Just five minutes ago I heard the President say at his TV news conference announcing his new selection of his former chief-of-staff Jack Lew as the new Secretary of the Treasury that the departing Timothy Geithner is "one of the greatest Treasury secretaries in the history of the United States and is largely responsible for helping lead this country out of one of its most severe recessions ever." Is Obama fucking kidding me? Give me a break!! WHAT IS HE SMOKING? His ridiculously FALSE statement and the flurry of other brazenly Pinnochio inspired whoppers that he just told about what he, Geithner, Larry Summers, and the rest of his abysmal economic team have done with the economy in the past four years is such a gigantic LIE on so many different levels that it's difficult to even know where to begin in taking this transparent bullshit apart...
That headline has all the D.C. insider types rolling their eyes right now, since they know it is absurd to imagine that President Obama would pick Krugman to be Timothy Geithner's replacement as Treasury Secretary. They aren't wrong, it is absurd. There is no way on earth that Obama would select Krugman. This fact tells us a great deal about what is wrong with the shape of the economic policy being debated in the nation's capital.
First of all, let's get the obvious out of the way. No one can question Krugman's qualifications for the administration's top economic policy position. He is a winner of both the John Bates Clark award, which is given out every second year to the best economist under age 40, and the Nobel Prize. He has published hundreds of articles in academic journals, many of them leading to path-breaking innovations in economic theory. Arguing that he lacks the background is just silly.
Some might raise issues about his personality or temperament. While it's probably true that he can be abrasive, if personality was a critical issue then Larry Summers would be handing out fish parts to penguins in Antarctica rather than a leading contender to be the next chair of the Federal Reserve Board.
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