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U.S. President Barack Obama walks with his Chief of Staff Jack Lew before leaving the White House in Washington to visit wounded American military servicemen at Walter Reed National Military Medical Center in Bethesda, Maryland, March 2, 2012.   REUTERS/L
U.S. President Barack Obama walks with his Chief of Staff Jack Lew before leaving the White House in Washington to visit wounded American military servicemen at Walter Reed National Military Medical Center in Bethesda, Maryland, March 2, 2012.
Some critics on the left might disagree about their assessment, but the chief objection Republicans may have to Jacob "Jack" Lew as secretary of the treasury is that they view him as a tough negotiator because of his role in acrimonious budget talks in the summer of 2011 and as one of President Obama's chief lieutenants in the talks last month. Obama is scheduled today to announce that he is nominating Lew, now his chief of staff, for the treasury post. Although there has been GOP muttering about Lew replacing Tim Geithner in that job, chances that the Senate will reject the 57-year-old policy wonk are less than slim:
Senator Jeff Sessions, the top Republican on the Senate budget committee, expressed disapproval. "Jack Lew must never be secretary of treasury," he said, calling testimony that Lew made to the committee about the president's budget "outrageous and false."
Tough talk. But given the Senate's record of having only blocked nine Cabinet nominees in its entire history, Sessions's objections appear to be little more than hot air. Other Republicans reportedly have said he's is a hard-nosed negotiator but works assiduously to come up with something everybody can live with. At least, everyone who is actually party to the negotiations.

On the other side, concerns about Lew's short tenure in 2008 as chief operating officer of Citigroup Alternative Investments in 2008. The firm made investments in hedge fund, betting on a collapse of the housing market. Shahien Nasiripour provided some background on the matter in 2011 when Obama chose Lew to head up the Office of Management and Budget, a post for which he was confirmed unanimously by the Senate. Lew made millions at Citi. Upon his departure in 2009 he collected a bonus approaching $950,000. Shortly before, the firm had received billions in taxpayer dollars as part of the bailout of the financial sector of the economy.

Lew also said in testimony in the hearings for the OMB job that he didn't believe deregulation was the "proximate cause" of the meltdown that produced the financial disaster of the Great Recession. That's a stance President Obama himself, commissioners at the Securities and Exchange Commissioner, senators and representatives, economists and financial experts all disagree with. As OMB director for President Bill Clinton 1998-2001, Lew was deeply involved in that deregulation.

None of that will derail his nomination, however, unless Senate Republicans plan to do what they have done with the filibuster and try to change the entire approach to how the Senate deals with Cabinet appointments. As Steven Kornacki of MSNBC noted Wednesday night on the Rachel Maddow Show, if they were to do that it would mean big trouble down the road for a president facing a Senate ruled by a majority of the other party.

With only a couple of forays into the private sector, Lew has been in public service for the Democrats since 1974 when he served as an aide for Rep. Joe Moakley of Massachusetts. He did his first work for Democrats in 1968 when, age 12, he campaigned for upstart antiwar candidate Eugene McCarthy. After graduating from law school in 1983, he became a senior policy adviser to House Speaker Tip O'Neill where he worked on economic issues including Social Security, Medicare, budget, taxes and trade. From that time forward, he is said to have exhibited an encyclopedic understanding of the federal budget, which is part of what made him a formidable adversary in the budget negotiations in 2011.

If Lew is confirmed, he will step into a job whose public profile will likely be even higher than it has been for outgoing Tim Geithner given the attention on the national debt, tax reform and the federal budget are expected to receive. First up will be what promises to be a bitter fight with Republican obstructionists over increasing the debt ceiling. President Obama has made dealing with deficit reduction a prime target of his second term. Much of that process will also fall under Lew's purview.

Originally posted to Meteor Blades on Thu Jan 10, 2013 at 07:19 AM PST.

Also republished by Daily Kos.

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Comment Preferences

  •  he seems (3+ / 0-)
    Recommended by:
    Churchill, Amber6541, denig

    He seems about as good as we're likely to get.  His experience and focus is mostly public sector, but he's made some millions so he's got a cushion against bribery.

