55 Responses to Obama Announces a New Economic Board and Other Jokes

1. earlofhuntingdon February 6th, 2009 at 6:01 pm «

   The late David Halberstam would reproach Mr. Obama for ignoring that the title to his book, The Best and the Brightest, was ironic and sarcastic. The talent pool he refers to did not help Mr. Kennedy avoid the Bay of Pigs or keep him out of Vietnam. It did not help LBJ avoid escalating that war until he had to admit defeat and forego a second elected term, bequeathing us Richard Nixon. One of its “brightest” stars, Robert McNamara, spent decades avoiding himself and his part in that debacle, one that eluded the logic of his famed numeracy.

   This list of “stars” reads like the board of directors of one the bankrupt mega-banks whose owners and managers Mr. Bush just bailed out with a nod from his sleepy head. It’s a roll call of admirals and generals whose sons would stop a debutante’s heart. But it’s a list of supporters of failed policies. They are multi-millionaires all — not a progressive in sight. Their professional, social and financial interests are diametrically opposed to the interests of working and unemployed interests. It is like Mr. Lincoln enlisting the aid of Robert E. Lee. He would do his damndest to help one side win. Just not Mr. Lincoln’s.
2. selise February 6th, 2009 at 6:03 pm «

   obama:

   I’m not interested in groupthink, which is why the board reflects a broad cross-section of experience and expertise and ideology. We’ve recruited Republicans and Democrats, people who come out of the government as well as the private sector. Not everyone is going to agree with each other, and not all of them are going to agree with me — and that’s precisely the point, because we want to ensure that our policies have the benefit of independent thought and vigorous debate.

   wikipedia:

   Groupthink is a type of thought exhibited by group members who try to minimize conflict and reach consensus without critically testing, analyzing, and evaluating ideas. Individual creativity, uniqueness, and independent thinking are lost in the pursuit of group cohesiveness, as are the advantages of reasonable balance in choice and thought that might normally be obtained by making decisions as a group.[1] During groupthink, members of the group avoid promoting viewpoints outside the comfort zone of consensus thinking.
3. Hugh February 6th, 2009 at 6:33 pm «

   That’s what struck me too. This is a board that runs the gamut from A to B.
• selise February 6th, 2009 at 6:39 pm «

  pursuit of group cohesiveness = team player
4. bluebutterfly February 6th, 2009 at 7:15 pm «

   ” But the reason we said that Geithner’s was far more egregious is this. He signed a piece of paper acknowledging that he owed both taxes while he was employed by the IMF. He then collected the money from IMF to pay the taxes. Now, most of us, you know, the payroll taxes are withheld. We don’t get reimbursed for those taxes. It comes out of our own pocket. But Mr. Geithner not only signed a paper acknowledging he owed taxes, he collected money to pay the taxes and then didn’t pay them and pocketed the money. This is why it was far more egregious for him and why—you know, the New York Times demanded that Tom Daschle withdraw, and he did. But the same demand was not put on Mr. Geithner. “

   http://www.democracynow.org/20…..le_and_don
5. BooRadley February 6th, 2009 at 7:30 pm «

   Thanks Hugh
   digg
6. wigwam February 6th, 2009 at 9:19 pm «

   There is no Stiglitz, Krugman, or Roubini in this group.

   Of course not. They predicted what would happen and were right. They’d embarass everyone.
• Shoto February 7th, 2009 at 10:57 am «

  Are you sugggesting that two Nobel laureates and one of the most prescient economists working right now could actually do better than the Brand New Shiny Economic Joke…um…I mean Economic Team that has been assembled?
7. ThingsComeUndone February 6th, 2009 at 11:42 pm «

   Penny has been with Obama from the beginning Her I would watch anything she says or writes could go direct to Obama.
8. ThingsComeUndone February 6th, 2009 at 11:46 pm «

   I think this group is about protecting business, but Paul is about protecting the dollar’s value with high interest rates. If he gets his way expect a Jimmy Carter Presidency.
   Expect Sarah as the new Reagan.
• BMcGarth February 7th, 2009 at 10:40 am «

  I seem to read the script the same as you.The Repkes & determined to have this stimulus bill fail & thus the next couple of yrs a failure.Why for chrisssakes would 45% of the bill be for tax cuts when almost all economist agree that tax cuts won’t help but that’s been the dems for 12 yrs now,placating Repukes at every turn.Sheeesssh!
• GregB February 7th, 2009 at 10:42 am «

  Let them eat taxcuts.

