Summers is over, but the heat lingers on. Many are seeing this as a rejection not only of Obama's choice, but a clear message that the 'new' New Left is gaining influence within the Democratic Party.
Beinhart at The Beast has this http://www.thedailybeast.com/... and Graham at The Atlantic has this http://www.theatlantic.com/....
I'm going to say just a couple of things about Obama's vision for our economic health. Unfortunately, none of them are very flattering. While I admire the President as a man, husband and father, and principled person, I've always struggled with what I see as a horrible blind spot in his approach to fixing the economy. I'm not talking here about fighting with the Thuglicans about the role of government, but really about his tone-deaf dealing with Wall Street cronies.
Now I know many believe that Geithner and Summers helped salvage the financial system following the meltdown. And it may be true that both were able to effectively mitigate that Bush-induced disaster. The problem arises with the methods and philosophy both men brought to their dealings with Wall St. and the big banks. I'm certainly no expert, but the lack of accountability that the Obama administration allowed in the aftermath is the single greatest failing of his presidency.
Lets face it, a Democratic president, elected on the strength of popular turnout by those most hard hit by the waste,fraud and abuse perpetrated on the people by the out-of-control financial sector, did nothing to bring the billionaire liars and thieves to heel. Not only did he fail to send a message that that kind of irresponsibility would no longer be tolerated, he abetted their continuing malfeasance by bailing their asses out. By putting a fox in charge, Obama made sure the golden eggs would be safe, even if the taxpayers had nothing for breakfast. With Republicans dead set on sending the poor and middle class even further south, the failure of the banks to act in the country's economic interest an even more glaring reminder of the administration's failings on this front.
Obama's policies and proclivities on this front soured me on him immediately. And while I wanted to believe in him as a real leader whose actions matched his rhetoric on equality and accountability, I'm of the opinion now that he, like Clinton before him, recognizes the need for big money and so rolls over for it.
Larry Summers is not fit to lead. In a world where relationships are now almost as important as raw power (power is over-rated, viz Iraq/Afghanistan/etc.), Summers' relationships are with the wrong people (as were Rubin's and Geithner's). Perhaps we've reached a point where the country-at-large understands that something has to change, and that the corruption of power by big money is at the heart of it, whether on the left or right. I believe its time to insist on a major rules change when it comes to money and politics. Maybe…I doubt it, but maybe, this is an early sign that things can change. A rising tide may lift all ships, but not when they're kept out of the flow.