    He also seems to be a man of deep faith.  I'm impressed by his refusal to work on the sabbath.  It's got to have caused him some grief in the high-pressure positions he has held, but someone with that sort of center in their life has to have developed the ability to devolve responsibility on trusted subordinates and the ability to tell the difference between an actual crisis and a manufactured one.

    •  I worked with Jack Lew on the Hill (1+ / 0-)
      Recommended by:
      Nina Katarina

      He and Ari Weiss were the go to guys for Tip O'Neill when I worked on Hill at Ways and Means in the 1980's - he's smart and at that time was clearly a liberal but pragmatic about deal making.  I don't know how the years since may have changed him, but at least he understands how Congress works, and as Nina says, I think he's the best we're likely to get.  We were never going to get Paul Krugman.

      •  well at least you have something good to say (0+ / 0-)

        i was just looking at  andrea mittchell and she had three other women there and they liked nothing about the nominations ro who he was having at his innaguration they was cutting his ass down right and left

        •  Andrea Mitchell (0+ / 0-)

          is a right-wing shill whose husband helped topple the global economy because of his slavish devotion to Randian principles.

          Republicans...think the American standard of living is a fine thing--so long as it doesn't spread to all the people. And they admire the Government of the United States so much that they would like to buy it. Harry S. Truman

          by fenway49 on Thu Jan 10, 2013 at 11:39:57 AM PST

          [ Parent ]

        •  If Andrea Mitchell and her pals (0+ / 0-)

          don't like something, that's proof positive that it's good.

      •  Paul Krugman, sorry, would be a disaster (1+ / 0-)
        Recommended by:
        zizi

        It doesn't matter how good your ideas may be if you have no skill or experience in actually making them a reality.

        Lew has that skill and experience. And he has a track record in these negotiations of picking Republicans' pockets so skillfully they don't realize it for months...or even ever.

        On the front page right now there's a story that suggests Boehner doesn't actually realize that the sequester deal he signed on to exempts our Holy Trinity of programs (Social Security, Medicare and Medicaid) from the sequester cuts.

    •  He goes to my synagogue in the Bronx (0+ / 0-)

      I see him there often on Shabat.

  •  When Lew worked at NYU he helped bust (19+ / 0-)

    a union representing graduate teaching assistants. They were represented by the UAW and had already negioated one contract with the university. Many public university's deal with simular unions. But Lew refused to negioate and got a Republican dominated NLRB to order the union decertified. NYU grad students are trying to recertify the union. Another bad owen. Lew is not a finance guy he is a budget guy. His experience on Wall Street was very short. So I would expect to see Lew work on budget issues. Cat food commission anyone?

  •  My local Fox station told me this AM that he'll (1+ / 0-)
    Recommended by:
    msmacgyver

    face a "very tough time" for confirmation because HE was solely responsible for setting up the conditions that caused the "fiscal cliff" and, "according to his critics, he routinely misled and continues to mislead the country about the health of our economy." I know, it's Fox, but still WTH?

    •  I've been listening to CNBCN (11+ / 0-)

      commentators complaining about what a tough negotiator Lew is, and how he gave poor Boehner fits.  Lew is apparently the reason that Boehner wanted one-on-one discussions with the President.

      That can only be a good thing.

      The sleep of reason brings forth monsters. --Goya

      by MadScientist on Thu Jan 10, 2013 at 07:38:29 AM PST

      [ Parent ]

    •  George Will crows about fiscal cliff deal. (5+ / 0-)

      If Lew's responsible for setting it up the GOP oughta love him.

      Per Will's column:

      Washington — Democrats not allergic to arithmetic must know the cost of their “fiscal cliff” victory. When they flinched from allowing all of George W. Bush’s tax rates, especially those on middle-class incomes, to expire, liberalism lost its nerve and began what will be a long slide into ludicrousness.

      Those temporary rates were enacted in 2001, when only 28 House Democrats supported them, and in 2003, when only seven did. But with the “American Taxpayer Relief Act of 2012” — did liberals think about that title? — 172 House Democrats voted to make the Bush income-tax rates permanent for all but 0.7 percent of taxpayers — individuals earning more than $400,000 and couples earning more than $450,000.

