, but every day that Washington fails to act, that recovery is delayed.

Now, we also know that no single act can meet the challenges of this moment. This process is just the beginning of a long journey back to progress and growth and prosperity. Given the scope of this crisis, we'll need all hands on deck to figure out how we are going to move forward. And I'm pleased to have an extraordinary team of folks in my administration -- Tim Geithner at Treasury, Larry Summers, Christina Romer, Peter Orszag -- they're all here in the White House. I also want to be sure that we're tapping a broad and diverse range of opinion from across the country, because a historic crisis demands a historic response. And that's why we took the unique step of creating the new institution whose members have gathered here today.

Put simply, I created this board to enlist voices to come from beyond the Washington echo chamber, to ensure that no stone is unturned as we work to put people back to work and get our economy moving.

Within this group, you've got leaders of manufacturing and leaders of finance. You've got labor and you've got management. You've got people who work in small businesses and people who work in large businesses. You've got some economists and some folks who think they're economists. (Laughter.) By the way, these days everybody thinks they're an economist. (Laughter.) We will meet regularly so that I can hear different ideas and sharpen my own, and seek counsel that is candid and informed by the wider world.

The board is headed by Paul Volcker -- not only because he's the tallest among us -- (laughter) -- but because, by any measure, he is one of the world's foremost experts on the economy; one of the most experienced and insightful economic minds that we have. He's advised me for many months. He has helped steer the American economy through many twists and turns. Probably prior to this one, the worst economic crisis we had back in the early '80s, it was Paul Volcker who helped restore confidence and pull us out of that extraordinarily difficult time.

So I'm glad that Paul has decided to continue his public service at this critical moment. Assisting Paul and the rest of the board will be Austan Goolsbee, who's been one of my closest economic advisors, one of the finest young economists that we have in the country. He's going to ensure that we are making the best possible use of this unique resource.

I'm not interested in groupthink, which is why the board reflects a broad cross-section of experience and expertise and ideology. We've recruited Republicans and Democrats, people who come out of the government as well as the private sector. Not everyone is going to agree with each other, and not all of them are going to agree with me -- and that's precisely the point, because we want to ensure that our policies have the benefit of independent thought and vigorous debate.

And we're also going to count on these men and women to serve as additional eyes and ears for me as we work to reverse this downturn. Many of them have ground-level views of the changes that are taking place, as they work across different sectors of the economy and different regions of the country, and they can help us see the trends that are not fully formed, the trouble that may be on the horizon, and the opportunities that have yet to be seized. I look forward to relying on their input and recommendations on specific questions as we jumpstart job creation and pursue strong and stable economic growth.

This new institution should send a signal of how seriously I take the responsibility of building an economic recovery that is broad and enduring. These are extraordinary times. For far too many Americans, the future is filled with unanswered questions: Can I get a job? Will my family be able to stay in their home? Will I be able to retire with dignity, and see my children lead a better life? And these are the questions that we will answer affirmatively during the course of this administration.

We are going to create the jobs that our people need and the future that this great nation deserves. Those are the challenges that I've put before my economic team, and these distinguished advisors will be tackling those same issues in the months and years to come.

So I'm grateful to them. And before I officially sign this executive order, I would like Paul just to say a quick word.

MR. VOLCKER: Well, thank you, Mr. President. I will say a very quick word. You've spoken about the variety of experience and talent you brought together. One thing I am sure they all share, we all share, is a sense of urgency, that you alluded to and emphasized. The figures this morning simply reenforce that. And I can't imagine that the Congress won't share this sense of urgency and you can get on the road toward the kind of program you want.

But thank you for the confidence that you've shown in all of us. We hope to help.

Laura D'Andrea Tyson, Dean, Haas School of Business at the University of California at Berkeley

Previously...

Quote:

http://www.freerepublic.com/focus/f-news/2086352/posts

A Top Obama Fund-Raiser Had Ties to Failed Bank
WSJ ^ | JULY 21, 2008 | By JOHN R. EMSHWILLER
Posted on September 19, 2008 8:50:38 PM PDT by Perdogg

For the Pritzker family of Chicago, the 2001 collapse of subprime-mortgage lender Superior Bank was an embarrassing failure in a corner of their giant business empire.

Billionaire Penny Pritzker helped run Hinsdale, Ill.-based Superior, overseeing her family’s 50% ownership stake. She now serves as Barack Obama’s national campaign-finance chairwoman, which means her banking past could prove to be an embarrassment to her — and perhaps to the campaign.

