Paul O'Neill to resign

[U2SavesTheWorld]

http://money.cnn.com/2002/12/06/news/oneill/index.htm


O'Neill resigns

Treasury secretary will leave in the next few weeks; second member of Bush's econ team to leave.
December 6, 2002: 9:35 AM EST



NEW YORK (CNN/Money) - U.S. Treasury Secretary Paul O'Neill announced Friday he is resigning, effective "in the next few weeks."

The former CEO of Alcoa is the second major member of the administration's economics team to announce a departure in the last four weeks. Securities and Exchange Commission Chairman Harvey Pitt submitted his resignation on election night.

O'Neill's departure has beenpredicted for weeks. He is generally seen as not being able to get along with Republicans in Congress, as well as not having the support of Wall Street.

"The majority of Republicans on [Capitol] Hill want him out," Charles Valliere, political economist and chief strategist at Charles Schwab Washington Research Group, told CNNfn earlier this week. "They feel he's undercut them [and] made comments that have been very undiplomatic."

The announcement came after news that unemployment rate in November is at an eight-year high, highlighting continued problems in the economy. The value of the dollar, already lower compared to other currencies, fell further in the wake of the news announcement.

O'Neill's letter of resignation to President Bush was brief, saying, "I hereby resign my position as Secretary of the Treasury. It has been a privilege to serve the Nation during these challenging times. I thank you for that opportunity "I wish you every success as you provide leadership and inspiration for American and the world."

 

[V Nura]

word is the white house asked him to step down



it's a shame he was probably the only guy in this administration with a clue.

 

[melon]

it's a shame he was probably the only guy in this administration with a clue.

Actually, I would quite disagree, and I'm quite glad he is gone. Being a former CEO of Alcoa (aluminum) doesn't make him qualified to be a Treasury secretary, and his lack of direction in dealing with this economy--especially when stacked up to Robert Rubin--showed immensely.

Unfortunately, I fear that Bush will simply appoint someone more clueless, who will simply be an ineffectual secretary spouting "the economy is good" propaganda.

Melon

 

[diamond]

Melon-
thank u for your kind words..

DB9

 

[sharky]

being the head of Alcoa doesn't make you qualified for Treasury Secretary. But O'Neill did alot more than that.

Nominated by George W. Bush as Treasury secretary in December 2000; Alcoa Inc. chairman, 1987-2000, chairman and CEO 1987-1998; International Paper Co., vice president, senior vice president, president, 1977-1987; Office of Management and Budget, budget examiner, assistant director, associate director and deputy director, 1967-1977; Veterans Administration, systems analyst, 1961-1966; Morrison-Knudsen Inc., site engineer, 1955-1957.

As you can see, he worked in both the private and government sector so he knew alot about how both ran.

He also was one of the few people on the president's cabinet who spook his mind -- even if it was out of line with the president. And after the attacks of Sept. 11, his work was fundamental in trying to keep the economy from slipping even further than it did. On the day the market opened after the attacks and plummeted, he was quoted as saying "the people who sold will be sorry that they did it."

And if I recall correctly, he was the only cabinet member who actually travelled to Africa to see what was going on there and how the U.S. could help.

 

[Zoomerang96]

shit sakes diamond, theyre politicians, we have every damn right to say what we want about them. melon made an informed and dignified response to the thread, your response was pointless.

 

[U2SavesTheWorld]

More....

O'Neill, Lindsey resign

Treasury secretary, top econ adviser leaving as Bush economic team house cleaning continues.
December 6, 2002: 1:13 PM EST



NEW YORK (CNN/Money) - U.S. Treasury Secretary Paul O'Neill and Larry Lindsey, the White House's top economic adviser, both resigned Friday, continuing the house cleaning of the Bush administration's economic team.

No successors have been announced. Senior administration officials told CNN that both men were asked to resign by the White House. Presidential spokesman Ari Fleischer wouldn't comment directly when asked if the two were forced out, saying only that each had resigned.

"My economic team has worked with me to craft an economic agenda that helped lead the nation out of recession and back into a period of growth. I appreciate Paul O'Neill's and Larry Lindsey's important contributions to making this happen," said Fleischer, reading a statement from Bush. He said that Lindsey had expressed interest in returning to the private sector and that O'Neill wanted to work to improve health care and education in the Pittsburgh area.