      Liberals could have had a revenue increase of $3.7 trillion over 10 years. Instead, they surrendered nearly $3.1 trillion of that. They cannot have repeated bites at this apple. They cannot now increase government revenues as a share of GDP through tax reform because Republicans insist that the Taxpayer Relief Act closed the revenue question. And because tax reform is dead for the foreseeable future, so are hopes for a revenue surge produced by vigorous economic growth.

      •  I hope I have a tough negotiater like him (0+ / 0-)

        across the table from me next time I'm shopping for a new car.

        "Well, yeah, the Constitution is worth it if you succeed." - Nancy Pelosi // Question: "succeed" at what?

        by nailbender on Thu Jan 10, 2013 at 08:35:13 AM PST

        [ Parent ]

      •  A strange day (1+ / 0-)
        Recommended by:
        midwesterner

        when George Will is making the case for Democrats to fight for increased revenue, and half of this site is not.

        Of course Will is not sincere. He proceeds to argue that (1) revenues are now set in stone because of the Fiscal Cliff deal; (2) we need a balanced-budget amendment (a stupid idea from a macro standpoint), and the balancing will now have to come from spending cuts alone. Very convenient.

        Republicans...think the American standard of living is a fine thing--so long as it doesn't spread to all the people. And they admire the Government of the United States so much that they would like to buy it. Harry S. Truman

        by fenway49 on Thu Jan 10, 2013 at 11:47:01 AM PST

        [ Parent ]

        •  And a very strange day (1+ / 0-)
          Recommended by:
          charliehall2

          when people on this site consider with respect the opinion of a guy who predicted a landslide victory for Romney right before the election.

          •  Not me (0+ / 0-)

            I said he was not sincere. His piece is classic concern-trolling.

            "Jeez, Dems had a chance to get all this revenue and they didn't take it. That chance won't come again, the ship has sailed. How do I know? Just trust me. But - and here's a non-sequitur - we HAVE to have a balanced-budget amendment. And the balancing HAS to be done only with spending cuts. 'Cuz I told you, the revenue thing is finished."

            His article is laughable.

            Republicans...think the American standard of living is a fine thing--so long as it doesn't spread to all the people. And they admire the Government of the United States so much that they would like to buy it. Harry S. Truman

            by fenway49 on Thu Jan 10, 2013 at 12:53:32 PM PST

            [ Parent ]

      •  Take Will's judgment on anything for what (0+ / 0-)

        it's worth. I mean, it's not like he's been caught off in la la land ever before.

        http://dailycaller.com/...

      •  Wait, *what*? (0+ / 0-)

        Is he spouting Laffer curve nonsense, or is he saying taxes are so low it won't matter if there's a recovery because the government won't get any money out if it? I honestly can't tell what he's talking about.

        Code Monkey like freedom / Code Monkey like peace and justice too
        Code Monkey very nerdy man / With big warm fuzzy bleeding heart
        Code Monkey like you!

        Formerly known as Jyrinx.

        by Code Monkey on Thu Jan 10, 2013 at 02:42:30 PM PST

        [ Parent ]

  •  Clean Gene (4+ / 0-)

    He has great instincts--even at the age of 12, he saw that Gene was the best of us.

    Apres Bush, le deluge.

    by melvynny on Thu Jan 10, 2013 at 07:38:19 AM PST

  •  Bets on someone asking him (5+ / 0-)

    during confirmation hearings about the Trillion Dollar Platinim coin?

  •  Is Lew the best choice? (0+ / 0-)

    Meh. Couldn't be worse than Geithner and he's qualified. And he balances out the anti-semitic charge AIPAC is throwing at Hagel.

    •  "Couldn't be worse than Geithner." (4+ / 0-)

      And that worked out so well for the 99%.

      The bar is set so low for what the "serious" choices are...

      The Class, Terror and Climate Wars are indivisible and the short-term outcome will affect the planet for centuries. -WiA "When you triangulate everything, you can't even roll downhill..." - PhilJD

      by Words In Action on Thu Jan 10, 2013 at 08:16:26 AM PST

      [ Parent ]

    •  according to Jared Bernstein, (3+ / 0-)
      Recommended by:
      v2aggie2, Lying eyes, charliehall2

      Lew has a reputation for protecting the Big Three: SS, Medicare and Medicaid.

