Why Paul Krugman should be President Obama's pick for US treasury secretary

[ProSense]

Why Paul Krugman should be President Obama's pick for US treasury secretary

Not only is he the world's best-known economist, Krugman has the intellect and integrity to resist Wall Street's calls for austerity

President Obama hasn't picked a treasury secretary yet for his second term, so he has a chance to do something different.

He could ignore what Wall Street and conservative media interests want and pick somebody who would represent what the electorate voted for. And not even just the people who voted for him: there are a lot of Republican voters out there who are also unemployed.

I know what you are thinking: this is impossible. There is too much money and power on the other side of this idea...But Obama has surprised us before. Last June, he picked Jim Kim to run the World Bank. This was unprecedented and an historic change; Kim is practically the only World Bank president in 60 years who was not previously a banker or a war criminal. On the contrary, Kim had spent most of his entire adult life trying to help poor people get healthcare.

<...>

Krugman would be tough to oppose on any substantive grounds. He has a Nobel Prize in economics (also the John Bates Clark award for best economist under 40). The New York Times columnist is probably the best-known living economist in the United States, and perhaps the world.

- more -

http://www.guardian.co.uk/commentisfree/2013/jan/05/paul-krugman-obama-treasury-secretary

[TwilightGardener]

1. I could go for that. Of course, I admit a tiny crush on Paul Krugman.

I like the nerds.

[Sekhmets Daughter]

3. Me too...I think Stiglitz is cute also.

[handmade34]

13. be still my heart

... love Paul Krugman

[PasadenaTrudy]

40. I saw him first!

[Sekhmets Daughter]

2. Nice...

but then I'm a big Krugman fan.

[MannyGoldstein]

4. Kim never said that Obama was the world's worst poker player.

And the World Bank spot was in danger of going to someone from another country.

Krugman will remain banished from the White House until he embraces triangulation, which he will not barring a brain trauma of some sort.

[ProSense]

6. I get the sense

"Krugman will remain banished from the White House until he embraces triangulation, which he will not barring a brain trauma of some sort."

...that the most important thing in the world to you is to prove Obama is a sellout who should be despised.

Krugman is a practical person who rarily subccumbs to knee-jerk.

Battles of the Budget

By PAUL KRUGMAN

The centrist fantasy of a Grand Bargain on the budget never had a chance. Even if some kind of bargain had supposedly been reached, key players would soon have reneged on the deal — probably the next time a Republican occupied the White House.

For the reality is that our two major political parties are engaged in a fierce struggle over the future shape of American society. Democrats want to preserve the legacy of the New Deal and the Great Society — Social Security, Medicare and Medicaid — and add to them what every other advanced country has: a more or less universal guarantee of essential health care. Republicans want to roll all of that back, making room for drastically lower taxes on the wealthy. Yes, it’s essentially a class war.

The fight over the fiscal cliff was just one battle in that war. It ended, arguably, in a tactical victory for Democrats. The question is whether it was a Pyrrhic victory that set the stage for a larger defeat.

Why do I say that it was a tactical victory? Mainly because of what didn’t happen: There were no benefit cuts.

<...>

There were also some actual positives from a progressive point of view. Expanded unemployment benefits were given another year to run, a huge benefit to many families and a significant boost to our economic prospects (because this is money that will be spent, and hence help preserve jobs). Other benefits to lower-income families were given another five years — although, unfortunately, the payroll tax break was allowed to expire, which will hurt both working families and job creation.

- more -

http://www.nytimes.com/2013/01/04/opinion/kurgman-battles-of-the-budget.html

[stultusporcos]

7. No need to prove it PBO is doing it all on his own

should he be despised no, just exposed.

[ProSense]

10. Yup, that

"No need to prove it PBO is doing it all on his own should he be despised no, just exposed."

...is the most important thing. What a bullshit waste of time.

[stultusporcos]

11. yes your post was at least you knew it

[ProSense]

12. Hmmm, familiar?

[ananda]

5. KnR

..