  -G

  The slow suicide of America continues.
9. allan February 7th, 2009 at 6:55 am «

   Martin Feldstein

   is also well-known for having claimed in the late ’70s and early ’80s that Social Security decreased savings.
   He delayed publishing the details for years and when they finally came out,
   made a far less compelling case than he had claimed.
   But that’s what tenure is for.
10. booyah February 7th, 2009 at 9:58 am «

    Thanks Hugh … I wondered who would comprise the board.

    I was describing my despair over Obama’s previously-announced financial picks… saying it had totally blind-sided me that he would continue to protect corporations and the moneyed elite, maintaining the status quo… saying I felt as if a Trojan horse had been unleashed on us.

    But, I said… he announced a new economic advisory board today… so maybe that will include independent, progressive financial points of view.

    So… this list is very disheartening… I’m still in shock that the Clintonista/DLCers will be running his financial programs.

    How did this happen?
11. ThingsComeUndone February 7th, 2009 at 10:30 am «

    The Dollar is devalued right now we are printing too much money and spending.
    Paul is famous for raising interest rates which would raise the Dollar’s value and bring us the 70’s economy all over again.
    Cutting Military spending 20% and pulling out of Iraq and Afghanistan would be better.
• Hugh February 7th, 2009 at 10:43 am «

  Summers is going to be calling the shots not Volcker. But what is disheartening about this board is that this is Obama’s fallback, independent brain trust but it is just more of the same Establishment types. Sure they all have their pets ideas and niches but it is more of the same, heavily weighted toward the corporate and the financial and not a progressive or anyone else who got it right in sight.
12. marymccurnin February 7th, 2009 at 10:30 am «

    Time to call bullshit loud and hard.
13. Funnydiva2002 February 7th, 2009 at 10:33 am «

    typo in the title: extra ’s with Obama.
    Thanks in advance for this post, Hugh.
    FunnyDiva
    Guess I’m gonna need a new monniker: Not gonna be laughing much over the next few years, I think…
14. LindaR February 7th, 2009 at 10:39 am «

    okay. so here’s the deal

    it’s all gonna come continue crashing down.

    If housing is the foundation of American wealth, then look to housing: when so many people don’t have jobs, when the jobs people do have pay slave wages and are not secure, then people aren’t going to be buying houses.

    and all the kings horses and all the kings men, cannot put a bubble together again.
• LindaR February 7th, 2009 at 10:41 am «

  in other words:

  The United States Congress is so over. They have become full of sound and fury, signifying nothing.

  It’s over.
• selise February 7th, 2009 at 10:53 am «

  are you listening to the senate “debate” on cspan2 now?
• LindaR February 7th, 2009 at 11:02 am «

  yes. it’s driving me batty
15. mookieblaylock February 7th, 2009 at 10:40 am «

    ah, they have plans for us. They are all just pissed that fdr got in the way last time. This time around it looks like they are gonna get it right,unfortunately.I used to believe this abstractly,now its coming into focus a bit.So “take what you need you think will last…”

    “We are living in dangerously weird times now. Smart people just shrug and admit they’re dazed and confused. The only ones left with any confidence at all are the New Dumb. It is the beginning of the end of our world as we knew it. Doom is the operative ethic.” hst

    “.Big Darkness, Soon Come.

    Planet Under Attack, Hunter Gone….Big Sadness, Soon Come. ” hst
16. Otay February 7th, 2009 at 10:40 am «

    Obama is determined to have a nice seat on the Failure Express.
17. ralphbon February 7th, 2009 at 10:41 am «

    No Dean Baker either, while we’re counting.

    I am so over progressives clinging to the hope that Obama’s abominable appointees are being selected, brilliantly, on the only-Nixon-could-go-to-China model.