      If so, then do expect Republican Obstructionism on his confirmation... by all means.

      "Show up. Pay attention. Tell the truth. And don't be attached to the results." -- Angeles Arrien

      by Sybil Liberty on Thu Jan 10, 2013 at 08:32:47 AM PST

      [ Parent ]

      •  Don't forget, Jared Bernstein supports the Chained (0+ / 0-)

        CPI.

        Here's an excerpt from HuffPo and the link:

        Jared Berstein:  So how do we achieve sustainability in our social insurance programs? I offer some ideas re Social Security here that call for both higher revenues (raise the salary cap) and benefit cuts (shifting to the chained CPI), so maybe I'm not such a greedy boomer after all!

        Mollie

        “If a dog won’t come to you after having looked you in the face, you should go home and examine your conscience.” -- Woodrow Wilson

        by musiccitymollie on Thu Jan 10, 2013 at 11:04:21 AM PST

        [ Parent ]

        •  But what does Lew say about imposing the (0+ / 0-)

          chained CPI on SS recipients?

          "Show up. Pay attention. Tell the truth. And don't be attached to the results." -- Angeles Arrien

          by Sybil Liberty on Thu Jan 10, 2013 at 12:03:59 PM PST

          [ Parent ]

          •  Lew told Financial Times reporter, James Politi, (2+ / 0-)
            Recommended by:
            Sybil Liberty, cynndara

            that the Administration supports "all six pillars" of the Bowles-Simpson Commission's proposal, The Moment Of Truth.  Here's a link to that proposal.  The Chained CPI would be applied to Social Security, according to this proposal.

            Here's an excerpt from the B-S proposal:

            RECOMMENDATION 5.7:  ADOPT IMPROVED MEASURE OF CPI.  Use the chained CPI, a more accurate measure of inflation, to calculate the Cost of Living Adjustment for Social Security beneficiaries.  As with the rest of the mandatory budget and the tax code, we recommend relying on the “chained CPI” to calculate the Cost of Living Adjustment (COLA) in Social Security, rather than the standard CPI.  The Bureau of Labor Statistics has stated that the chained CPI is designed to more closely approximate a cost-of-living index than the standard CPI, and experts on both sides of the aisle have supported this technical improvement to the index.
            Jack Lew stated this while he was serving as the President's Chief-Of-Staff.  I no longer have an active subscription to FT, or I would link to the video.

            Mollie

            “If a dog won’t come to you after having looked you in the face, you should go home and examine your conscience.” -- Woodrow Wilson

            by musiccitymollie on Thu Jan 10, 2013 at 01:44:12 PM PST

            [ Parent ]

            •  thank you! (1+ / 0-)
              Recommended by:
              cynndara

              In my personal experience, the standard CPI currently does not keep up with inflation on the costs of products and services that seniors actually use more of: Healthcare, meds (both RX and OTC)...

              Arguably, the overall cost of living in my state is among the highest, but still. The "chained CPI" may deserve a place in the 'solvency of SS discussion', but it is offensive that it has found its way into this year's deficit negotiations.

              just my 2 pennies

              "Show up. Pay attention. Tell the truth. And don't be attached to the results." -- Angeles Arrien

              by Sybil Liberty on Thu Jan 10, 2013 at 03:32:38 PM PST

              [ Parent ]

              •  You are welcome. You nailed it. I couldn't agree (0+ / 0-)

                more that "it is offensive that it has found its way into this year's deficit negotiations."

                Mollie

                “If a dog won’t come to you after having looked you in the face, you should go home and examine your conscience.” -- Woodrow Wilson

                by musiccitymollie on Thu Jan 10, 2013 at 03:40:30 PM PST

                [ Parent ]

    •  I hope you're right. From everything that I've (0+ / 0-)

      read, Jack Lew is an ultra-fiscal hawk.