Fleischer would not directly answer a question of whether the President thought the change in his economic team would help spur growth for the nation's economy.


Treasury Secretary Paul O'Neill
"I think it's fair to say the president looks at the economy as a matter that's bigger than any one person or any one expert," Fleischer said. "

O'Neill, the former CEO of Alcoa, and Lindsey, a former Federal Reserve Governor and architect of the tax cut plan President Bush ran on in 2000, are the second and third major members of the administration's economics team to announce a departure in the last four weeks. Securities and Exchange Commission Chairman Harvey Pitt submitted his resignation on election night.

Speculation on a successor for O'Neill includes outgoing Sen. Phil Gramm, R-Texas, and discount brokerage founder Charles Schwab, while Lindsey is seen being succeeded by R. Glenn Hubbard, chairman of the White House Council of Economic Advisers, or Harvard University economist Martin Feldstein.

O'Neill's departure has long been predicted. He is generally seen as not being able to get along with Republicans in Congress, as well as not having the support of Wall Street.


Larry Lindsey, former head of the White House National Economic Council
"O'Neill's gaffs have hurt him. There aren't a lot of Republicans on the hill who like him. But he seemed to have the President's confidence," said Greg Valliere, chief political economist for Charles Schwab Washington Research Group, recently, before his departure was announced.

Lindsey was also widely expected to leave the administration. The Washington Post reported in early November that Lindsey, the director of the National Economic Council, was making subtle inquiries about returning to private sector work on Wall Street, and that his staff was looking for positions on Congressional staffs.

The announcements came after news that unemployment rate in November is at an eight-year high, highlighting continued problems in the economy. The value of the dollar, already lower compared to other currencies, fell further in the wake of the news announcement. Stock markets opened lower after the O'Neill announcement, but turned flat after the Lindsey resignation announcement followed.

"O'Neill has been more optimistic about the economy and resistant to additional stimulus, so I suppose one could read between lines that he was losing that battle, and the administration is more likely to propose aggressive stimulus now," Alan Levenson, chief economist for T. Rowe Price Associates, told Reuters.

O'Neill's letter of resignation to President Bush was brief and gave no reason for the departure.

"I hereby resign my position as Secretary of the Treasury. It has been a privilege to serve the Nation during these challenging times," said the letter. "I thank you for that opportunity. I wish you every success as you provide leadership and inspiration for America and the world."

 

[deep]

Good things to be said about O?Neil.

- When he ran Alcoa he did not cook the books.
- He did have some personal integrity and principals.
- He did establish a friendship with Bono. He probably learned some things on the African trip and wanted more aid from the Administration.




Reasons he had to go.

- Bush needs a scapegoat for his failed domestic policies. Unemployment has risen to 6 per cent, a nine year high!
- O?Neil was genuinely offended with the rampant corporate malfeasance and wanted it cleaned up. The Whitehouse does not, and has been running interference for their cronies.




He was a poor Treasury Secretary, but an honest man.

Harvey Pitt was a disgusting SEC chair, lacking integrity.

The Administration is failing the American people.

 

[Zoomerang96]

The Administration is failing the American people.

true, but when was the last time any administration in any country really put the people ahead of personal agenda's?

 

[cloudimani]

shit sakes diamond, theyre politicians, we have every damn right to say what we want about them. melon made an informed and dignified response to the thread, your response was pointless.

damn right.
Maybe diamond is in line for the job and doesnt want to blow it.

 

[us3]

"pass the kouchie on the left hand side..."


Replacements
1. Bono
Pros: As O'Neill's de facto deputy, he already knows the ins and outs of the job. Plus "generosity," "debt relief," and "worldwide economic recovery" just sound better when they're said by a man with an Irish lilt and ridiculous sunglasses.

Cons:Would immediately be rumored by Lloyd Grove to be tussling behind the scenes with Rumsfeld over who is "coolest Cabinet Secretary ever."


2. Steve Forbes
Pros: Would have the reigning highest Space Invaders score for any Cabinet Secretary (former FBI Director Louis Freeh does not count).

Cons: Always finding interesting ways to talk about his status as the only Cabinet Secretary to host Saturday Night Live.


3. Dr. Phil
Pros: He'll smack that wuss of an economy upside the head and tell it to get some self respect and pull up its pants. Plus, he's from Texas.


