Monday, November 24, 2008

Bailout of Citigroup has big tie to Obama adviser; Clintonite Robert Rubin a Citigroup executive

President-elect Barack Obama has assembled quite a cast of characters around him to lead the nation from economic doom and terrorism.

But the presence of one central figure, former Clinton administration Cabinet member Robert Rubin, is especially troubling in the wake of the federal government's bailout of Citigroup today.

For the past year, Rubin has been an executive helping to lead Citigroup. Yet it still needed a bailout. So what does he really have to offer Obama as far as advice to turn this nation around and stop taxpayer bailouts of Wall Street fatcats?


Rubin is part of the problem. So are other former Clintonites who were part of deregulating the financial industry during the 1990s. That action allowed bad mortgages to be sold upstream to big financial houses that now need to be bailed out. Yes, 22 million jobs were created during the Clinton administration. But most were parttime and did not have health care benefits.

Yet the stock market seems to like all these former Clintonites back in power. And why shouldn't it. They created the opportunity for all the excesses on Wall Street. So it's back to business as usual with Obama coming into power.

As far as foreign policy, I don't like seeing Madeline Albright representing Obama. As Clinton's Secretary of State, she allowed 800,000 Rwandans to be murdered without U.S. intervention. That's a helluva lot more folks that Bush has killed in Iraq. Clinton has apologized for not intervening. Albright has not.

Obama is putting exactly the wrong people back in power to do more harm than good.

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