    Light sprinklings of Hilda Solises notwithstanding, all we’re getting are Nixons.
18. Otay February 7th, 2009 at 10:46 am «

    Does Obama realize he and his party is going to take the fall for any coming economic catastrophe, no matter how often he yells it was a “bipartisan effort”?
• Hugh February 7th, 2009 at 10:55 am «

  I don’t think he understands how bad things are or how fast they are getting worse. All of his choices represent very Establishment people and approaches. I think he really believes in the Establishment and that it will be able to put things back on track. He is wrong in this and the result is the chances for depression are increasing. His efforts may delay the process by a year to 18 months, a change in course on his part could still change the calculus, but we still are headed to depression.
• JClausen February 7th, 2009 at 10:58 am «

  My grandpa always said in the 1970’s(Born in 1893) that it was gonna take a Depression to bring back the FDR progressive era.
  I have had it with Senate already.This compromise is a certain failure.
• Shoto February 7th, 2009 at 11:00 am «

  Grim, but I concur. What I don’t understand is how anyone…and I mean ANYONE…can be oblivious to the reality of what we are facing. Has anyone checked to see if these people are breathing? Maybe put a mirror under their noses to see if it fogs up?
• Funnydiva2002 February 7th, 2009 at 11:02 am «

  There are none so blind as those who will not see. I’m afraid he’s blinded by his own dazzle and the hall-of-mirrors echo chamber that is DC establishment politics.
  I wonder if us hard-hit individuals and families, and those still fighting on their behalf, wouldn’t have more impact taking our case directly to Michelle instead. I don’t think we’ll get anything like a new New Deal without an Eleanor pricking the President’s conscience every night.

  FunnyD
19. selise February 7th, 2009 at 10:47 am «

    There is no Stiglitz, Krugman, or Roubini in this group.

    no galbraith, no baker, no one to challenge the washington consensus – which is the consensus of a failed neoliberal ideology.
• acquarius74 February 7th, 2009 at 6:17 pm «

  selise, I’m sure you know the back history of Summers and Stiglitz at the World Bank, huh? The Team will never consult Stiglitz, unfortunately.
• acquarius74 February 7th, 2009 at 7:33 pm «

  Here is a link to the back history of Summers and Stiglitz at the World Bank. Summers was the instrument used to fire Stiglitz back in 1999 when Stiglitz was Chief Economist for the WB.

  Summers vs Stiglitz at World Bank
• Hugh February 7th, 2009 at 9:24 pm «

  Thanks for the link. I knew about the Stiglitz-Summers flare up from selise but for some reason it slipped my mind until you mentioned it again.
• selise February 8th, 2009 at 2:22 am «

  i’d like to know the real backstory though from when stiglitz was at the CEA… but more importantly what is it with these guys? is summers just, in addition to being a neoliberal ideologue, a thin skinned prima donna? i’ve also seen brad delong go nuts (in his blog years ago) over the most mild statement from stiglitz about a friend of his.
20. Hugh February 7th, 2009 at 10:58 am «

    Some kind person fixed the typo in my title. Thanks whoever you are. I make up the titles at the last minute and they are susceptible to the same mistakes I make when I’m typing in a comment.
21. timr February 7th, 2009 at 10:59 am «

    Why the tax cuts? Because the repigs own Reid, body and whatever soul he has left. He will never call them out when they cry “filibuster”. He caves every time. No spine, no backbone. The party of moderates worked together to find something that they could get 60 votes on. Now Reid stalls the vote until monday-or later-to give the repigs a chance to work on those who are going against the lockstep leadership-interesting that 2 of the repigs are women, everyone should know that the repig base does not like women in leadership positions-however, it is better to get something started-all the rep govs are yelling at the thug senators to agree with the bill- but because rush wants Obama to fail, the repig senators are frozen. Damned if they do and damned if they don’t.
22. dakine01 February 7th, 2009 at 11:02 am «

    Blue America up at the Mothership with guest Speaker Terie Norelli, Speaker of the New Hampshire House of Representatives
23. Jacqrat February 7th, 2009 at 11:04 am «

    Please join us upstairs with a REAL DEMOCRAT – Speaker of the House Norelli, of New Hampshire!
24. selise February 7th, 2009 at 11:06 am «

    from fortune:

    “Every previous recession in my professional life has been a shock to a reasonably healthy system,” says Galbraith, who is 57. “This is a general collapse of the core funding mechanism all across the country, and you don’t know what the scale of the base case will be. The task is to come up with a large enough program to get ahead of this unknown tsunami coming our way.”

