September 19th, 2009
11:00 AM ET
5 years ago

Obama adviser blasts big business ads

 National Economic Council Director Larry Summers blasted big business ads Friday.
National Economic Council Director Larry Summers blasted big business ads Friday.

WASHINGTON (CNNMoney.com) – A top White House adviser said Friday that business opponents of President Obama's plan to create an agency to protect financial consumers are trying to "scare people."

Larry Summers, director of Obama's National Economic Council, criticized an ad campaign by the U.S. Chamber of Commerce for suggesting that a new consumer agency will hurt small businesses that extend credit to their customers.

Summers compared the advertisements to the "death panel ads" invoked by opponents of health care reform.

"I'd suggest those ads are the financial regulatory equivalent to the death panel ads being run with respect to health care," Summers said in a speech at Georgetown University. "Those without a good argument try to scare people ... that's what is happening here."

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Filed under: Larry Summers
soundoff (9 Responses)
  1. John Littlefield

    Of course. Anything that does not go the way of Obama has got to be either a conspiracy, or racially motivated. Just like the so called "organized town hall disruptions". Look, with all due respect Mr. President, this is not YOUR nation. It is OUR nation. Think of the damage you are doing to our nation.

    September 19, 2009 12:50 pm at 12:50 pm |
  2. jeff

    Why everytime someone disagrees with the president and his policies thye are called racisits or they are said be be using scare tactics.
    Enough already

    September 19, 2009 12:51 pm at 12:51 pm |
  3. Steve, Columbia, SC

    If that is Larry Summer's best defense against opposition to Obamanomics and other socialist, big government policy, he needs to reconsider his position on the National Economic Council.

    How does this intellectual from academia know better than business owners in this country?

    September 19, 2009 12:54 pm at 12:54 pm |
  4. We Won Get Over It

    Again, big business is on a campaign to try to tear down anything done to protect the general public. There has not been a Democratic president yet that big business has not run ad after ad trying to discourage the public from supporting them.

    Why is this. They never complain about republicans, and that is because instead of working for the people who elected them republicans fall all over themselves to try to support nothing but big business.

    THE AMERICAN PEOPLE KNOW THE TRUTH. And the ads fall on deaf ears.

    September 19, 2009 12:54 pm at 12:54 pm |
  5. katiec

    I hope by now people realize that big business has no creditibility,
    refusing to be honorable and putting greed and power over everything else. Of course they do not want regulations. That might make them have to become accountable.
    We can no longer allow big business, lobbyinsts, special interests and those who support them continue to run and control our country and us.
    We must take America back.

    September 19, 2009 01:00 pm at 1:00 pm |
  6. New Age Democrat

    Funny, but here all I get are ads that try to scare people into supporting the president's plan. So I guess that must be ok.

    September 19, 2009 01:01 pm at 1:01 pm |
  7. J.L.L. Indiana

    The greedy rich see their massive profits threatened they will do what ever it takes. These people have no moral center. Be afraid be very afraid.

    September 19, 2009 01:03 pm at 1:03 pm |
  8. S Callahan

    My, My....have we forgotten that it's those little buisnesses that have spured to large buisnessess and that one is nothing without the other... I can't see where the Chamber of Commerce is scaring people...they have built a solid reputation of representing the 'little guys' which in turn supports the local communites, which in turn boast the State level, and eventually the Federal dollars. You take that away you are essentially giving it a vascular treatment with no guarantee of a good long term outcome for any level of government or community.

    September 19, 2009 01:03 pm at 1:03 pm |
  9. Susan

    And the "czarists" conveniently forget (or didn't know) that Bush appointed 46 czars with no approval and no accountability, yet not one negative word came from the right. Not one person's background was questioned by them. Not one person was forced to resign. You know why? Not because these people were any more or less moral than the Obama appointees, but because anytime Americans questioned Herr Bush's decisions, we were called traitors. You people are insane and hurting America more every day.

    September 19, 2009 01:12 pm at 1:12 pm |