Herb Allison has become the latest economic adviser to leave the Obama administration. (Photo: AP)
WASHINGTON (The Blaze/AP) — Herb Allison, the head of the government’s $700 billion financial bailout program, is resigning.
Allison says in a letter to his colleagues in the Treasury Department’s Office of Financial Stability that they had accomplished a great deal.
He said that the bailout fund, known as the Troubled Asset Relief Program, has proven to be remarkably successful in achieving its goal of stabilizing the nation’s financial system and laying the groundwork for an economic recovery.
As The Blaze reported yesterday, director of the National Economic Council Lawrence Summers will leave his post at the end of the year. That’s in addition to two other economic advisers who have recently resigned: budget director Peter Orszag and the chief of the Council of Economic Advisers, Christina Romer, both resigned this summer.
The exodus could extend beyond Obama’s economic team. His chief-of-staff, Rahm Emmanuel, is also considering leaving the administration in order to run for Chicago mayor.
The Associated Press contributed to this article.
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Comments (57)
nevadapat
Posted on September 22, 2010 at 1:37pmRun away…….run away……….the ships sinking
Report Post »CoFX
Posted on September 22, 2010 at 12:58pmThe Gov’t is just like any other big business. If you screw up royally, someone has to fall on the sword and take the focus off the top man who actually pushes for the decisions. Obama will just reload with more puppets, have them pass his policies, then when they inevitably don’t work the 2nd time around, just ask for resignations and start the whole cycle again. You gotta keep creating scapegoats if you never take responsibility yourself.
Report Post »needanotherReagan
Posted on September 22, 2010 at 12:58pmOrszag, Romer, Summers, and now Allison. What do they know that we don’t? I think they see the iceberg, and they’re hitting the lifeboats before Obama steers us right into it.
Report Post »Slayer
Posted on September 22, 2010 at 12:47pmWelp, looks like TARP didn’t work quite as we were told! So I guess Allison can pocket several million dollars for running it into the ground and screwing all of us along the way. Then Allison can leave for another lucrative job where he can repeat the process:
Report Post »Blather about his experience
Demand outrageous sacrifices from everyone but himself to fix the problem
Watch as his solution goes EPIC FAIL
Blame Bush and Palin
Pocket millions of taxpayer dollars
Leave for another lucrative job
Fearless Leader
Posted on September 22, 2010 at 12:20pmTARP is a revolving door! it is not going to ever be paid back because it is a revolving door!!!!
Report Post »Polwatcher
Posted on September 22, 2010 at 11:58amWith pockets full it is time to leave before the sheriff comes.
Report Post »richierich
Posted on September 22, 2010 at 11:53amAt least TARP can get paid back to the taxpayers. The other garbage legislation will never, ever be returned to the Treasury.
Report Post »DanSt
Posted on September 22, 2010 at 1:37pmIf Barry has his way. he’ll spend returned TARP monies too…he really thinks it’s Monopoly money…
Report Post »poverty.sucks
Posted on September 22, 2010 at 11:43amSmells like crap is about to hit the fan
Report Post »NoStar
Posted on September 22, 2010 at 11:34amIsn’t it fun
Report Post »to watch the rats run
As they jump from a ship that is sinking?
With a tear in his eye
The commander says, “bye.”
Then back to his stateroom, he goes slinking.
NoStar
Posted on September 22, 2010 at 11:39amSorry, it meters better with this final line:
Then to his stateroom he goes slinking
Report Post »martnee777
Posted on September 22, 2010 at 11:22amTo all those brilliant economists with their PhD’s, who live in the world of academia……Reality Sucks, Doesn’t it.
Report Post »POINTBLANK
Posted on September 22, 2010 at 11:20amNow if only Treasury Secretary Geithner would resign..along with DHS Secretary Napolitano, Rahm Emanuel, Axelrod,Valerie Jarrett, and all the czars attached to Obama; this country would be better off with out the likes of these progressives. REMEMBER NOVEMBER 2010 AND 2012. Clean out the White House now!!!!
Report Post »Scanner 3T
Posted on September 22, 2010 at 11:19amRun Rat Run !!!!!!!!! Thats about right, make a mess then RUN like a DOG.
