Treasury's Herbert Allison Becomes Latest Economic Official To Go

Herbert AllisonWhen Herbert Allison was named to oversee the government's $700 billion bank bailout in 2008, Scott Talbott, chief lobbyist for the Financial Services Roundtable, hailed him for his "wealth of experience with buying, selling, protecting, and managing assets to protect the taxpayer investment and strengthen the economy." That may have been true, but it looks like it wasn't enough to prolong his career in government service.

According to CNBC, Allison, Assistant Secretary of the Treasury for Financial Stability, is the latest member of the Obama economic to leave ahead of what many expect to be crushing losses for the Democrats in November. Lawrence Summers tendered his resignation as chairman of National Economic Council yesterday, saying that he wanted to return to Harvard University where he had previously been president. Office of Management and Budget Peter Orzag and Christina Romer, chair of the Council of Economic Advisors, have also recently quit. Treasury Secretary Timothy Geithner is the last member of President Barack Obama's cadre of economic experts left and his tenure seems to be on increasingly shaky ground.

Allison came to Treasury after serving as Chief Executive of Fannie Mae. Before that, he was Chairman, President and Chief Executive Officer of TIAA-CREF. Allison began his career at Merrill Lynch, where he eventually became President, Chief Operating Officer and a member of the Board.

Some turnover in administrations is common. The shear number of changes among the economists indicate that some change is on the horizon. Exactly what is hard to say but the poll numbers leave little doubt that most Americans are as worried as ever about their financial futures.

According to Gallup report, "Even as Wall Street rallies on the National Bureau of Economic Research announcement that the recession ended in June 2009, Gallup finds -- more than a year later -- that 88% of Americans believe now is a bad time to find a quality job."

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n werle

jonathan berr is a pathetic liar

and after allison left for a another job paying more than government

he then gave 52,000 to obama, just like a disgruntled employee always does

August 23 2012 at 9:08 AM Report abuse rate up rate down Reply
jkennedy806

i WAS reading about the depression last night in the library. It took 10 years to get this country going forward again. Alot of the healing was due to tooling up and re-fitting to manufacture war tanks, plane, guns, etc for first Britan and then our troops after Pearl Harbor. However, it was the banks initially playing around. And the second thing that made me think was that FDR, (dem) heavily taxed bank profits, and big CEO pay -- not the corporation/ the individual. There were a few other things FDR did to get the country going. He put a moratorium on foreclosures and made the banks work with the unemployed people (at the height of the depression it was 20% - but for ten years 9 to 10%.) I think Barry O'betcha we are gonna Change better put down Cloward-Piven and pick up a book on the Great Depression and see how Hoover and Roosevelt did it. Cause there are alot more simularities than differences. Recovery my butt.

September 23 2010 at 9:53 AM Report abuse rate up rate down Reply
usacars

All the Washington Rats fleeing the "Ship of Disaster". Obama Bin Lyin has tried to ruin this country and the November elections will hopefully bring us back from the brink. Next time America, don't put your faith in an Empty Suit. Just becasue someone says "Change", doesn't mean they know what the heck they are talking about. I sincerely hope that people of "Honor" will step up to the political process. For the last 20 years we have had people of questional values looking for political positions. Right now we need a Ronald Reagen. If you believe that Muslims want to live in peace, look around the world.

September 23 2010 at 9:36 AM Report abuse +2 rate up rate down Reply
plowboss

bunch of liberal, entitlement jackazzes, out with them and they can take their illegals and bleeding hearts with them..they have been ruining this great country for too long.And for the new blood comming in, we'll be watching.

September 23 2010 at 7:36 AM Report abuse +1 rate up rate down Reply
scrupie

Like Rats leaving a sinking ship,

September 22 2010 at 8:47 PM Report abuse +1 rate up rate down Reply
gwm61656

Progressives want a world government, where Lib. Elites run it they want to tell us {the people} what we can and can not do. Wake The F Up people before it is to late, We are losing more and more Freedom everyday

September 22 2010 at 7:55 PM Report abuse +3 rate up rate down Reply
miamigirl2000

"IRS Possibly Issues $1 Billion Worth Of Bogus Refunds" September 22, 2010 "The sad state of the IRS’s computer networks has been documented in government reports for years. Now, as the federal government’s deficit balloons past $1 trillion, the notion that the agency’s poor data collection practices may have generated $1 billion in bogus refunds is downright shocking." "“For many years official Washington has known about rampant fraud in the EITC program,” wrote Ernest Istook, a distinguished fellow at the conservative Heritage Foundation, in a 2008 article. “Lawmakers have held multiple hearings and received repeated reports from the IRS and watchdog agencies"....

September 22 2010 at 7:36 PM Report abuse +1 rate up rate down Reply
cmplx35

Donnut999, Keynes did a superb analysis at showing us how our Free Markets work. However, he was wrong with his prescriptions as to how we should get out of a deep recession or depression. Gov't spending to prop up aggregate demand is not the way to get out of a deep recession or depression. We are following the same prescription used in the 30s of massive gov't intervention to prop up aggregate demand. The only difference is that back in the 30s gov't spending was targeted at creating jobs and today to make matters worst is by way of increasing entitlements (socialism) and rewarding and subsidizing stupity. Back then, it worked because we had the advantage of not only of having a state of the art manufacturing technoligies but also of having very little global competition. As a result, we flooded the world markets with our goods and Americans enjoyed a prosperity that was the envy of the world. The Soviet block planned economies couldn't compete with our free market economy and thus we enjoyed an economic hegemony. Today, things are different. We live in a very competitive global economy, and it's totally asinine to try to get out of a deep recession by speding our way out of it. It just doesn't work because we're just digging ourselves a deeper hole. It only weakens us and makes us more vulnerable to the whims of those very same countries that hold our debt and that we are competing with. We have to grab the bull by the horns and accept that we have to lower our standard of living. In order for us to stay competitive, our gov't has to tighten its belt (become leaner and more efficient): we have to have a lower the tax bill and a lower the wage bill if we want to remain competitive. Otherwise, we will continue to see those Chinise and Indians toast with 3000 dollar bottles of wine and live large while we continue to deteriorate economically and eventually militarily as well. It's time to stop electing folks who are very good at reading teleprompters and good at sweet talking. Come on folks: we can do better.

September 22 2010 at 7:18 PM Report abuse rate up rate down Reply
marine1942

He worked for Fannie Mae and Merrill Lynch ?? Yep, he fits right in with Obama--failures !!!!

September 22 2010 at 6:22 PM Report abuse +4 rate up rate down Reply
donut999

lord, would you want any of their jobs? inheriting the helm of the titantic just isn't much fun. we know how the movie ends.

September 22 2010 at 5:54 PM Report abuse +1 rate up rate down Reply