      Mollie

      “If a dog won’t come to you after having looked you in the face, you should go home and examine your conscience.” -- Woodrow Wilson

      by musiccitymollie on Thu Jan 10, 2013 at 10:57:53 AM PST

      [ Parent ]

      •  I did find this Lew quote on austerity (1+ / 0-)
        Recommended by:
        edwardssl

        Meet The Press Feb 2012
        Politico

        “I think that there's pretty broad agreement that the time for austerity is not today. We need to be on a path where over the next several years we bring our deficit under control,” Lew said on NBC’s “Meet the Press” in February 2012. “Right now we have a recovery that's taking root and if we were to put in austerity measures right now, it would take the economy in the wrong way.”

        I voted for the human beings.

        by denig on Thu Jan 10, 2013 at 12:16:05 PM PST

        [ Parent ]

        •  Here's a link to the Fiscal Commission's Report, (0+ / 0-)

          The Moment of Truth.  Please take time to read this.

          Various "cuts" begin at different times.  For instance, the over One Trillion Dollars in cuts in discretionary spending that were incorporated into the Budget Control Act of 2010, JUST BEGAN the first of this month (Jan 2013).  So to date, we really haven't felt the real consequence of these cuts.

          And, the Administration wants to work out a complete tax overhaul with the Republicans by August 2013, at the latest.  I believe many of the new tax laws would go into effect beginning in 2014, although some would be phased in (Mortgage Interest Deduction, etc.).

          Some of the entitlement cuts would not go into effect until 2017, some earlier.  Please check out this proposal for more details.  Same with Medicare reform.

          Mollie

          “If a dog won’t come to you after having looked you in the face, you should go home and examine your conscience.” -- Woodrow Wilson

          by musiccitymollie on Thu Jan 10, 2013 at 01:54:31 PM PST

          [ Parent ]

  •  LEW (3+ / 0-)
    Recommended by:
    jeopardydd, Wolf10, George Hier

    Another ex-Wall Streeter who helped deregulate banks. No thanks.

  •  Does that list of blocked "nominees" include (0+ / 0-)

    Susan Rice? If not, and I guess it would and should not, then that list is not truly indicative of the Senate's influence on Cabinet nominations. And I'm guessing that the Republicans in particular have exerted undue amounts of this kind of preemptive influence.

    The Class, Terror and Climate Wars are indivisible and the short-term outcome will affect the planet for centuries. -WiA "When you triangulate everything, you can't even roll downhill..." - PhilJD

    by Words In Action on Thu Jan 10, 2013 at 08:15:10 AM PST

  •  they can't oppose everyone (1+ / 0-)
    Recommended by:
    George Hier

    I think I heard on Rachael Maddow last night in the history of this country only 9 cabinet nominees were rejected out of over 500.
    The media is pushing BS about how all these nominees will have a tough confirmation. The republicans may have one nominee they can really go after and it is probably Hagel and he will still get confirmed.

    •  Yes. From my post: (1+ / 0-)
      Recommended by:
      George Hier
      But given the Senate's record of having only blocked nine Cabinet nominees in its entire history, Sessions's objections appear to be little more than hot air.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Thu Jan 10, 2013 at 09:09:05 AM PST

      [ Parent ]

  •  Lew is a good choice. (5+ / 0-)

    The Wall St.Journal editorial was scathing today as they contemplated Lew in charge of Treasury.
    They hammered him for being unwilling to offer up the ''entitlement'' programs for budget cutting.
    They castigated him for being a true ''liberal'' who casts undue influence in the White House.

    This criticism of his stint at Citi is thin gruel. Yes, he worked at Citi,and his job was to try to maximize the funds he was responsible for,for clients and his employer. So,they wisely invested in Paulson's hedge fund that bet against the housing market. Was he supposed to try to lose money to prove his liberal bonafides? Ridiculous.

    We need smart people who know how the game works in these positions,or they will get taken to the cleaners.

    Jack Lew is a fine nominee for Treasury Secretary.

    •  I agree about his Citi stint. (1+ / 0-)
      Recommended by:
      Code Monkey

      I think Romney would have been much better off owning his decisions at Bain saying "That's my job, it's what I was expected to do and had a responsibility to my share holders - it was the job and I was damn good at it".

      President Obama would have been a Republican in the 1980's.

      by Jacoby Jonze on Thu Jan 10, 2013 at 08:32:30 AM PST

      [ Parent ]

    •  I tend to agree that the Citi bit is overblown, (0+ / 0-)

      and Reich likes him, which is worth something. I do wonder about the union-busting at NYU and the work on deregulation under Clinton.

