News Release

“Great American Stickup” Author: Obama Should Dump Econ Team

ROBERT SCHEER
Editor of TruthDig.com, Scheer is author of the new book The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street.

Scheer recently wrote the piece “They Go or Obama Goes,” which states: “When homes are foreclosed in a neighborhood, the equity of those in the area who have faithfully paid their mortgages is slashed. And when the banks dump those foreclosed properties back on the market, prices drop even lower. Yet the administration has offered the most tepid of responses to stanch the fierce bleeding of home equity worth. A paltry $4.1 billion has been committed to efforts by the states to help the unemployed and other distressed borrowers stay in their homes. Compare that with the trillions spent on making the financial industry super-profitable once again.

“There is no way that Obama can begin to seriously reverse this course without shedding the economic team led by the Clinton-era ‘experts’ like [economic adviser Lawrence] Summers and Treasury Secretary Timothy Geithner who got us into this mess in the first place. They are spooked by one overwhelmingly crippling idea — don’t rattle the financial titans whom we must rely on for investment. But when it comes to keeping people in their homes, it is precisely the big banks that must be rattled into doing the right thing.”

For more information, contact at the Institute for Public Accuracy:
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167