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jack lou is uh... one of uh... fresno while most of most trusted advisors in
fact he is the chief of staff right now and he was ahead of the office of
management and budget
uh... before that
and it appears he's going to be nominated for treasury secretary to
replace him right
now there's some good news in some bad so
first piece of excellent news is that that be sandbaggers levy humiliating by
the end of the month
the worst treasury secretary we've had
one of the worst
cabinet members of my lifetime
uh... he'd not only support of banks and every way possible but when he went to
go support actual homeowners
record meal brodsky was a special spectacle of the car program that work
with guide
he said the whole point for tim geithner of helping the banks according to embed
himself
was so far on the runway
for the facts
so he won looking to help the homeowners here looking to help
the banks
by giving somebody the homeowners a transfer over the backs
that's the only reason he ever album and it was a minuscule amount of help
compared to the billions and truly is they gave the bankers
so bank dot tim died this week
now jack will well look summer publisher of checking the jack lou
but eject everyone if it was like the angle
forsake their deposit hails a republican right now they don't like jack ruby's i
think he was a stickler during some of the budget negotiations
but hey look that's imps slight
thing in his favor and i have read accounts where jack lou explain to them
the reality of what those budget cuts would mean anywhere really annoyed
by having to deal with the practical facts
of their budget cuts
so that score one for him
and he stuck to his positions
better than the other obama negotiators that that's why their homes in one on
the road so that's pretty good
now the bat
so who is jack well
jack whose uh... that in government service of four
thirty years he also worked at all and be and uh... clinton years that sounds
pretty good he's in a lifelong democrat
uh... but then when you see what he did
when he was on the government an not quite as positive first assemble so
rather than why u
he went over there of
to bust the union now
in private universities there actually what were wasn't very many
uh... collective bargaining
among graduate students
and public universities different
you know i'd only have a whole story for you guys were the bottom line is n_y_u_
while jack lou was their one of how do you need for a brief period of time
directly administration a lot of knowing the bush administration the crackdown
against it
but he was the chief operating officer
now his only child was in the crackdown he is the one who was there that is what
he did
and uh... the people who were
uh... protest thing
actually a japanese picture
in their protest signs
and they said want to
so was like his attention to play he was the main guy
that was trying to bust their union
of course now they treasury department responded jack would just like the
president
selects collective bargaining rights for everybody
except for the busted by the way up are the way that he busted it
along with other executive and were you
was he threatened to stop
uh... employing the international students
which would mean that
their visa would expire and they would be deported from the country
twenty the figures were fired
and others were talking by the supervisors satara until they finally
and they gave in and heat and he did in fact
white of the union off the face of n_y_u_
and i said okay well you know that's what these guys do these
and maybe he had good reasons it was costing and way too much money oppose
the only thing and say okay i understand
then he would the city
i remember sitting group was one of their banks are crashed of course
they had to take forty five billion dollars in american taxpayer bailouts
now he was in charge of the citigroup wealth management group paley did manage
the wealth
very well at all
uh... because
they along with other banks crashed now
did that mean
that jackie was acharya consonant
not avp
car carter and so the seller was one point one million dollars
and by the way his group did proprietary trading
that's where if you need to trading
that's usually the parma got people in most troubling most banks not to be fair
as citigroup jacket did make a smart investment he bet against the housing
market
you know the housing market a class so
now can some people will use i guess in the same when the housing market
collapse jack who made more money
as citigroup made more money at least in that particular
i think it's uh... you know that's true
but to be fair you made a smart investment right if you betty has a
housing market you're going away
but overall citigroup collapsed anyway along with other banks because they had
so much toxic mortgages
etcetera etcetera
so says they collapsed uh... and they got the bailout obviously uh... jack lou
was not gonna get any kind of bonuses he was leaving right
you have historians right
and nearly million dollar
bonus
for they got a taxpayer bailout
what's the most about
you guys are forty five billion dollars in the hole
why did they not that i am sorry million dollar bonus for that
and you might say jackals department did well et cetera
paces department here is the director of the show canoe fantastic if we go
bankrupt because nobody's going to have any money
what that that's what i would punch is a new wall street alike who cares
coming up with the press or money give it to us
event he leaves
and goes over the government
where he advocates for the banks getting more money
i didn't see that coming
and in fact during discover mation for his original post of the office of
management and budget
every this is
what bush for the called
uh... obama's
budget man
so he's a top budget director right
so they asking hey how about the deregulation of the banks in that cause
of the props and get a load of his answer was
my my senses
business owner who has the p m
generally been familiar with these trends is that
the uh... the problems in the financial industry preceded deregulation but don't
believe that deregulation was the the the the and him proximate cause
lauren
kidding me
you don't think the deregulation led to the collapse
you know the part where we say hey you know what you do unlimited gambling
we won't have any cap on leverage anymore
that happened in two thousand four under bush
so in the past he had to have
if you make ten dollars lebed's yet have like at least a dollar in the bank
where we've now we said let me forty dollars or the best boy those were the
best
how do we miss you wanna make this on the dollar get the bank
that wildly irresponsible action dad daily teleprompter cdrom another banks
had now no one in the right mind could possibly believe that and i give you add
dozen deregulatory actions
that word devastating and definitely
the proximate cause of the collapse
look if he believes that he is so grossly incompetent he should have never
had any position in uh... government let alone
that had of the uh... the budget process let alone chief-of-staff
and strongly about the treasury secretary
now if he doesn't believe it will then he is disingenuous and things who cares
that i got paid millions of dollars
because that deregulation a class economy that's
not my problem that's your problem either way should be a disqualifier but
of course that somehow wash in the works they view that is a positive thing
so they like all of this column what a wonderful record at citigroup
and so
uh... will he be confirmed this treasury secretary you betcha
the republicans will raise some stank about all we don't like you for this or
that but it'll be just
playing around his overall jack lou is going to do the same thing
there ten geiger did
his revenge act that's all our money and delivered as much as he possibly can
the bankers so spare me about all the lifelong progress
also four succumbs driving the middle class and in the money
to their backs