      Maybe he's just a loyal careerist and a skilled technocrat. Obama's kind of guy, in other words. That's not without value, of course, but it'd mean we can't count on him to stake out any positions on the left (the way Geithner was reportedly influential in keeping the deficit as a top concern for the administration).

      Code Monkey like freedom / Code Monkey like peace and justice too
      Code Monkey very nerdy man / With big warm fuzzy bleeding heart
      Code Monkey like you!

      Formerly known as Jyrinx.

      by Code Monkey on Thu Jan 10, 2013 at 02:48:58 PM PST

      [ Parent ]

  •  One more thing... (1+ / 0-)
    Recommended by:
    divineorder

    hey Jeff Sessions....go fuck yourself,you southern fried cracker asshole,ok?

  •  Jeff Sessions (1+ / 0-)
    Recommended by:
    divineorder

    is a toxic gnome and should be ignored.

  •  the profile for the SoT will really be high (1+ / 0-)
    Recommended by:
    divineorder

    next time the TBTF banks (who are now Too Bigger To Fail) get their next do-over opportunity.  Could be soon, even given the massive, semi-stealth QE infusions that Bernanke has been pumping their way.

    "Well, yeah, the Constitution is worth it if you succeed." - Nancy Pelosi // Question: "succeed" at what?

    by nailbender on Thu Jan 10, 2013 at 08:41:35 AM PST

  •  What does he see as the "proximate cause" of (2+ / 0-)
    Recommended by:
    milkbone, tb mare

    the meltdown?

    To believe that markets determine value is to believe that milk comes from plastic bottles. Bromley (1985)

    by sneakers563 on Thu Jan 10, 2013 at 09:02:03 AM PST

  •  yes but (0+ / 0-)

    have you seen his signature? Well, GMA 'simulated' it this morning. ;)

  •  Meet the new Boss (1+ / 0-)
    Recommended by:
    George Hier

    First we get a prominent enabler of torture at CIA. Then we get (yet another) financial crony who made out like a bandit from the financial crisis and took tax payers for a ride. Gee remember when Obama called guys like Orzag and Lew fat cats who are making millions on failures?  

     But these are OUR torturers and bankters now I guess.

    Same as the old boss

  •  Reich Vouches for Lew (2+ / 0-)
    Recommended by:
    denig, elmo

    Reich:

    I worked with Jack Lew, Obama's pick for Treasury Secretary, during the Clinton administration, and recall him as a talented, self-effacing technocrat who knows the federal budget inside out -- a skilled wonk without his own agenda who'll serve the President well as the administration faces the next showdowns over the debt ceiling, sequestration, and money to keep the government going. Jack also knows politics, and can navigate the undercurrents of Capitol Hill. And apart from a short stint at Citibank in 2008 (another of Bob Rubin's boys), he's not tainted by Wall Street's myopic worldview. In other words, a solid and safe pick, which is just what Obama needs.

    ****

    One critic says "In 2010 Lew testified that he didn't think deregulation of the financial industry was a “proximate cause” of the 2008 financial crisis."

    To that I would say that one could reasonably argue that deregulation was a "sufficient" cause while the casino schemes (credit default swaps, etc.) were more "proximate" causes.

    The point is that Lew will competently advise. He won't set the framework for negotiations; Obama has already let the GOP do that with their incessant austerity-mongering.

  •  excerpt (2+ / 0-)
    Recommended by:
    edwardssl, cynndara
    President Barack Obama is expected to nominate Jacob Lew as Treasury secretary later today:

    EXCERPT

    Historians may well conclude that the two recent Treasury secretaries from Goldman Sachs, Robert Rubin and Henry Paulson, bear much of the blame for a financial services industry that went rogue and caused the worst financial crisis in generations.

    There is a myth that Wall Streeters make the best Treasury secretaries because they can talk the talk. Not only do Rubin and Paulson provide evidence to the contrary, but some of the most effective occupants of the post in recent history — such as John Connally or Lloyd Bentsen or James Baker (all, coincidentally, Texans) — had no experience in Wall Street or even any demonstrated economic expertise.

