Jack Lew confirmed; Wall Street always gets it man

Only in the delusional bubble of Washington, DC could confirming Jack Lew as the new Secretary of the Treasury make sense. But that’s what the Senate just did.

Wall Street is the Canadian Mounties of money.  They always gets their man at Treasury.

There continues to be a firm belief among the DC political class that more of the same – another Wall Street lapdog or deep insider – is the way to go, despite plenty of evidence that the economic path that we’ve been on since the Reagan years is a dead end.

In the imaginary world of DC, the wealth gap either is ignored, or it matters so little that they all think hiring another Wall Street guy (and they’re always guys) makes perfect sense. Despite wealth inequality that is on par with China and African dictatorships, the DC world expresses little concern with promoting and confirming someone who has been as deeply involved in offshore money as anyone.

Among the privileged class of Washington, stashing money in the Cayman Islands won’t disqualify you for the job. Oh sure,President Obama talks about how bad it is but then, surprise, he hires the guy and then promotes him. It’s a strange way to take a problem seriously.

220px-Jacob_LewOur wealth gap is at embarrassingly high numbers, but never mind, Wall Street needs a friend, and a hug, in DC. Everyone’s forgotten about what we’ve been through, spending hundreds of billions to save banks that are supposedly too big to fail. No harm, no foul – except there was harm, a lot of it, and it continues to this day.

Back in the bailout days, the banks also had a man in DC to save them. His name was Hank Paulson, former Goldman CEO. Jack Lew may not be of the same corporate upper echelon as Paulson, but he’s no slouch. Being a friend of Robert Rubin, the guy who ushered in the final nail in the coffin for deregulation, brings rewards.

Take a guess who will lose out as Washington decides who is going to get stuck with the bill for the drastic cuts being considered in the sequester?  No matter how much money or how many jobs Wall Street loses for the US, they still will always get their man in Washington.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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5 Responses to “Jack Lew confirmed; Wall Street always gets it man”

  1. hollywoodstein says:

    The fact his Citigroup contract incentivized returning to government service is scandalous and should’ve been disqualifying.

  2. ComradeRutherford says:

    The Republicans have only ever represented the insanely wealthy for the last last century, and the Dems sold control of the party to the GOP in the 1980s. Everyone in power in the Dems have been moderate Republicans since then, like Bill Clinton and Barack Obama.

  3. Blogvader says:

    It’s a good thing we re-elected Obama. Romney might have nominated Wall Street con artists to cabinet positions…

    Oh wait…

  4. nicho says:

    Still waiting to hear if Obama will file the Prop 8 brief. The clock is ticking. If he doesn’t, it will mean that all his pretty words in his pretty speeches were just blowing smoke up our skirts.

  5. Now that would have been radical, a female treasury secretary. I am disappointed they confirmed a guy that has offshore capitol in a tax haven.

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