[YvonneCa]

8. His books are really interesting...

...and, for a non-economist like me, written in a way that explains our economic situation so that even I can understand it.

He has had an important role in recent years making the progressive case for fixing our economic mess. I think having him out there in the media has been helpful to the Obama Administration. If he were to become Treasury Secretary, that would surely change but he would be a very good choice.

I think MoveOn has a petition out there...

[fascisthunter]

9. ProSense... are you feeling more liberal these days?

[LWolf]

14. He would be a good pick.

Which is why it won't happen.

Weisbrot is correct. I'm thinking "This is impossible."

Go ahead. Make me a believer.

[xtraxritical]

25. Robert Reich would be a "good pick" too & has experience from the Clinton administration.

[cthulu2016]

31. there are reasons to want an economist in the job

non-economists have held the job, of course, but they will end up just taking somebody's word for a lot of stuff

Reich's a good man, but not for treasury.

IMO.

[xtraxritical]

35. Reich is a PhD in Economics, teaches at UC Berkeley.

[riverbendviewgal]

15. Why not start a petition on the white house website?

He would have to know how many people want Krugman...you think many would sign it?

[RomneyLies]

16. I think Krugman would feel too constrained in the job

He'd be dragged down by the political realities of the position.

[radiclib]

17. Sorry. This is a non-starter.

Won't happen.
Should happen, but that's irrelevant. Wall Street owns the position.

[JDPriestly]

18. Obama would be so smart to appoint Krugman.

When it comes to economics, Krugman is the smartest guy in the room no matter where he goes.

Barack Obama is the smartest guy in the room when it comes to a lot of things, especially foreign policy, but not when it comes to economics.

Krugman would be a perfect match. Then we would have two smartest guys in the room in two really important areas. With Kerry at State, set to go.

I don't really know much about Hagel. I think Obama's choosing Hagel is a smart move on Obama's part, but I don't know how smart Hagel is. So, no opinion there.

But Krugman at Treasury and Bernanke at the Fed would be a good balance. They would keep each other in check. Two smart guys bringing two points of view.

I sure hope Obama gets the courage to pick Krugman.

That would be so great, but I don't know whether Obama would have the votes in the Senate. That's my only question. Anyway the nomination hearings would be an eye-opener for the nation. An opportunity to educate the American people.

Even if Krugman couldn't make it through the Senate, he might change the minds of some Americans. I really hope Obama does this.

Hagel and Kerry should be shoo-ins. If they aren't Republicans will look like fools and worse -- bad losers.

So Obama could risk putting Krugman up. Chances are Krugman would get the post. I sure would like to see that.

Obama could get a team he could really work with: Kerry, Hagel and Krugman. Dream team.

[ReRe]

23. You do know that Bernanke....

...was Krugman's teacher? Although Krugman turned out with different views I guess than Bernanke.

[JDPriestly]

29. That might be a good beginning.

I think they could balance each other.

[ReRe]

32. Correctamundo...

[rurallib]

19. Wouldn't Goldman Sachs have to give permission for this to happen?

don't they own that position?

[UnrepentantLiberal]

20. Surely there are better candidates

who have been employed by Goldman Sachs.

[Cleita]

21. Apparently Obama wants Larry Summers, another Clinton administration retread.

[JDPriestly]

30. Larry Summers would be a terrible choice.

Read the latest Taibbi article in Rolling Stone.

[Cleita]

33. Oh, I agree and I would love Paul Krugman but it ain't gonna happen. n/t

[Jennicut]

38. I have heard nothing on Summers. I have heard tons about Jack Lew.

http://www.politico.com/morningmoney/0113/morningmoney9754.html

I think he will be Obama's pick.

[Cleita]

46. You could be right. I heard Summers mentioned by a pundit

but can't find a link to verify it. Whoever it is it won't be anyone like Krugman but someone Wall Street wants.

