The Obama administration is looking for replacements for Larry Summers to be the new director of the National Economic Council.
Felix Salmon looks at the contenders:
The second notable characteristic of the three is that they’re all multi-millionaires with close ties to Wall Street. None more than Altman, of course, who has his own bank. But Levin is on the board of American Express, which paid him $181,362 in 2009, and where he has shares and “share equivalent units” worth $539,000. Which might not be a huge sum compared to the $1.5 million or so that he’s earning at Yale, but is still more than enough to make him a denizen of Wall Street rather than Main Street.
People like this have no idea how average people, let alone lower-income people, live. They think economic policy is what works for the Dow and NASDAQ and if those people do well, well, so will everyone else. Except that isn’t the case.
Wall Street is out of their slump. Propped up by our tax dollars, they have moved on with their lives of luxury while America still sorts through the wreckage of the Bush era. We need people at the top who aren’t in the back pocket of the robber baron class.