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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (82446)	9/10/2010 7:53:16 PM
From: tejek	Respond to of 149317

So you think both Stiglitz and Krugman are stupid? Ergo Obama made the right decision with Summers and Geithner. Boy! I don't think they are stupid but they are not always right in their POV. Case in point: Nouriel Roubini. He's the well educated, highly intelligent economist who made the now famous call re. the housing collapse in 2008. Many people consider him the ultimate authority on the economy and yet he has not gotten anything right since 2005 when he made his famous call. Do I listen him? Of course. Do I always follow his advice? Not so much. Had I followed his advice I would have missed last year's bull market. Like I have said to you before, I do my own thinking after listening closely to the words of those who have some authority on a particular subject. What Krugman was really saying was a hard turn to the right would be disastrous. No one fights the rightwing like Krugman. The reason Obama did not appoint Krugman and Stiglitz is that they wantedd to do what was needed, not just political, and he felt they would cause too much trouble. The reason he has not appointed Warren yet, IMO. You may be right or you may be wrong. I think Obama appointed the people who best understood what was happening to the economy. I am sure he was advised by W. Buffet et al. Geithner gave those huge banks all that money and asked for little. Now he says that was a mistake. That would not have happened with Krugman or Stiglitz I can assure you! TARP was the creation of Paulson under Bush and has been fairly successful. PS Part of the Japnaese problem was when the real estate market collapsed many of the loans were taken out by the Yakuza and the banks were afraid to ask them for the money. The other is their decling and aging population which is inherently deflationary. But most importantly, they never let the weak banks fail. They tried to save all the banks even when some did not deserve to survive. And that's true of their entire economy. Plants that die in the forest provide the fertilizer for the remaining plants. The same thing needed to happen in Japan with their banks and economy, but the gov't was afraid to let it happen.....and the eoconomy has languished ever since.