    In fact, there is no evident formula for what makes a good Treasury secretary. Two of the best, Baker and George Shultz, both of whom occupied several cabinet positions, showed that people who in general operate effectively in a political environment will make good heads of Treasury.

    Lew, on the other hand, worked on Eugene McCarthy’s presidential campaign in 1968 (yes, he was 12) and studied as an undergraduate at Carleton College under Paul Wellstone.

    In his early career on Capitol Hill, Lew worked for Tip O’Neill, the former speaker of the House who was a quintessentially partisan political animal but who struck some of the biggest bipartisan deals in Congress.

    Fourth, Lew is not Erskine Bowles, a deficit hawk and former Wall Streeter occasionally mentioned as a candidate for the post, or Roger Altman or one of the other Wall Street insiders whose names have surfaced as possible nominees.

    Jacob Lew has worked closely with the president as chief of staff and has his confidence. He is Obama’s man and will loyally help shape administration policy and follow it without keeping an eye out for a cushy Wall Street job after he leaves the post.

    This kind of loyalty is not something Obama could count on from some wealthy Wall Street banker seeking to cap his own career with the Treasury post.

    Lew’s nomination shows that the president has dialed back his team-of-rivals approach to the cabinet. Rather than make a splashy choice for Treasury, Obama has opted for a seasoned government veteran who can help him get the job done

    http://www.marketwatch.com/...

    Treasury secretaries from Goldman Sachs, Robert Rubin and Henry Paulson bear much of the blame for a financial services industry that went rogue and caused the worst financial crisis in generations.

    by anyname on Thu Jan 10, 2013 at 09:47:41 AM PST

  •  He HAS to do something about that sig. (1+ / 0-)
    Recommended by:
    edwardssl

    It does look like Charlie Brown's little sister's bangs.

    I think, therefore I am. I think.

    by mcmom on Thu Jan 10, 2013 at 10:03:45 AM PST

  •  So who will be tabbed as next Chief of Staff? (0+ / 0-)

    The position doesn't need Senate confirmation but McDonough is connected to the Benghazi issue as deputy NSA, and Klain left the Administration and has some Solyndra stank on him.  

    This would be a good opportunity to bring in some "diversity" either with the ultimate insider Valerie Jarrett, promote from within with Nancy an Deparle (D-COS policy) or Alysia Mastromonaco (D-COS operations) or look to bring in a connected outsider.  

    President Obama would have been a Republican in the 1980's.

    by Jacoby Jonze on Thu Jan 10, 2013 at 11:05:25 AM PST

  •  Am I crazy or have the Republicans.... (0+ / 0-)

    .....adopted a position opposing absolutely everyone and everything proposed by the Administration? If so, history here does not matter and Lew will have a tough row to hoe.

    If you hate government, don't run for office in that government.

    by Bensdad on Thu Jan 10, 2013 at 11:07:21 AM PST

  •  Another Citibank alumni? (0+ / 0-)

    Can't we get a nominee with a more reputable past, like a former Hells Angel or New Jersey mafia don?

    Orly, it isn't evidence just because you downloaded it from the internet.

    by 6412093 on Thu Jan 10, 2013 at 01:10:18 PM PST

  •  I like his bio. (1+ / 0-)
    Recommended by:
    charliehall2

    Honestly, this guy's been a dedicated Democrat and liberal since grade school.  His one short stint at Citi was barely long enough for him to learn where the bathrooms were in a building that size, and he did his job by betting against the bank's fraudulent mortgage securities.  Otherwise, he's worked with and under some of the greats over a long and unwavering liberal career.  He might not agree with my radical fringe point of view 95% of the time, but he's unlikely to set  out to dismantle core liberal programs or sabotage core liberal values.  Not if he started out under Paul Wellstone, Bella Abzug, and Tip O'Neil.  I think we can trust him (within reason, as one trusts any Washington insider, which is to say, don't leave him alone with the money or weapons while you sleep -- Washington ethics would REQUIRE him to punish you for stupidity).  I don't think we have any possibility of getting better.  And it's a plus that at least some of the Republicans really, really don't want him.

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