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Dean Baker: Paul Krugman for Treasury Secretary [View All]

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seafan Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-09-13 11:26 AM
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Dean Baker: Paul Krugman for Treasury Secretary
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But, that would not please Wall Street.


Dean Baker writes astutely:


.....

The major reason that Krugman is not on anyone's short list is that he has been right about most of the important issues in economic policy over the last decade. The list where Krugman has been right and the Washington insiders have been wrong is a long one.

It starts with the housing bubble, which Krugman warned of as early as 2002.

.....

In the fall of 2008 when the financial system was freezing up, Krugman called for a takeover and recapitalization of the big banks, rather than a bailout that left them largely intact. Can anyone seriously doubt that the economy would be in much better shape today if the Wall Street behemoths had been reorganized and broken up?

He also argued for mortgage write-downs for underwater homeowners .

.....

At the time the first stimulus was passed in early 2009, Krugman correctly warned that it would be inadequate and that its failure to restore full employment was likely to discredit the concept of stimulus in policy circles.

.....

He warned against the austerity being pursued .... correctly predicted that these polices would lead to recessions and higher unemployment.

It is precisely this track record of being right on most of the key policy calls of the last decade that makes Krugman unacceptable as a candidate for Treasury Secretary. To be a serious candidate for this position it is necessary to have been wrong on most or all of these issues.

This should make the public very angry.

.....





But, Paul Krugman's name is missing from the Treasury Secretary short list. And Wall Street likes that immensely.



Meet Jack Lew: Tim Geithner's (likely) Replacement


Jack Lew: Obama's OMB Pick Oversaw Citigroup Unit That Shorted Housing Market, May 25, 2011




And the beat goes on.







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