Superior was seized in 2001 and later closed by federal regulators. Government investigators and consumer advocates have contended that Superior engaged in unsound financial activities and predatory lending practices. Ms. Pritzker, a longtime friend and supporter of Sen. Obama, served for a time as Superior’s chairman, and later sat on the board of its holding company.

Sen. Obama has long criticized predatory subprime mortgage lenders and urged strong actions against them.

(Excerpt) Read more at online.wsj.com ...

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Quote:

http://www.freerepublic.com/focus/f-news/2085936/posts

Skip to comments.

Penny Pritzker: Obama’s Campaign Finance Chair and Pioneer in Subprime Loans
Beltway Snark ^ | 7-21-08 | staff
Posted on September 19, 2008 9:33:28 AM PDT by Anti-Hillary

I’m sure this isn’t the Penny Pritzker Obama knows and all, but it sure doesn’t look good to have her around anymore.

Senator Barack Obama’s campaign faces a potential controversy over finance chairwoman Penny Pritzker’s past association with Superior Bank, which failed and was seized by regulators in 2001.

“Billionaire Penny Pritzker helped run Hinsdale, Ill.-based Superior, overseeing her family’s 50% ownership stake,” John R. Emshwiller writes for The Wall Street Journal. “She now serves as Barack Obama’s national campaign-finance chairwoman, which means her banking past could prove to be an embarrassment to her — and perhaps to the campaign.”

Superior was criticized for engaging in predatory lending, and paid out $200 million in dividends to owners throughout the 90’s based on cooked books. Seeing as Ms. Pritzker was one of those owners, that’s mighty interesting. Team Obama has released a statement saying that Ms. Pritzker herself was never accused of any wrongdoing, and that the Pritzker family paid our $460 million to help defray the cost of Superior’s collaspe.

And the wheels on the bus go ’round and ’round.

PS - Why in the world would you want to hire someone as your campaign finance chairperson who’s last job was watching people run a bank into the ground?

UPDATE:

http://freebeacon.com/tag/penny-pritzker/

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http://freebeacon.com/a-penny-earned/

“A Penny Earned

Major Obama bundler Penny Pritzker nominated for commerce secretary”

BY: Bill McMorris
May 2, 2013 12:45 pm

SNIPPET: “Leaders from the UNITE HERE hospitality union have blasted the Pritzker family for abusing thousands of employees of its Hyatt Hotel chain. Union officials also targeted Penny Pritzker specifically for the “reprehensible” business practices at her own company, TransUnion, which sells credit reports about potential employees to employers. The union claims this leads to discriminatory hiring practices.”

SNIPPET: “Pritzker dedicated the clout of her $1.85 billion net worth to President Obama’s 2008 and 2012 campaign. She soon found her way onto the President’s Jobs Council and became national co-chair of the president’s re-election campaign, which has since transformed into an outside spending group. Pritzker bundled more than $1.3 million for Obama’s presidential runs and contributed $250,000 to his 2013 inauguration.”

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http://freebeacon.com/obama-nominates-penny-pritzker-for-commerce-secretary/

“Obama Nominates Penny Pritzker for Commerce Secretary

Hyatt heiress raised more than $1.3 million for Obama’s two campaigns”

BY: Washington Free Beacon Staff
May 2, 2013 10:21 am

SNIPPET: “Pritzker is the chairman and chief executive officer of PSP Capital Partners, an investment firm, and its affiliate, Pritzker Reality Group. She has an estimated personal wealth of $1.85 billion.”

NOTE The following text is a quote:

www.whitehouse.gov/the-press-office/2013/05/02/remarks-president-personnel-announcements

The White House
Office of the Press Secretary

For Immediate Release May 02, 2013
Remarks by the President in Personnel Announcements

Rose Garden

10:12 A.M. EDT

THE PRESIDENT: Thank you. (Applause.) Good morning, everybody. Please have a seat. Sit. (Laughter.)

My top priority as President is to grow the economy, create good middle-class jobs, make sure that the next generation prospers. And in a few minutes, I’ll be departing the White House for a trip that will promote that priority.

First, I’m going to visit Mexico, one of our largest economic partners. Then I’ll be visiting Costa Rica, where I’ll attend a summit with Central American leaders. And in both instances, I’m going to be working to deepen our economic and trade relationships across Latin America –- relationships that create jobs and growth here at home, and offer our businesses growing markets where they can sell more American-made goods and services abroad.

But before I go, I had some business to do. I am proud to announce that I’ll be nominating two outstanding individuals to my Cabinet who will focus on precisely these issues.

