To: Jes Stale
From: Jeffrey Epstein
Sent Mon 11/15/2010 7:13:53 PM
Subject: from revival. a new book..
I thought you might find this amusing. "But more often then not, the team of economic advisers
was operating from different playbooks, with Summers calling his plays the loudest. Take, for
instance, the debate that surrounded the Volcker rule -- the regulatory reform component that
curtailed proprietary trading at U.S. banks and limited their investments in private equity firms
and hedge funds. As Wolffe reports:
[Summers'] doubts sat there in the West Wing, blocking the Volcker rule for
months. Obama had signaled that he wanted the rule to move forward back in
October. The banks were on safe ground again, but could still benefit from
subsidized lending by the federal government. That seemed wrong when they
could use the money to trade for themselves rather than lend it to customers in the
real economy... Biden was an old friend of Volcker's and started to press for the
rule to take force. But as the weeks dragged on, Summers rehashed his same old
questions and concerns. At one fall meeting with his economics team in the Oval
Office, Obama wanted to know why nothing had moved yet. Summers dug in once
again, while Geithner - whose media coverage cast him as a supposed ally of Wall
Street - wanted to push ahead. Obama noted dryly, "I think I can argue everyone's
position now. "
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