Headlining the keynote speakers at the forum was renowned economist Dr. Lawrence Summers, former director of the White House National Economic Council under Barack Obama. Summers, who served as president of Harvard University from 2001-2006, said in his speech that global sourcing is a key to economic success.
“There are those today who would resist the process of international integration; that is a prescription for a more contentious and less prosperous world,” stated Summers. “We should not oppose offshoring or outsourcing.”
Someday soon, this criminal Republican Congress is going to sprinkle just a little too much gasoline — and before they know it, their heads will catch on fire:
Richard Cordray, President Obama’s nominee to head the Consumer Financial Protection Bureau, spent his confirmation hearing on Tuesday taking in praise for his credentials and displaying his knowledge of his agency’s workings. Still, key Republicans on the Senate banking panel carried on with their months-old strategy of blocking approval of any director for the new bureau, notwithstanding Democrats’ outrage.
“The purpose of today’s hearing should be to consider whether Mr. Cordray is qualified for that job,” said Sen. Tim Johnson, D-S.D., chairman of the Senate Banking, Housing and Urban Affairs Committee. “Instead, a vocal minority is playing games with the process and holding Mr. Cordray’s nomination hostage.
“This political gamesmanship is preventing Americans from receiving the consumer protections they deserve,” he said. “This vocal minority insists on rehashing the same debate Congress had last year when it created the CFPB as an accountable yet independent regulator.”
Sen. Richard Shelby, R-Ala., the panel’s ranking member, countered that the hearing is “quite premature,” noting that he and 43 other senators signed a letter in May promising to block any nominees until the Obama administration negotiates a reorganization of the agency to provide for greater input from Congress and the banking industry in bureau decisions.
You know the economy in big trouble when a Harvard business school publication runs a revisionist piece about Karl Marx’s critiques of unfettered free market capitalism.