Ex-Biden Aide: Obama and Biden are “Both Financially Illiterate.”

Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. He is completing a book on the international challenges America faces in the 21st century.


Obama told Leno that he’s bad at math and now we have independent confirmation of that. Still you have to be really financially illiterate to run annual trillion dollar deficits while running on a pledge to cut the deficit.

Author Jeff Connaughton, a Biden Senate staffer turned lobbyist, is by his own admission deeply disillusioned with the capital and embittered about his experience with the man who inspired him to enter politics.

“I came to D.C. a Democrat and left a plutocrat,” he confesses.

So did the entire Democratic Party. This is a tell-all book telling us things that we already know or could have easily guessed.

Adding another wild-card to the 2012 campaign’s final days, a former aide to Vice President Joe Biden has written a tell-all Washington memoir in which he lacerates the former Delaware senator as an “egomaniacal autocrat” who was “determined to manage his staff through fear.”

Not exactly a major surprise for anyone who saw Biden’s performance at the last debate. The man is a jackass and probably treats staffers almost as badly as Ralph Nader or Michael Moore, both of whom have left behind their own trail of horror stories.

President Obama and Biden, he writes, are “both financially illiterate.”

Again, not very surprising. And not just financially.

In the prologue, Connaughton recounts the 2008 campaign gaffe when Biden predicted that Obama would be tested soon into his term.

In a meeting with Connaughton and some of his other advisers a few days after the election, Biden revealed that he had been upbraided by an angry Obama.

“Biden told us that Obama had called him and told him sharply that he didn’t need public tutoring: ‘I don’t need you acting like you’re my Henry Higgins,’” Connaughton writes. “Biden said his private reaction was, ‘Whoa. Where did this come from? This is clearly a guy who could restrict my role to attending state funerals or just put me in a closet for four years.”

Biden added: “I’m going to have to earn his trust, but I’m not going to grovel to this guy. My manhood is not negotiable.”

“Biden: My Manhood is Not Negotiable” was the original headline for this article. It’s also the title of Biden’s upcoming biography.

“Ted tried to console me,” Connaughton writes of Kaufman: “ ‘Jeff, don’t take this personally. Biden disappoints everyone. He’s an equal-opportunity disappointer.’ ”

Well at least he’s not a racist disappointer. Chris Matthews will be pleased.

Connaughton writes that the turn of events left him to conclude that Biden was not interested in helping those who had been loyal to him.

“His ambitions, I was coming to understand, were mainly about himself,” writes the former staffer.

Yet another thing Biden has in common with Obama.

“If the Marine Corps’s hierarchy of allegiance is unit, corps, country, God, then the hierarchy for a Professional Democrat is current firm, former-elected-official boss, the congressional Democratic leadership, and the president (if he or she is a Democrat),” Connaughton writes.

  • SuicidePrevention

    Sadly, it seems Connaughton is right and Obama is financially illiterate. Why else would he have appointed Wall Street errand boy Geithner Treasury Sec? Why else bail out the banks with no strings attached? Why no criminal indictments of Wall Street executive?. The debt bubble was all about fraud. The more fraud, the bigger the bonus. Of course, when a financially literate Democrat like Elizabeth Warren comes along, one willing to fight Wall Street, you don't like her any better. Lots of shills out there, shills for big finance.

    • https://www.facebook.com/KosherWine Rafi Schutzer

      This is all known as "rent-seeking." It is an ability to somehow insinuate oneself into a system, become indispensable in someway and gain a hold power of some kind. This sequence is adapted and iterated as many times as necessary in order to achieve either higher office, fame, wealth or some permutation.

    • Jed

      Under Clinton, about 1,000 Wall Street people were prosecuted. Under Bush, it was about 1,300. Under Obama? Zero.

      • SuicidePrevention

        The Savings and Loan debacle of the late 80's early 90's resulted in roughly 2000 prosecutions and 1000 convictions of bank execs. (Remember the Keating 5?) These were relatively small banks, not Wall Street behemoths.
        Frauds at Enron,Worldcom, Adelphia,Healthsouth, etc. were prosecuted and some execs were convicted and imprisoned during G W Bush's tenure. But, again, these were not Wall Stree guys.
        For the past 30 years under both parties regulation of large financial institutions has been rolled back step by step. Search on William Black for perspective on these matters. He was there prosecuting the Savings and Loan crooks.

    • Spider

      Obamas' first act after he was elected (he wasn't even president yet just president elect) was to go to meet with Wall Street bigwigs and cut them a deal. They indicated to him they weren't going to "get a haircut" as they put it. And what a deal they got – no prosecutions and a multi trillion dollar no strings attached taxpayer bailout.

