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View Diary: Bill Clinton: I Shouldn't Have Listened to Summers and Rubin [Substantive Update] (341 comments)

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  •  Krugman, Stiglitz? (17+ / 0-)

    I'm still wondering how the hell the two Nobel prize winning economists got locked out of this administration.

    Did Summers really get to lock them out?

    Perhaps he just doesn't want to admit that the dipshit Friedman was very, very wrong...Or that people don't give a rat's-ass about economic orthodoxy when it starts to destroy society.

    It is curious to see the periodical disuse and perishing of means and machinery, which were introduced with loud laudation a few years or centuries before. -RWE

    by Gravedugger on Sun Apr 18, 2010 at 11:57:25 AM PDT

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    •  me too plus (14+ / 0-)

      Volcker was effectively neutered.  Robert Reich is another one who has been very outspoken and was not included as part of the economic team.

      "in the wake of Sept. 11, a frightened nation betrayed one of its core principles -- the rule of law -- for the fool's gold of security." Leonard Pitts

      by gulfgal98 on Sun Apr 18, 2010 at 12:25:12 PM PDT

      [ Parent ]

    •  Krugman stated publicly that he had no interest (6+ / 0-)

      in working within the Obama administration before Obama was even inaugurated. Is Obama supposed to force Krugman to work with his admin?

      •  I didn't know that... (6+ / 0-)

        I didn't know Krugman had declared himself an outsider.

        I guess my problem is that President Obama decided to pack a bunch of neoliberals in without any Keynesian influence.

        It is curious to see the periodical disuse and perishing of means and machinery, which were introduced with loud laudation a few years or centuries before. -RWE

        by Gravedugger on Sun Apr 18, 2010 at 01:11:52 PM PDT

        [ Parent ]

        •  Krugman turned down an offer to work on Clinton's (3+ / 0-)

          econmic team in the 90's.  And pre-emptively turned down any potential Obama offers.  Krugman said he didn't have the temperament for government work and was more valuable critiquing from the peanut gallery.

          •  Of course, Krugman does not support breaking up (0+ / 0-)

            banks to avoid "too big to fail",  as say Simon Johnson does.  Assuming for sake of argument, Obama had hired both Krugman and Johnson and they were both in a meeting discussing whether the reform legislation should include language to prohibit banks from having more than a certain level of assets and Johnson lost the debate to Krugman.  The bill that the President eventually supports does not include provisions supported by Johnson.  Twenty years later, the economy tanks after a very large banking institution fails.  Would it be fair to call Krugman a "piece of shit" or a "shill" if his advice was wrong, if his judgment was wrong.

            I agree that Rubin and Summers were wrong.  And I believe Summers deserves attack for his views about women in scientific fields as they were prejudicially-based.   But in many professional fields, particularly economics, experts make judgments that are erroneous and have severe consequences despite their being offered in good faith.   The tenor of commentary about these men and the worry that they have Obama under their exclusive control borders on the hysterical and is similar to the constant ane speculative appropriation of every "bad" thing the administration has done to Rahm Emanuel without much, if any, evidence other than he dissed progressives (of which I am one).  I seriously doubt these two men do not now recognize that they made big mistakes.  I also seriously doubt Obama lets any one advisor control his final decisions.  He expects lively debate from every account I've heard.   I assume he wants to hear from those who made mistakes.  Remember Keynes, the economist who is most responsible for the reinvigorated view that gov't spending is necessary to create demand after a serious recession was, prior to the Depression, an avowed Free Market disciple who would never have agreed with the views that he later developed and embraced had he been more rigid.  Under the theories of many commentors here, FDR would have been a fool to talk to Keynes (or listen to people who have read Keynesian theory) because Keynes had previously supported views at least partially responsible for the Depression.  Fortunately, FDR had sufficient faith that smart men, particularly in the pseudopscience of economics, have the capacity to reconsider views that were erroneous.    

    •  I was watching a Mr. Bill Black interview (11+ / 0-)

      recently, and he said that the Obama administration reached out to him BEFORE Obama was elected into office.  And then guess what happened after Obama won election?  Yup, Mr. Bill Black, the man who investigated the S&L crisis and has tons of experience, was locked out.  

      Bring in Bernanke (a Greenspan prodigy), Geithner (a damn buffoon), Summers (the "let's not regulate derivatives" guy), and so on and so on...

    •  Not likely (1+ / 0-)
      Recommended by:
      blueoasis

      they're not linked to Wall Street or the corporate world, two requirements for the Obama administration.

      "Private health insurers always manage to stay one step ahead of the sheriff." Sen. Sherrod Brown

      by Betty Pinson on Sun Apr 18, 2010 at 05:32:37 PM PDT

      [ Parent ]

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