Over the past four years, I’ve tasked the Secretary of Commerce and the U.S. Trade Representative with opening new markets for American goods and services, doubling our exports for those goods and services all in support of millions of American jobs. And over those four years, Ron Kirk, along with his outstanding team at USTR, has stood up for free trade and for American workers and businesses around the world. So he’s finalized trade deals with South Korea, Colombia, Panama. He’s cracked down on unfair trading practices to give American workers a fair shot in the global economy. And I could not be prouder of the work that he has done.

Meanwhile, at the Department of Commerce, Becky Blank has led our efforts to help promote high-tech manufacturing and travel and tourism — it is a big portfolio — and she has worked closely with the private sector to make sure that America remains the best place in the world to do business.

So I could not be more thankful to Ron and to Becky for their outstanding service. (Applause.) Ron couldn’t be here today, but many members of his team are here, and we are so thankful to them. Becky, thank you. Becky is going to be taking on a pretty big job — making sure those badgers behave up in Wisconsin. (Laughter.) And we know she’s going to be extraordinary leading that institution.

But today, I’m in a position to nominate two extraordinary individuals to continue the work of Ron and Becky as key members of my economic team.

As I said in my State of the Union Address, when it comes to growing our economy and our middle class, we should focus on three things. Number one, making sure America is a magnet for good jobs. Number two, helping workers earn the skills they need to get those jobs. And number three, making sure their hard work actually leads to a decent living. Both these individuals share that focus.

First, I’m nominating Penny Pritzker to serve as my Secretary of Commerce. Penny is one of our country’s most distinguished business leaders. She’s got more than 25 years of management experience in industries including real estate, finance, and hospitality. She’s built companies from the ground up. She knows from experience that no government program alone can take the place of a great entrepreneur. She knows that what we can do is to give every business and every worker the best possible chance to succeed by making America a magnet for good jobs.

And Penny understands that just as great companies strengthen the community around them, strong communities and skilled workers also help companies thrive. So she’s been an extraordinary civic leader in our shared hometown of Chicago. She served as a member of my Jobs Council. She was the driving force behind Skills for America’s Future, which is a program that brings together companies and community colleges to shape and prepare skills-based training programs for workers that are tied into the businesses that potentially will hire them.

So she’s got extraordinary experience. And in case I haven’t embarrassed her enough — she’s got a wonderful family; I watched her kids grow up — and today is her birthday. So Happy Birthday, Penny. (Applause.) For your birthday present, you get to go through confirmation. (Laughter.) It’s going to be great. (Laughter.)

Meanwhile, over two decades in both the public and private sectors, Mike Froman, who I’m nominating to serve as my U.S. Trade Representative, has established himself as one of the world’s foremost experts on our global economy. And I’m not surprised, by the way, because we went to law school together — he was much smarter than me then, he continues to be smarter than me now.

And over the past four years, he’s been my point person at global forums like the G8 and the G20 — and, by the way, when I say point person, he’s really been the driving force, oftentimes, in organizing these incredible international summits in which huge amounts of business gets done. He’s been a key negotiator alongside Ron Kirk on those trade agreements for South Korea, Colombia, and Panama, which support tens of thousands of American jobs.

He has won the respect of our trading partners around the world. He has also won a reputation as being an extraordinarily tough negotiator while doing it. He does not rest until he’s delivered the best possible deal for American businesses and American workers. He’s fought to make sure that countries that break the rules are held accountable.

And Mike believes, just as I believe and just as Penny believes, that our workers are the most competitive in the world, so they deserve a level playing field. And Mike’s going to continue to fight for that level playing field in his new role, as he helps to move forward trade negotiations with both the Asia-Pacific region and Europe, and will also continue to advise me on a broad range of economic issues.

And as I think some of you have gathered, I’ve had a chance to get to know Penny and Mike not just as leaders and professionals, but also as friends. And one of the reasons I’m proud to nominate them is they don’t forget what matters. They know this is not about just growing balance sheets. It’s about growing opportunity for people. It’s about growing a sense of security for the middle class. And, most of all, they operate with integrity and they understand that public service is a privilege, and you’ve got to do it right when you get involved on behalf of the American people.

So I just want to thank Penny and Mike and their extraordinary families for agreeing to serve in these roles. I urge the Senate to confirm Penny and Mike without delay, because they’ve got a lot of work to do. And I intend to work them to the bone as soon as they’re official. (Laughter.) So thank you very much, everybody. And thanks to their families for putting up with what I know will be challenging, but ultimately the extraordinary award of working on behalf of the American people.

Thank you very much. (Applause.)

END
10:20 A.M. EDT

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