    • Ian Chafe

      The most fundamental tool in finance these days is the theorem of Black-Scholes-Merton regarding the pricing of European call options and its generalizations, which is the basis of pricing derivatives. And the reality is, if you cannot explain the use of Ito's lemma in the proof of that theorem, then you are financially illiterate. Unfortunately, not many here have the wherewithal to understand Ito's lemma and hence will have no clue regarding what are derivatives.

  • http://www.dregstudios.com dregstudios

    If Obama loses the election, you can blame/thank the Right for bamboozling him. How is it ethical that an entire news network questions the President’s citizenship for four years to create doubt in voters while a fringe element of the far right demonizes and degrades him? Most of this is financed by the rich who want to keep their stranglehold on the flow of wealth in our country. Watch the white hands apply the Blackface to our first African-American President at http://dregstudiosart.blogspot.com/2012/10/bamboo

    • Lady_Dr.

      dregstudio – you are showing yourself as an ugly, hatful racist. "I hate his white half as much as his black half" according to one of my favorite pundits. But the reality is that the righ doesn't care about his color, the right LOVES ALLEN WEST and HERMAN CAIN. What the right dislikes about Obama is his political ideology, his hatred of America and his non-stop lies (e.g. the whole Benghazi fiasco).

      • PaulRevereNow

        …and his Marxist family, as in the film 2016!

    • Daniel Greenfield

      The Right made Obama financially illiterate?.

      • Mary Sue

        that guy spams different articles with teh same ruddy thing every time. He's a troll-spammer that as far as I can tell seldom replies if at all. The article he references is the typical left wing liar crap that makes assumptions about the Right in general, generalizes horribly, and doesn't tell anyone anything useful. He drinks the koolaid so much I'm surprised he's still alive. And the people that come and read his crap and agree with him are just as delusional, closeminded, and stupid as he.

    • https://www.facebook.com/KosherWine Rafi Schutzer

      The adversarial relationship is intrinsic to the idea of unionism. You can dish it out but can't seem to take it . . .

    • Glennd1

      What news network questioned his citizenship for 4 years? Fox actually avoided most of the "birther" stories – or did you miss that? Or is reality just an inconvenient obstacle to be overcome by hysterical and slippery rhetoric, just like Obama? What you don't realize is that you only diminish yourself with such baseless, irrational accusations. By using the charge of racism so cheaply you actually diminish actual racism, and also shame yourself by using such a terrible accusation to marginalize those you disagree with politically. We here look at you as a joke, a court jester, a useful idiot who's blathering has been programmed by others. We also think you are a lowlife for calling us racists without any factual basis. You only hurt yourself by making such statements.

  • Lady_Dr.

    Not just financial illiterates, Obama like most Democrats is woefully ignorant of history, even the last 20-50 years, possible even the last 20 years (or less).

    • Ian Chafe

      That is true of both sides. Just as the Democrats forget that Kennedy took on what Eisenhower (maybe the last conservative Republican, though Bush Sr might qualify) wouldn't (Bay of Pigs), so the Republicans still believe that cutting taxes raises revenue, a notion falsified by Reagan who used that trick to triple the national debt in four years, borrowing and printing more than all the previous presidents before him. If that notion had been true he would have produced a balanced budget. To be honest, the politicians are all ignorant of both history and finance, as are most commenting here.

  • amused

    And Romney's Tax plan is a bust or a lie . The Math doesn't addup and wht it comes down to is what the opposition has been saying all along , Romney's Tax plan benefits the rich and everyone else pays .
    http://finance.yahoo.com/news/tax-policy-center-s

    • Mary Sue

      it's not about math. It's about adding new taxpayers which cannot really be factored in until it happens.

    • https://www.facebook.com/KosherWine Rafi Schutzer

      Actually his plans are based on common sense and ordinary business planning. A couple things that have been missing from Obama's experience yelling at crowds and making stuff up.
      https://www.facebook.com/photo.php?fbid=468939600

    • PaulRevereNow

      Too bad; its the rich that create a lot of jobs in the U.S.. But if you do the math, you'll see that Romney has paid more in taxes than most middle-class families pay in their lifetimes. 14%(20,000,000)=
      $2,800,000. Why SHOULDN"T entrepreneurs who take ungodly risks get a break here and there?

  • http://twitter.com/TeekeeMon @TeekeeMon

    "…Connaughton did wind up landing the White House job and ultimately made his way along the well-trod path to K Street, joining Covington & Burling and wasn’t disappointed enough in Biden to not use the senator to his benefit…" http://politi.co/12VJRfr

    Sounds like a typical opportunist (snake-in-the-grass) lobbyist eager to cash in. This time with what he believes is something scandalous about the VP. I'll bet this book tanked after it's first week out of the gate.
    Who in the hell cares about a whiny staffer that doesn't believe he got enough strokes from his boss?