Jack & Jill Politics

You wouldn’t know it from the lack of press coverage but Barack Obama held a major economic summit yesterday. Here’s his 6 min opening statement in which he discusses the need to “change course and take immediate action”.

He said the roundtable would be the first of several prior to the election so that he would be prepared to take necessary steps to aid the economy starting the first day in office. He wanted the summit focused on 1) jobs and wages 2) the banking crisis and credit crunch and 3) rising prices. He also said that Wall Street needs to take some responsibility for what’s happened and being part of the solution to helping Main Street.
Guess the mainstream media figures you ain’t interested in any of that. I’m guessing different.

The leaders invited show Obama’s commitment to diverse opinions from various backgrounds with top expertise (including a couple of conservatives). Check it out – it’s an impressive list:

The economic leaders who met with Senator Obama today included:

· Jared Bernstein (Senior Economist, Economic Policy Institute)
· Bill Bradley (Former Senator, D-N.J., U.S. Senate 1979-1997)
· Warren Buffet (Chairman and CEO, Berkshire Hathaway) – joined the meeting by phone
· Anna Burger (Chair, Change to Win; International Secretary-Treasurer, Service Employees International Union)
· Jon Corzine (Governor, State of New Jersey)
· William Daley (Chairman of the Midwest, JP Morgan Chase; Former Secretary, U.S. Dept of Commerce, 1997-2000)
· James Dimon (Chairman and CEO, JPMorgan Chase)
· William Donaldson (27th Chairman of the SEC 2003-2005)
· Indra Nooyi (Chairman and CEO, PepsiCo Inc.)
· Paul O’Neill (Special Advisor, Blackstone Group, Former Secretary, U.S. Dept of Treasury, 2001-2002; Former CEO, Alcoa)
· Federico Peña (Managing Director, Vestar Capital Partners; Former Secretary, U.S. Dept. of Energy, 1997-1998; Former Secretary, U.S. Dept. of Transportation, 1993-1997; Former Mayor, City of Denver 1983-1991)
· Penny Pritzker (CEO, Classic Residence by Hyatt)
· Robert Reich (University of California, Berkeley; Former Secretary, U.S. Dept of Labor, 1993-1997)
· Robert Rubin (Chairman and Director of the Executive Committee, Citigroup; Former Secretary, U.S. Dept of Treasury, 1995-1999)
· Eric Schmidt (Chairman and CEO, Google)
· William Spriggs (Professor and Chair of the Department of Economics, Howard University)
· Lawrence Summers (Harvard University; Managing Director, D.E. Shaw; Former Secretary, U.S. Dept of Treasury, 1999-2001)
· John Sweeney (President, AFL-CIO)
· Laura Tyson (Haas School of Business, University of California, Berkeley; Former Chairman, National Economic Council, 1995-1996; Former Chairman, President’s Council of Economic Advisors, 1993-1995)
· Paul Volcker (Former Chairman, U.S. Federal Reserve 1979-1987)

One of my favorite economic blogs, Mish’s Global Economic Trend Analysis, had this to say in his post Open  Letter to Obama:

Senator Obama, you have a chance to make history. Assuming you are elected, you will have the opportunity to do something no President has done for decades: Stand before the American people and tell the plain hard truth.

• The US can no longer afford to be the world’s policeman.
• Congress has been spending beyond its means.
• Deficit spending is cheapening the US dollar.
• Cutbacks and sacrifices have to be made.

People will understand as long as they are being leveled with.

Mish has a lot more to say, which I mostly agree with, except the crazy-talk suggestion that Obama choose Ron Paul as an economic adviser and Vice President. Mish — you crazy as hell! Mrs. Clinton has a better chance which is by the way, zero chance. Especially since Ron Paul has ties to racist philosophies.

I’m interested in your thoughts. Why do you think the press took a pass on reporting extensively on this instead choosing to focus on rumored talks between Obama and Gov. Tim Kaine. I think it would be smart for Obama to choose a governor from a southern state who’s not too old but old enough, a change-oriented & experienced guy who also happens to be white. Still does this really trump any interest whatsoever in Obama’s plans to revive our sinking economic ship?