No Return To Normal - the Galbraith article | 96 comments (96 topical, 0 editorial, 0 hidden)

Re: No Return To Normal - the Galbraith article (4.00 / 4)

Soros calls Summers and Geithner "free market fundamentalists" - hard core ideologists - and this is the one thing that makes me worried: does Obama not see this? Wouldn't it be wise to have some people outside of this group giving him advice too?

Frankly, I'd rather see Summers fired as the senior economic advisor and replaced by a Roubini or Galbraith, who are more reality based and see the bigger world economic picture, and not tied to an ideology. Even Josh at TPM is now saying these same concerns right now - that Obama will have to show some leadership on this, rather than being a deer in the headlights.

"Once in awhile we get shown the light, in the strangest of places, if we look at it right" - Hunter/Garcia

by whataboutbob on Fri Mar 20th, 2009 at 05:55:45 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (4.00 / 3)

I don't know where "Market Fundamentalism" comes from, but it features prominently in Stiglitz's Globalization and its discontents. Stiglitz was on the opposing camp to that of Rubin and Summers during the Clinton administration, something that he also talks about in his book.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Fri Mar 20th, 2009 at 05:59:08 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (4.00 / 3)

Stiglitz would be a great advisor, but he admits being too outspoken for a government worker...

I keep wondering what other perspectives are being considered by Obama...or is he just going on his faith in these particular experts?

"Once in awhile we get shown the light, in the strangest of places, if we look at it right" - Hunter/Garcia

by whataboutbob on Fri Mar 20th, 2009 at 06:04:01 AM EST
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Re: No Return To Normal - the Galbraith article (4.00 / 2)

whataboutbob:

Stiglitz would be a great advisor, but he admits being too outspoken for a government worker...

Joseph Stiglitz - Wikipedia, the free encyclopedia

Stiglitz moved to Washington in March 1992 to join the Clinton Administration, first as a member, and then as Chairman of the Council of Economic Advisers, in which capacity he also served as a member of the cabinet. He became deeply involved in environmental issues, which included serving on the Intergovernmental Panel on Climate Change, and helping draft a new law for toxic wastes (which was never passed).

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Fri Mar 20th, 2009 at 06:10:21 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (4.00 / 2)

I can't remember the source, but Stiglitz just had an interview in the last week or two where he said he was happy to be an academic now, because he can state his opinions without censorship

"Once in awhile we get shown the light, in the strangest of places, if we look at it right" - Hunter/Garcia

by whataboutbob on Fri Mar 20th, 2009 at 06:17:46 AM EST
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Re: No Return To Normal - the Galbraith article (4.00 / 2)

Government is a collegial affair - you cannot state opinions contrary to the government's consensus and remain in a cabinet post for long.

That is not censorship.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Fri Mar 20th, 2009 at 06:19:20 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (none / 0)

Obama CLAIMS to want a diversity of opinions in his administration. I would settle for quarterly round tables consisting of his entire economic team, top Treasury people, if there are any besides Geithner, Bernanke, and a group of outsiders who are priviledged to ask questions and follow up those questions vigorously, with Obama presiding. The outsiders should include Stiglitz, J. Gailbraith, Krugman, Roubini, Soros, Mason Gaffney, etc.

Having the whole proceeding broadcast on CSPAN would be icing on the cake. Obama could demonstrably fulfill his pledge to "seek a wide range of opinions" and the country could have the confidence that at least all serious options and opinions had been considered.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Mar 22nd, 2009 at 06:26:05 PM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (none / 0)

Isn't that why you have a Congressional committees on economic affairs?

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Sun Mar 22nd, 2009 at 06:28:12 PM EST
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Re: No Return To Normal - the Galbraith article (none / 0)

Well, a congressional committee would probably call one or two outside experts to give testimony, but would not likely have a free wheeling round table discussion driven by questions from those who are critical of the dominant narrative. Might as well dream big.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Mar 22nd, 2009 at 06:54:11 PM EST
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Re: No Return To Normal - the Galbraith article (4.00 / 2)

It wasn't that he was too outspoken. He just didn't want to move back to DC.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Fri Mar 20th, 2009 at 09:07:55 AM EST
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Re: No Return To Normal - the Galbraith article (none / 0)

whataboutbob:

Stiglitz would be a great advisor, but he admits being too outspoken for a government worker...

man, that irks...

shades of bushie yes-men. tightlipped bureaucrats only need apply.

we have to evolve governments that encourage candid participancy. this smacks so of apparat.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Sat Mar 21st, 2009 at 07:13:27 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (4.00 / 3)

whataboutbob:

Soros calls Summers and Geithner "free market fundamentalists" - hard core ideologists - and this is the one thing that makes me worried: does Obama not see this? Wouldn't it be wise to have some people outside of this group giving him advice too?

Of course he does, and the interests behind these people were key in getting him elected, so he has had no choice.

He will let them discredit themselves - they are doing afantastic job - and their entire ideology will be consigned with them to the dustbins of history.

He will then be rid of the albatross currently around his neck.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Fri Mar 20th, 2009 at 06:19:52 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (4.00 / 3)

One can only hope.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Carrie (migeru at eurotrib dot com) on Fri Mar 20th, 2009 at 06:23:54 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (none / 0)

So you think the ultimate pain a a total crash is unavoidable? That we're not just looking at a lost deacade of stagnation?

"It Can't Be Just About Us"
--Frank Schnittger, ETian Extraordinaire

by papicek (papi_cek_at_hotmail_dot_com) on Fri Mar 20th, 2009 at 10:40:55 PM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (none / 1)

I hope you're right, and I tend to agree- it seems he's just too smart to be taken in by a plan that involves a fake market theater piece created to satisfy some visceral need for the 'Invisible hand" to validate their ideology.
"Toxic asset plan involves big subsidies"--NYT

But by the time Geithner and Summers slide into the dustbin, will the remaining political environment be one in which a true progressive plan can be installed? Or will the US be the Wiemar Republic all over again?

Capitalism searches out the darkest corners of human potential, and mainlines them.

by geezer in Paris (risico at wanadoo(flypoop)fr) on Sat Mar 21st, 2009 at 05:13:46 AM EST
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Re: No Return To Normal - the Galbraith article (4.00 / 2)

invisible hand....snort...

a thief can be masked, but you can sure tell your pocket's been picked when your wallet's gone.

first it's a prosthesis, and it's getting very clear what it's designed for!

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Sat Mar 21st, 2009 at 07:17:40 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (none / 1)

I think that there is a vacuum waiting to be filled, and that the corollary to Joni Mitchell's line in "Big Yellow Taxi"

You don't know what you've got 'til it's gone

will apply.

ie you don't know what you haven't got 'til you see it.

As A R Geezer said recently, the US needs an updated Henry George

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sun Mar 22nd, 2009 at 06:48:50 AM EST
[ Parent ]

Re: No Return To Normal - the Galbraith article (none / 0)

GIP

But by the time Geithner and Summers slide into the dustbin, will the remaining political environment be one in which a true progressive plan can be installed? Or will the US be the Wiemar Republic all over again?

That is the question. I would feel a lot better if someone could convincingly argue that all of the promises already made and currently on offer by Treasury and the Fed to AVOID acknowledging the scope of the problem can easily be dealt with and will not, themselves, undermine our ability to actually deal with the problem when we finally have to acknowledge its true nature.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Mar 22nd, 2009 at 06:33:04 PM EST
[ Parent ]

No Return To Normal - the Galbraith article | 96 comments (96 topical, 0 editorial, 0 hidden)

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