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View Diary: Economics Daily Digest: OoooooO, that Lew (10 comments)

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  •  I like Dean Baker's take - (3+ / 0-)
    Recommended by:
    midwesterner, No Exit, stevej

    Paul Krugman for Treasury Secretary

    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.

    [snip]

    If Krugman were Treasury Secretary we could envision a policy that was focused on creating jobs rather than reducing a deficit that exists almost entirely because of the downturn in the economy. We could also envision a policy that sought to tame the bloated financial sector with a speculation tax that would make much of the creative finance on Wall Street unprofitable. And, we would not have to worry that cutting Social Security and Medicare is the top priority for the Obama administration.

    But, Krugman is not on the short list for Treasury Secretary. This list has the names of people who are much more acceptable to Wall Street, who, by the way, have been wrong on almost everything important about the economy in the last decade. As a result, we should be very, very afraid.

    Remember when the Bush administration always promoted and/or gave medals to the people who got it wrong and failed the country?

    Even when it's the Democrats, it's still dumb, destructive and...wrong.

    And the cheerleaders, so willing to accept these moves as "serious"and "practical" and beyond our understanding, will be baffled and blame the voters for being...unimpressed, if not pissed off, after two more years of this sort of feckless, obtuse leadership as the encore to a fraudulent populist campaign...

    The Class, Terror and Climate Wars are indivisible and the short-term outcome will affect the planet for centuries. -WiA "When you triangulate everything, you can't even roll downhill..." - PhilJD

    by Words In Action on Thu Jan 10, 2013 at 07:30:45 AM PST

    •  This idea has been brought up by commenters (0+ / 0-)

      on Krugman's blog many times over during the past two years, ever since Geithner threatened to leave the first time.  He finally addressed the idea directly in a blog entry of January 7th:

      Yes, I’ve heard about the notion that I should be nominated as Treasury Secretary. I’m flattered, but it really is a bad idea.

      Part of the reason is that I am indeed the World’s Worst Administrator — and that does matter. Someone else can do the paperwork — but an administrative job requires making hiring and firing decisions, it means keeping track of many things, and that, to say the least, is not my forte.

      Oh, and there’s not a chance that I would be confirmed.

      "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

      by SueDe on Thu Jan 10, 2013 at 01:33:21 PM PST

      [ Parent ]

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