Report Post »DanSt
Posted on September 22, 2010 at 11:14amAnyone know where all the billions that were paid back are? Oh that’s right, Barry’s trying to spend them…I guess when you tell banks they need to borrow money most don’t need, then charge them for it, then attempt to charge them again for it, you figure there is no bottom to the availability of funds…To suggest that academics have any idea how to run an economy is an exercise in ignorance…I saw Peter Orszag on Charlie Rose last week say that ‘Obama got all he had asked for’ and that if the people think that former CEO‘s could do a better job then maybe Barry should hire some’…his arrogance, while well hidden, was indicative of this whole administration…I’m guessing it will be a very long time before the American people elect a President with an empty resume…At least I‘m hoping that’s the case…
Report Post »broker0101
Posted on September 22, 2010 at 11:09amThese people are standing in the bright, noonday sunshine, screaming at the top of their lungs that it is nighttime. This lying weasel will simply be replaced with another lying weasel.
Report Post »Mikee T
Posted on September 22, 2010 at 11:18amBROKER0101……..you’re right. They breed these thieving reprobates that have run our country into the ground. This is why we have to get rid of them all……. We, the people, still have the right and the power, as given us by our constitutuion, to do that very thing. Can we get enough people on board to wipe the slate clean ? I would like nothing more than to see all these “career” politicians retired, permanently. As a nation, united, we have to call on all walks of life here; all ethnicities to stand and eliminate these mongrels; separate them from the current power they have over us….
Report Post »scootydoo
Posted on September 22, 2010 at 11:05amMaybe if we are lucky it will just be BO and his family left in the Whitehouse by the end of the year. I know it‘s wishful thinking but I’m just hoping for change.
Report Post »kiwi1
Posted on September 22, 2010 at 11:02amEveryone in this Administration needs to be Investigated and Prosecuted. Jail time!!!!
Report Post »VRW Conspirator
Posted on September 22, 2010 at 11:01amThese guys are financial “gurus” sheltered from the reality of having to pay a mortgage or bills or put food on the table from a job that is cutting hours and wages. These are the “rich” that Obama wants to tax more but they don’t care because they will be writing the tax codes and just find ways to shelter their money while taxing the small business owner that files personally.
The only people that think the TARP was successful are the moonbats in Congress that handed out 10′s of millions to their home district to buy the next election. With Gods help however, they will see that the American people can’t be bought any longer. Listen to even the Democratic stragetists… some are forecasting a modest 30-40 seat gain in the House by the Republicans to as much as 80-100 seat gain. That would be a knife in the heart of Progressives…now if we can only make it come true.
Report Post »v.o.t.e.
Posted on September 22, 2010 at 11:00amactually–i’m a wall street person— the system was in the process of imploding— wall streets ability to finance stupid massive risk was at an end– this infusion has –i believe – 80% paid back and if aig pays back the money –with gm shares it may turn a profit– what we should be pissed about as taxpayers was the fact that wall street bot all the distressed crap at low prices and made a killing in 09– any firm that took tarp money should have had a very high tax rate on 09 compensation– our fearless leaders missed that entirely– msm misssed it also– it wasn’t the bailout that you should be mad about but you should be mad about wall street taking advantage of the choas to reap untold billions in profits gabish
Report Post »broker0101
Posted on September 22, 2010 at 11:11amWhile not physically on Wall Street, I, too, could be said to be a “wall street person” and I must say that yours in an unusual, even unique, description of what happened with TARP.
Report Post »justanamerican
Posted on September 22, 2010 at 11:16amStfu
Report Post »DanSt
Posted on September 22, 2010 at 11:21amThis administration seems to think that TARP monies are his to squander at will…Forcing banks to take loans they didn’t need, charge them for it and then threaten to charge them again isn’t what we do here in America. Let me know when GM bond holders are made whole, then get back to me. While TARP wasn’t anywhere near as devastating as it could have been, it’s still not at net zero…Last I heard our we are still on the hook for almost 4 trillion dollars in loan guarantees…if the public knew that figure started at almost 13 trillion they would have been marching in the streets with pitchforks…Audit the Fed and get non-banks the hell out of the window…
Report Post »v.o.t.e.
Posted on September 22, 2010 at 11:22amits what really happened — think about it— i’m on the bond side– we acted as if nothing happened in 08 as per taking risk— now that the party is over and prices are stabilizing -all the bailed out entities are reporting and forecasting much lower earnings– i was in the middle of it —- and it was ugly — alot of people are confusing tarp with the stimulus– tarp money is being returned —stimulus money is gone forever–
Report Post »broker0101
Posted on September 22, 2010 at 11:29amV.O.T.E., do you have any experience with Fannie Mae and Freddie Mack CMOs? How did those mortgage-back bonds’ (You know, the “Troubled Asset” part of TARP) prices “stabilize” after TARP? The ones I am able to see “stabilized” at around $.08 on the dollar with a suspended interest payment. How did AIG (and others, beside FANNIE and FREDDIE) get “rich” on them?
