Now It Can Be Spoken, Now It Can Be Told
I scooped Charlie Gasparino by like...what...five months? Does Charlie have better sources than me? No. It's just that now such a story is acceptable to run, whereas when I was making my call, we still had a de facto lese majeste prohibition operating within the MSM.
But the bigger point in Gasparino's article than the buyer's remorse is the blackout of all the knowledgable and sensible voices on economic policy within the administration - voices, like Volcker and Summers, which were heavily sold to the public during the campaign, and which I believe enabled Obama to hoodwink folks like Warren Buffett and Lloyd Blankfein into supporting him. I pointed out this disconnect awhile back and wondered why we are getting such miserably destructive economic policy from such brilliant economic stars - either they ain't so brilliant or the administration is not listening to them. The Gasparino scoop suggests it is indeed the latter, which brings up another concern. Why are these folks still working for the administration and in some cases why are they still stumping for destructive policies that they would not have counselled? Furthermore why devote your time and effort if your work and advice is going to be ignored? Is the pay that good? Is the padding of the ole' resume that good?
Watch this space, as I think few economists will want to pin their reputations to this or this. Volcker may be a leading indicator. He has a sterling reputation and nobody doubts his honor, so his recent public jabs at Obama's policy ideas may be an incipient attempt by the economic dream team to regain the attention of the President or else, perhaps, lose their counsel. He may be saying, "Hey, if you want us around (and want to draw on our credibility), you have to listen to us; we're not going to attach our reputations to what you, Axelrod, and Rahm Emmanuel cook up." Let's not forget, Obama had no credibility on economic issues as a candidate. He drew upon the credibility of those he could draw to him, essentially borrowing credibility of people like Volcker and Summers.
The Powerline guys get similar thoughts from Professor Paul Rahe who sees past the putative dishonor of the various economists in Obama's circle to something much more ominous.
But the bigger point in Gasparino's article than the buyer's remorse is the blackout of all the knowledgable and sensible voices on economic policy within the administration - voices, like Volcker and Summers, which were heavily sold to the public during the campaign, and which I believe enabled Obama to hoodwink folks like Warren Buffett and Lloyd Blankfein into supporting him. I pointed out this disconnect awhile back and wondered why we are getting such miserably destructive economic policy from such brilliant economic stars - either they ain't so brilliant or the administration is not listening to them. The Gasparino scoop suggests it is indeed the latter, which brings up another concern. Why are these folks still working for the administration and in some cases why are they still stumping for destructive policies that they would not have counselled? Furthermore why devote your time and effort if your work and advice is going to be ignored? Is the pay that good? Is the padding of the ole' resume that good?
Watch this space, as I think few economists will want to pin their reputations to this or this. Volcker may be a leading indicator. He has a sterling reputation and nobody doubts his honor, so his recent public jabs at Obama's policy ideas may be an incipient attempt by the economic dream team to regain the attention of the President or else, perhaps, lose their counsel. He may be saying, "Hey, if you want us around (and want to draw on our credibility), you have to listen to us; we're not going to attach our reputations to what you, Axelrod, and Rahm Emmanuel cook up." Let's not forget, Obama had no credibility on economic issues as a candidate. He drew upon the credibility of those he could draw to him, essentially borrowing credibility of people like Volcker and Summers.
The Powerline guys get similar thoughts from Professor Paul Rahe who sees past the putative dishonor of the various economists in Obama's circle to something much more ominous.
posted by Donny Baseball at 10:20 PM
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