Obama is adding to his growing collection of fat cat advisers, anointing General Electric CEO Jeffrey Immelt to lead his outside panel of economic advisers and putting 83 year old Paul Volcker, the former chairman of the group, out to pasture.
As a way to emphasize hiss focus on getting the unemployment rate down while at the same time obscuring that Volcker was canned, Obama pretended to create an entirely new panel, rechristening the President’s Economic Recovery Advisory Board as the new Council on Jobs and Competitiveness.
With his reelection imperiled by the still sluggish economy and stubborn joblessness, the former community organizer is now hugging corporate America so tightly he’s apt to break a few CEO ribs.
This month he has made JP Morgan Midwest chieftain Richard Daley his chief of staff, and now he’s brought on Immelt. He invited JP Morgan CEO Jamie Dimon to this week’s state dinner for Hu Jintao, a sign of a rapprochement in Obama’s frayed relationship with his “favorite banker.”
Obama has signalled he wants to improve relations with the Chamber of Commerce, and is expected to address the Chamber next month.
What’s disturbing about all this is the chameleon character of it. One moment, the president is bashing bankers, opining that “at a certain point, you’ve made enough money,” suggesting the Chamber of Commerce is funneling foreign cash into the 2010 campaign, and so forth. And then the next moment he’s making his closest aides people who have devoted a significant amount of time to making MUCH MORE THAN ENOUGH money.
Obama of late is being criticized for noT seeming to have an ideology, for lacking a consistent set of principles.
I think he has a very consistent set of principles. Watch these people get marched out the door following his reelection.