    my bold.
25. Shoto February 7th, 2009 at 11:07 am «

    When a new president was finally inaugurated, I experienced about five minutes of actual real hope. Such a condition has been rapidly dissipating as it becomes too glaringly obvious that we’re dealing with business as usual…maybe even business as usual on steroids. Fuck.
• just February 7th, 2009 at 11:53 am «

  Before there can be “free trade” there has to be some approximation of economic equality. In reality, the United States can supply the vast majority of its own material needs. Although we’re not energy independent, we could be, if we truly had the will. And if our citizens could actually trade fairly among ourselves, we could become the iconic America we imagine. But that’s not our reality at this point. And the current conception of “free trade” is laughable – or more like cryable. What’s really happening is the exploitation of the poverty and desperation of the many for the benefit of the few, as well as the massive theft the world’s natural resources by those who have managed to accumulate ridculously more than their fair share of the wealth. The trouble for the rich is that there are now diminishing numbers of people who can afford to buy more of their crap. The consuming units no longer “qualify” to more debt piled on their faltering shoulders. And it’s not likely that they’ll ever be able to pay the debts they’ve already accumulated.
  When will they simply admit that monopoly game was over a long time ago? The billionaires won. And it’s high time for a new game.
26. LindaR February 7th, 2009 at 11:24 am «

    omg I never knew that Blanche Lincoln is an idiot — correct that — a blooming idiot.
27. LindaR February 7th, 2009 at 11:25 am «

    Blanche Lincoln: Ooh, I don’t mind at all coming in on a Saturday to serve this great nation!

    (why ever would you think we might think you would, you ninny?)
28. FrozenNorthObserver February 7th, 2009 at 11:30 am «

    Obie’s added another platoon to his Status Quo Protection Team.
29. kittykitty February 7th, 2009 at 11:42 am «

    I’ve been disappointed in this guy since the day he took office. I thought his inauguration speech was bland at a moment when the country needed so much to be inspired to reach for more than just compromise. I didn’t vote for the guy, as likable as I think he is, cause he didn’t tell the truth when asked about too many things. He hedged his bets to get elected. Another slick willy. At least I don’t have buyer’s remorse.

    I’m selling my house cheap. I can’t take any more of this lack of plainspeaking truth on the airwaves. It IS all about debt, that prof is right. It’s the dirty secret of america’s “wealth”. It was never wealth, we were credit consumers living way beyond our means, in a dream, foolish, and now we pay.
30. cinnamonape February 7th, 2009 at 11:42 am «

    I think that the independent voices on here would be Tyson and Burger…that’s not a lot of artillery for the mainstream corporatists and economists on the group. Personally just adding a Krugman or Stiglitz to the group wouldn’t balance the group. But it might create a solid “minority opinion” that might get heard.
31. kittykitty February 7th, 2009 at 11:48 am «

    somebody help me out here …. there are TAX cuts in this bill?? oh for new cars and such?? please clarify.
• just February 7th, 2009 at 12:00 pm «

  Apparently, you can deduct the interest on a new car. (I guess this means no more per cent interest deals.) Maybe if you have a very large income and finance a new luxury car for 72 months, this could help you with your taxes. But for, most people, this kind of deduction is almost entirely worthless.
32. kittykitty February 7th, 2009 at 12:00 pm «

    well done, Hugh. i always look forward to your straightforward commentary. refreshing.
33. osage February 7th, 2009 at 12:27 pm «