Your link also puts forth Wall Streeters:

Other (unlikely) candidates include Wall Streeters such as Roger Altman, Blackstone’s Tony James and Blackrock’s Larry Fink. Internal candidates include Deputy Secretary Neal Wolin and Undersecretary for International Affairs Lael Brainard. Others previously mentioned include Facebook’s Sheryl Sandberg (a former Treasury official) and Google’s Eric Schmidt.

[Jennicut]

47. Krugman said that he does not want the job.

http://www.theatlanticwire.com/politics/2013/01/no-paul-krugman-does-not-want-be-treasury-secretary/60665/

[Cleita]

48. Maybe you should direct this post to the OP as it was ProSense who

suggested Krugman.

However, I don't blame him for not wanting the job. He would be a Keynesian mouse in a house full of Wall Street fat cats.

[garthranzz]

22. I'm with you, ProSense

I'd love to see Krugman at Treasury.

And Obama would welcome the dialogue.

The nomination would give the Republicans fit. A real liberal - with a Nobel Prize in his field - and they'll want to block the nomination. Good luck with that.

[ReRe]

24. Yeah, PO should go ahead and stick a fork...

K&R

..in the GOP and Wall Street, and hire Krugman. Get it over with. He gave Wall Street a chance in his first term.

[freshwest]

26. ProSense, did you notice this part of the story? Hagel is being trashed here on DU:

Obama is currently coming under heavy fire for his reported choice of former Senator Chuck Hagel to be defense secretary. Hagel wants to get out of Afghanistan soon, does not want a war with Iran, favors negotiations with Hamas, and supports cuts in military spending.

Not only the neo-conservatives, but some of the most powerful interests in the country, including the right wing of the pro-Israel lobby, have launched a smear campaign. But so far, Obama has not backed down. This could have something to do with the fact that he no longer has to run for re-election.

http://www.guardian.co.uk/commentisfree/2013/jan/05/paul-krugman-obama-treasury-secretary

It appears to me that makes Hagel a better pick, not the demon he's being painted as in some OPs. The fact Lindsay Graham is against him and that John Kerry and Mex Cleland are for him are good in my view, as well. And this is exactly what I want to have happen, if the article is correct..

[Fumesucker]

37. I haven't really noted Hagel being "trashed"

Pointing out that someone is not a Democrat isn't really "trashing" them, pointing out things they have said and positions they've held in the past isn't "trashing" either.

[RedstDem]

27. Aint no way in HELL the money boys gonna let Obama do that

they hate Mr.Krugman like no other on the planet.

[Peregrine]

28. Should have been his VP

Let Boner argue with an economist about the economy.

[rhett o rick]

34. I wish. But doesnt Pres Obama only appoint republicans? nm

[eridani]

36. Sign the petition

Press reports say President Obama will soon nominate a new Treasury Secretary . Press speculation has centered on candidates likely to support the Wall Street agenda of cuts to Social Security and Medicare benefits and other domestic spending rather than government policies to create jobs. We want President Obama to nominate Nobel prize-winning economist Paul Krugman, who opposes austerity and wants the government to focus on creating jobs.

That's why I signed a petition to President Barack Obama, which says:

"We urge you to nominate Paul Krugman for Treasury Secretary. Krugman will protect Social Security and Medicare from benefit cuts, promote policies to create jobs, and help defeat the austerity dogma in Washington and around the world."

Will you sign this petition? Click here:

http://signon.org/sign/nominate-paul-krugman?source=s.em.cp&r_by=398275

[dreamnightwind]

39. No way in hell Obama does this, but...

let's try to get him to anyway. I signed the petition. Come on everyone, why not?

[jwirr]

41. For me it comes down to the fact that Krugman is a Kensian. He understands how we got out of

the Great Depression.

[Fumesucker]

42. I'm guessing that ProSense would rather have Krugman inside the tent pissing out

Than outside pissing in.

[ProSense]

43. I guessing you have

way too much time on your hands if you're spending it wondering what I'm thinking.

[Fumesucker]

44. I'm sitting on this bar stool talking like a damn fool

[Xyzse]

45. I can support this.

However, for some reason, I tend to like Robert Reich more.

Either or is fine.