Report Post »DanSt
Posted on September 22, 2010 at 11:35amObama on Monday said he would press Congress to pass legislation to pay for additional infrastructure works, tax breaks for small businesses and incentives for consumers who weatherize their homes.
He said the $700 billion bailout of the nation’s banks would be wound down, and that funds left over or returned to the government by financial institutions should be used to pay for new programs for Main Street.
Report Post »Okpulot Taha
Posted on September 22, 2010 at 11:44amV.O.T.E. comments, “…you should be mad about wall street taking advantage of the choas to reap untold billions in profits gabish”
Years back a handful of us began loudly ringing alarms about Wall Street crime. Like my stock trading friends, I saw this economic collapse coming. Here are two of my many articles published by our Securities and Exchange Commission (SEC) back in early 2008,
http://www.sec.gov/comments/s7-08-08/s70808-156.htm
http://www.sec.gov/comments/s7-08-08/s70808-329.htm
Although I wrote articles like those for years, I cite those articles to exemplify what happens when crooks are in charge of regulating crooks. In this case, Christopher Cox being appointed chair of the SEC, appointed by George W. Bush, another crook, an illiterate crook.
Christopher Cox was the SEC head whom John McCain called for being fired in late 2008.
I rode the back of Cox since the Eighties back when Cox was indicted in a Ponzi scheme which defrauded the elderly of hundreds of millions of dollars. Cox made a mistake, back then, of having me literally thrown out of a political fund raising event for my daring to confront him about his stealing money from the elderly. I was literally physically picked up by security boys and tossed upon a sidewalk. I am fortunate to have a sizable backside to cushion my hard landings.
This “chaos” of which you write is actually “disorganized crime”, a play on words. Some of us saw our economic collapse coming long before the actual event. Normally I would ask, “Why did Capitol Hill not see this economic collapse coming?” However, almost all politicians over on Capitol Hill saw this economic mess coming but did not care while their pockets were being lined with cash by Wall Street. I know they saw this coming or should have.
Years back I sent out over three-thousand letters to elected leaders from municipal level to state level to federal level, a letter warning not to confirm Christopher Cox as SEC chair and why; pending economic disaster. Took months of effort, with the help of our girl, to send those letters. Only one elected politician responded to me, then Senator Hilliary Clinton of New York. She advised me she could not do anything about this Cox problem nor do anything about our pending economic disaster.
Today, Barack Obama surrounded himself, or did surround himself with Wall Street crooks who caused our current economic woes. I am amused those of his “economic team” are bailing out, are resigning before Americans begin asking embarrassing questions; those boys and girls have much to keep hidden from America; they are crooks yet to be charged with financial crimes.
I saw this economic disaster coming. I will ask, “Why did Barack Obama not see this pending economic disaster coming?”
Obama surrounded himself with Wall Street crooks. Today, Barack Obama is quite wealthy but he remains fatally stupid, and remains a habitual liar, just like Christopher Cox and George W. Bush.
Lining their pockets with cash swiped from Americans is motivation to turn a blind eye to financial crime committed by both Wall Street and our elected leaders. They knew, they did not care.
Okpulot Taha
Report Post »Choctaw Nation
v.o.t.e.
Posted on September 22, 2010 at 11:57amthe fnma and freddie preferreds is what i think your talking about brokero –they will never recover— and so that people know where i’m coming from –i’m a tea party patriot–
Report Post »Tatum
Posted on September 22, 2010 at 11:00amYou need to stop looking at these people and try to understand them. They are playing a shell game. Both sides are playing the game. President Bush said, “We have to go against the Capitalist system to save the Capitalism system.”
Report Post »motomatt
Posted on September 22, 2010 at 10:57amSummers, Romer, Orzag, and now Allison…Obey, Bayh…the rats are not walking, but running for the exits. They are hoping to escape the tsunami that’s headed their way, clutching to to any vestiges of self-respect. Won’t matter, though…they will be forced to testify under oath to their complicity. Justice must, and will, be served.