    Republican leaders are practicing a degree of hypocrisy and guerilla obstructionism that is more about destabilizing our economy for purposes of political exploitation than it is about trying to stop the bleeding their leadership and their policies created and continue to exacerbate. They are using arguably conflicting economic theories as a smokescreen to conceal their real agenda, which is to undermine a Democratic president. The percentage of money in the stimulus package that Republicans have tried to “disproportionately sensationalize” is relatively miniscule. All of a sudden Republican leaders care about pork? I don’t buy that BS at all. No one wants money going into unnecessary programs, but I’d rather that some pork exist than block the funds to areas critical to our countries financial survival. That’s the way things have always been done in American government. It’s the normal give and take inherent to a Democratic system. It’s human nature to want more for your people. That’s why rules/laws, oversight, enforcement and accountability are so critical to effective government. But, the Republican leaders are attempting to hold those critical funds hostage right now. I don’t mind that Republicans and Democrats argue over where the monies go. But I do mind that Republican leaders are acting like the Democrats have suddenly invented pork projects after the years that Republicans were in the majority and the Democrats were forced to swallow voluminous quantities of pork because it was shoved down their throats, and in fact has helped to create today’s financial crisis. The Iraq invasion and occupation wasn’t even part of the budget for god’s sake. The money to pay for it doesn’t exist. Where the hell is that money going to come from? When Bush entered office, he had a $128 billion surplus. The federal budget deficit will reach at least $1.2 TRILLION this year thanks to Republican fiscal policies. And Republican leaders are acting like their incredibly irresponsible/suicidal/misguided leadership had nothing to do with that fact. The Republican Party is now the minority Party. The majority of voters have rejected Republican governance/policies because they believe they have failed them on multiple levels. Now Republican leaders are trying to cause Democratic governance/policies to fail, which I see as Republican leaders purposefully trying to sabotage Obama rather than doing what’s in the common good and best interests of our nation at a critically dangerous time. And they won’t even admit that they created the crisis! Republican leaders are still doing whatever they can to create vague/philosophical/subjective arguments that no one can agree on in order to disrupt and deny rather than formulate and agree. They don’t want unity, they want chaos. They want fear and hatred to divide our nation for strictly POLITICAL purposes because they do not have the power of the majority. That’s how they gained power, and that’s how they’re trying to get it back. They will fail, but they will continue to do severe damage. I don’t see that as being the loyal opposition. I see it as being an enemy within whose political biases have lowered their moral and ethical standards. It’s not about right or wrong or fact or logic or good or bad. It’s about power and control and doing whatever it takes no matter how destructive it might be to prevent Democrats from succeeding. I want our country to succeed. If Republicans would rather make the opposition fail than see our country succeed what choice do conscientious leaders and voters have but to condemn and or ignore them? It’s one thing for a political party try to win on its merits; it’s another thing entirely to try to deliberately undermine and cripple their government for partisan political purposes. At least it is in a democracy where it is assumed that our elected representatives place the good of their country ahead of the good of their political party. I wish I felt otherwise, but I don’t feel that Republican leaders give two shits about their country. Their lack of constructive actions and their deliberate destructive actions don’t support any other conclusion……in my humble opinion.
• kittykitty February 7th, 2009 at 1:08 pm «

  I can see how you’d think this. But I have to disagree about their motives. The Bush admin was about bringing the govt down, while suitcases (metaphor) of dough (our treasury) gets carried off to who knows where to the benefit of the powerful. I actually believe the repug agenda all along has been to bring the govt to its knees economically, and they have done just that.

  A year from now we will all be asking “where did all that money go?” But there will be no one to ask. They’ll all be somewhere else, with our money, untouchable. It’s a heist, going on right there before our very eyes. amazing isn’t it? TARP indeed. Here in Maine we use tarps to cover up what we don’t want to see.
34. TheScarletPimpernel February 7th, 2009 at 2:40 pm «

    Does this surprise anyone? Remember, the President’s economic advisers back when he was Candidate Obama all hailed from the University of Chicago. Milton Friedman ring a bell with anyone?
35. Bluetoe2 February 7th, 2009 at 2:45 pm «

    With Obama’s timid economic plan it won’t be long before we’re trading grass soup recipes. One benefit of the internet, aside from electing a transitional president instead of transfomational president.
36. phred February 7th, 2009 at 7:04 pm «

    Hugh — i’ve been out all day, so really really late to this thread, but I just wanted to say thanks for this post. This was exactly the kind of info I was asking masaccio for yesterday. Really appreciate it — even if I am not at all happy with the answer.

    FWIW, I was at an ACLU conference this afternoon where one of the speakers made the comment that they don’t want economic advice from the same people who have been wrong all along. It got a big laugh from the crowd. It’s safe to say that the only person who is anxious to hear from the-happy-Summers-camp of economists is Obama. The rest of us are way past ready to move on…