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Oh bummer!
Obama should close down TEAB

Obama’s ‘trusted’ Transition Economic Advisory Board (TEAB) is not only irrelevant, but continuing it any further could be a major source of embarrassment for Obama. That TEAB has grossly under-performed can be seen from direct indicators – TEAB has been able to spend just about half the recovery package of $787 billion; TEAB has not given concrete steps for stemming the growing unemployment, now at 9.8%, and job losses of 4 million alone in this year; TEAB’s huge lack of focus on controlling America’s humungous deficit of $1.4 trillion is legendary. Added to that is the clear conflict of interest that some of the 17 members of TEAB have in gaining from the stimulus that they themselves have promoted – for examples, Warren Buffet (had investments in Goldman Sachs and other firms that got huge stimulus support) and Robert Rubin (Chairman of Citigroup; got $45 billion government support).

And if Obama even dreams of getting his rote against outsourcing in action, a few TEAB members will be dancing to a different tune we guess – Robert Rubin created a collection and transaction process centre in 2000, having 12,000 employees now, which has been sold to Tata Consultancy Services. Warren Buffet’s invested firms have business interests in making apparels in Asia, Morocco and the Carribean. Anne Mulcahy, member TEAB, is the Chairman of Xerox, which outsourced manufacturing of low end printers and copiers through Singapore-based Flextronics International Ltd.

The fact is, we guess Obama has probably already realised this. One reason why his meetings with TEAB, well, are not held of late. And surprise, surprise, Obama now has a fully active Presidential Economic Recovery Advisory Board (PERAB) that he meets very regularly to push his moves to improve and hasten the American economic recovery. Guess how many members from the TEAB are there in the PERAB? Five! Buffet, Rubin, Mulcahy, all find themselves eased out. If this much is already done, then it’s time for you Obama to formally disband and disengage the skew-minded TEAB!

By:- Sayan Ghosh

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