Cons: Crazy press conferences with statements like: "What we've got here, people, is an economy that's chock full of good hardwood without any honey mustard to go on the porcupine."


4. Oprah Winfrey
Pros: The Oprah would assuage our internal guilt when the economy is booming and console us when it's down. She'd bring out heartbreaking stories of failure and redemption. She would stroke investors like the nervous little pigeons they are. And we would love her for it.

Cons: Imagine if her weight began to fluctuate whenever the stock market went up or down? We get in a downturn, and suddenly they're having to haul out the bathtub used by William Howard Taft.

culled from...
http://www.bendomenech.com/

 

[Dreadsox]

shit sakes diamond, theyre politicians, we have every damn right to say what we want about them. melon made an informed and dignified response to the thread, your response was pointless.

Melon always makes dignified posts..........
Diamond has every damn right to say what he wants........
Your response is well....

Ya know....

 

[Zoomerang96]

yes i know what my opinion is, and to be honest i care about what diamond says cause i like the guy.

you on the other hand come across as terribly ignorant and your opinion really bares no significance to me.

sting2 and yourself share similiar beliefs, but he is DEFINATELY dignified in the way he comes across. the way he presents himself is admirable, and the way he takes my heat and everyone elses is certainly commendable. though i dont agree with him, he has my respect.

 

[Dreadsox]

yes i know what my opinion is, and to be honest i care about what diamond says cause i like the guy.

you on the other hand come across as terribly ignorant and your opinion really bares no significance to me.

sting2 and yourself share similiar beliefs, but he is DEFINATELY dignified in the way he comes across. the way he presents himself is admirable, and the way he takes my heat and everyone elses is certainly commendable. though i dont agree with him, he has my respect.

And this is important to me why????

At least we agree on two of your paragraphs.

 

[diamond]

Bear-
that was a bit harsh on Mr Dread.
Dread is pretty well liked here my most ppl..

diamond

 

[melon]

It appears, perhaps, that my concerns are being shared by the Bush Administration, like it or not.

Who is likely to replace Larry Lindsey, director of the National Economic Council (and architect of Bush's $1.5 trillion tax cut, BTW)? Stephen Friedman, a former co-chairman of investment banking firm, Goldman Sachs. Who was the other "co"-chairman? None other than Robert Rubin, initially Clinton's economic director and later replaced Lloyd Bentsen as Treasury secretary. I'm guessing that Bush is hoping that Friedman can bring similar success as Rubin did during the Clinton administration.

Melon

 

[diamond]

that damn GW
always trying to appear openminded and bi-partisan

diamond

 

[pub crawler]

"For some, the final straw was O'Neill's decision to spend 10 days touring the impoverished nations of sub-Saharan Africa with Bono, the rock vocalist turned Third World evangelist." L.A. Times - Dec. 7.


Interestingly, in today's edition of the L.A. Times the story is framed in such a way that it makes the trip with Bono seem a joke of sorts, i.e., it's laughable that the Treasury secretary would go off on a 10 day trip (regardless of the agenda) with a rock star. The story on the front page of the Business section is accompanied with a picture, center page, of Bono and O'Neill in Africa.










http://www.latimes.com/news/nationworld/nation/la-fi-oneill7dec07,0,7715199.story

 

[melon]

always trying to appear openminded and bi-partisan

That's a whole other issue. Bush is fiercely partisan when it comes down to it, and his idea of "bipartisan" is having Democrats vote the same way as Republicans.

Melon

 

[Zoomerang96]

That's a whole other issue. Bush is fiercely partisan when it comes down to it, and his idea of "bipartisan" is having Democrats vote the same way as Republicans.

Melon

lol, exactly.

 

[diamond]

bitches

 

[pub crawler]

hahahahahaha..

 

[nbcrusader]

That's a whole other issue. Bush is fiercely partisan when it comes down to it, and his idea of "bipartisan" is having Democrats vote the same way as Republicans.

Melon

I believe that is concensus building??

 

[dream wanderer]

There have been some political cartoons circulating concerning O'Neil and Bono...I have difficulty posting these but you can find them at http://cagle.slate.msn.com/politicalcartoons/

You might have to wade through a few but they should be there on the "Daily Index' of cartoons.


dream wanderer