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Jack Lew confirmed as new US Treasury secretary

March 01, 2013
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President Barack Obama's former chief of staff Jack Lew was confirmed Wednesday as the next US Treasury secretary, taking over a key portfolio at a time of deadlock over the US budget and debt. The US Senate voted 71-26 - with support from 20 Republicans - to confirm Lew, a former White House budget director and Wall Street executive, providing Obama with a second new cabinet appointment approval in as many days.

The Senate voted Tuesday to confirm Chuck Hagel to head the Pentagon, after a contentious, seven-week process. While Hagel's confirmation was marked by partisan acrimony and delays, Lew's nomination by contrast sailed through, just one day after the Finance Committee gave its approval. The president issued a swift thanks to the Senate for its bipartisan action.

"At this critical time for our economy and our country, there is no one more qualified for this position than Jack," Obama said in a statement shortly after the vote. "As my chief of staff, Jack was by my side as we confronted our nation's toughest challenges," Obama said, hailing Lew as "a master of fiscal issues who can work with leaders on both sides of the aisle."

Copyright Agence France-Presse, 2013


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#2 Francis Buxton 2012-02-23 05:12
Prohibition renders contracts unenforceable and makes it impossible for competitors to use the courts or the police to challenge intimidation or settle disputes. Those conditions promote violence. There are plenty of legal businesses that might love to "kill the competition," but that only becomes a viable strategy under the black market conditions that prohibition creates. Prohibition also raises the prices of illicit drugs and hence their profitability. (Econ 101: risk demands compensation.) This only increases sellers' incentives to do "whatever it takes" to capture market share. Today you don't see rival beer distributors engaging in deadly shoot-outs over turf, but you USED TO -- during alcohol prohibition. Run a Google image search for "U.S. homicide rate graph" (not all together in quotes). Take a look at the murder rate before, after, and during alcohol prohibition (1919-1933). Tell me when you spot a pattern.
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#1 Francis Buxton 2012-02-23 05:11
This isn't difficult to understand. It's the war on (some) drugs itself that is fueling violence. After all, the “WAR” on drugs IS violence. It's the policy of sending men with guns to confiscate sellers' profits, destroy their inventories, and lock them in cages. All of the OTHER violence that surrounds the (non-alcohol, non-tobacco) drug trade is fundamentally a REACTION to that initial state-sponsored violence.
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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyFBS July-June
Trade Balance $-21.271 bln
Exports $23.641 bln
Imports $44.912 bln
WeeklyMay 13, 2013
Reserves $11.863 bln