Moyers: Obama Under Summers Is No FDR, But More Like Louis XVI
May 4, 2009 • 11:14AM

Bill Moyers and Michael Winship today accused President Obama of "Mortgaging the White House," brought on when he "blundered mightily in his choice of economic advisers," naming Geithner and Summers. Moyers, who has strongly argued for a Pecora Commission and attacked Summers's bailout, writes: "In his first hundred days, FDR came out swinging. He shut down the banks, threw the money lenders from the temple, cranked out so much legislation so fast he would shout to his secretary, Grace Tully, 'Grace, take a law!' President Obama's been busy, but contrary to many of the pundits, he's no FDR...."

After denouncing Geithner as a stooge for the bankers who have destroyed the economy, Moyers continues: "In choosing a man to manage the bailout of the banks who's so cozy with its players, and then installing as his White House economic adviser Larry Summers, who in the Clinton administration took a laissez-faire attitude toward the financial industry which would later enrich him, the President bought into the old fantasy that what's best for Wall Street is best for America. With these two as his financial gatekeepers, President Obama's now in the position of Louis XVI being advised by Marie Antoinette to have another piece of cake until that rumble in the streets has passed on by.

"In fact, other Wall Street insiders—many of them big contributors to the Obama presidential campaign, and progressive in their concern for the public interest—privately are expressing serious concerns that Geithner, Summers, and their associates are leading the President and America's taxpayers down a path toward further economic disaster."