Report Post »Workforit
Posted on September 22, 2010 at 10:20pmMotoMatt I’m with you! When Bernie Madoff was busted for a tiny little billion dollar (?) 30 year old ponzi scheme he went to Jail… How long of a term do you think Obama and his Clan of thieves will get for a couple or trillion?
Report Post »jrcess
Posted on September 22, 2010 at 10:56amThe Economic program has been a total failure. Herb, Larry, Rommer, and Orzsag instigated the theft of billions of Tax dollars. These wizards need to be prosecuted. They stole your money.
Report Post »mbfrat
Posted on September 22, 2010 at 10:51amThe bailout has proven to be remarkably successful?! Are you kidding me??
Report Post »justanamerican
Posted on September 22, 2010 at 11:15amGoes to show……….YOU CAN SAY ANYTHING YOU WANT!!!!!!!!!! and get away with it, but only if you’re a democrat or a democrat flunkie
Report Post »Mikee T
Posted on September 22, 2010 at 10:47amThe TARP program was a failure, plain and simple. It represents the core of big government agendas. Waste, waste and waste some more. I have personally witnessed what a small portion of the TARP program was supposed to do and has failed to do. The HAMP (Home Affordable Modification Program) to help troubled homeowners has failed miserably as well. There are two culprits in the failure of the HAMP program. The treasury department which has “sub-contracted” ex FNMA employees to run it, and the banks that have been unwilling and undermanned in trying to accomplish the goals (which is to modify mortgages commensurate with approximately 31% of the household’s income). The whole program was and still is a pipe dream, and only a small part of the TARP program but another clear example of BIG GOVERNMENT FAILURE !!!!!!!1
Report Post »RUMBAROCK
Posted on September 22, 2010 at 10:45amWhat??? I feel like i’m in the twightlite zone!!
Report Post »Joe Potus
Posted on September 22, 2010 at 11:14amLike rats abandoning ship. Ooooo look, Rahm has been turned into a donkey to pull the big pumpkin carriage.
Report Post »Libertarian
Posted on September 22, 2010 at 11:18amThis to me shows what the economy is about to do.
Paulson & Soros buying gold, the price of gold and precious metals, the HLLI index fluctuation’s, NYSE highs/lows, the Austrian economists warnings, the debt, my gut feeling and economic advisor’s to the president bailing off the sinking ship.
Buy food people, buy food.
Report Post »broker0101
Posted on September 22, 2010 at 11:25amYou buy food, I’ll buy guns and ammunition. If push ever comes to shove, I will then have food AND guns and ammunition…and gold.
Report Post »Libertarian
Posted on September 22, 2010 at 11:35amThe only market Obama is responsible for improving is the sale of ammunition and guns because of his skewed stance on the 2nd amendment.
Report Post »wleeblake
Posted on September 22, 2010 at 10:43amIn what world is he living in?
Report Post »galesreed
Posted on September 22, 2010 at 11:00amIt would be very interesting what information you would get if he was hooked up to a lie detector
Report Post »Joe Potus
Posted on September 22, 2010 at 11:12amWings stable, check. Accelerator stable, check, Afterburners GO, check. Captain we are now stable and accelerating toward the mountainside of debt, what are your orders? Steady as we go. I‘m going to california and I’m bringing….
Report Post »justanamerican
Posted on September 22, 2010 at 11:14amRIGHT ON…… I always dream about hooking these idiots up to a lie detector test !!!!!!!!
What you’d find would be even more shocking than what we already know!!!!!
Report Post »Red Blooded
Posted on September 22, 2010 at 12:10pmI think I would rather hook them up to electrified nipple clamps…..anyway we can arrest them for treason? theft? hell I’ll take jay walking at this point, just to get them in with the prison population, where I‘m pretty confident they’ll face justice…
Report Post »DaytonConserve
Posted on September 22, 2010 at 1:24pmBailing ANYBODY out was the absolute wrong thing to do. Gives a green light to more bad behavior. Interferes with free market principals. Facilitates crony capitalism which is odd since Obama seems to complain about capitalism all the time. I guess it is only good when you can reward yourself and your friends.
Forget the lie detector. You have to know what questions to ask first. Put him in a locked room with Lindsay Lohan for a few days. He’ll tell you everything we need to know.
Report Post »Sheepdog911
Posted on September 22, 2010 at 4:53pmSo, is this guy going back to academia to teach the fiinancial theories his actions have proven don’t work? This guy must use the same standard for success that the other guy used to proclaim Arianna Huffington as Hot.
Report Post »