It seems that Mr Summers who was President Obama’s first choice to help developed the solution was one of the men that created it. The following was in US New and World Report
“Summers was named director of the National Economic Council last November as one of Obama’s first personnel choices. A big part of his appeal was his golden résumé. But his background is not without controversy.
As Harvard president, he angered some faculty members when he raised questions about the relative paucity of women in science and mathematics and wondered if something innate caused their lack of success in those fields. The resulting strife forced him to resign in 2006.
As Clinton’s treasury secretary, he promoted the theory that the financial industry should be substantially deregulated and moved to ease restrictions on banks, which is seen by some critics today as a contributing factor in the current meltdown. Summers says that times have changed and that his role as a deregulation has been overstated.”
It seems Summers is now the number one adviser to the President on Economic policy. It was his policy advice for President Clinton that sowed the seeds for this economic disaster.
If his past wisdom and insights are and indicators of his future success, Summers should resign immediately for the good of the Nation.
CAN WE NOT AFFORD ANYMORE OF HIS ADVICE?