Washington Republicans and some Democrats have decided that this man is totally unqualified to serve as Treasury Secretary. Who is he?He is a winner of the Nobel Prize for Economics and the John Bates Clark Award, given to the best economist under the age of 40.
He speaks his mind and tells the truth even when the truth upsets some people.He warned us in 2002, long before anyone else, that housing prices were out of line and that a collapse of the housing bubble would have devastating impact on the U.S. and world economies—which it did.
In 2008, he urged that we break up, reorganize and recapitalize the large banks and Wall Street big guys rather than just bail them out and leave them capable of causing further problems in the future. We didn’t listen.He warned in early 2009 that the stimulus was too small to restore full employment rapidly and that the failure to provide enough stimulus in 2009 would make it difficult to provide additional stimulus later. He was right.
He warned that a pre-mature emphasis on austerity in Europe would lead to another recession and higher unemployment in those countries, which it did.He has been right in his predictions most of the time and the country would have been better off if it had listened and adopted his ideas and suggestions.
He is smart, has great ideas and is one of the best and brightest economists we have.For Republicans and some Democrats that makes him unqualified for Treasury Secretary.
His name is Paul Krugman and he won’t be Treasury Secretary. He is too smart. SAD, so SAD.