Prophets Of Doom: 14 Who Take Issue With Obama's Economic Policies (SLIDESHOW)

Salon.com has identified 14 economists, bloggers, politicians and businesspeople who have been the most consistent critics of President Obama's financial policies.

Among them are Paul Krugman, the New York Times columnist and Nobel Prize winner, the conservative congressman from Texas, Ron Paul, and the New York University professor and economist, "Dr. Doom" Nouriel Roubini.

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Salon.com has identified 14 economists, politicians, bloggers and others who have been among the most constant critics of Obama's economic policies.
Chief among them is Paul Krugman, the New York Times Op-Ed columnist, Princeton professor and Nobel Prize winner. He believes the stimulus package is not large enough and the government should immediately take over failing banks. He has said of Treasury Secretary Geithner's banking plan: "This is more than disappointing. In fact, it fills me with a sense of despair."

Comments

[Aesthete]

We are now in the 21st century, having only recently left the 20th century. I know that Obama's ideas seem as "radical" to some as the "horseless carriage" did 100 years ago. But things change because they have to. The door to the past is permanently sealed.

[frantaylor]

Maybe they could have ditched Ron Paul from the list and substituted a Nobel Prize winning economist who was one of the "100 Economists": Edward C. Prescott.

Not that I necessarily agree with any of this, but if you are going to make an argument, your sources should be credible.

[konybvg]

Paul Krugman is just unhappy Obama did not include him in his economic team.

[Carolab]

That it not so. Krugman said he did not want a position in the administration; he said his temperament is not suited to politics.

[Trustandalwaysverify]

And if I am not mistaken, Krugman used to be a big Obama supporter.

Roubini has been consistently right in his predictions.

Ignoring all their advice, will prove to be a big mistake for the Administration, and terrible for Americans taxpayers.

[GOPBossLimbaugh]

Apparently he knew he is not able to endure the constant negative criticism that he is dishing out!

[kavips]

I'm sorry. If you haven't read the kavipsian theory of economics, then you shouldn't be commenting here.. Whereas each of these economists makes a valid point, those points make sense only when viewed in isolation.­.. A government, at least this government, cannot function in isolation.­..

In the first comprehensive look at the economy, we can see the pros and cons of what some of these fourteen are proclaimin­g..

For example Friedman.. He is correct in viewing our economic problem as being one spawned of a lack of confidence­.. However his take on spending more lavishly, has secondary repercussi­ons... They may instill fear as to whether or not the Federal Government can meet it's promised financial commitments. Therefore, as the kavipsian theory pointed out a month and a half ago, rabid spending can create more problems than it solves... The key is achieving the perfect balance which means we must spend quickly at first, and then tweak as one approaches Keynesian spendings optimal peak....

One argument made in that theory, is the use of a "loan extension" to solve our crises... Just as we used to be able to do with a local bank before all loans were securitized, we ask for an extension and a two or three month grace period.. In using that process, the lender makes money, the borrower gets caught up, and the economy thrives in 90 days... I believe it is argued in Chapter 10.

[maxdb07]

I agree with you that certain balance needs to be maintained by the administration to prevent overheating the economy and letting inflation take over. Finding that balance is difficult because every economic theory is based on a number of assumptions which attempt to predict human behavior.

My problem with Krugman, in particular, is that he talks and acts as though he is the custodian of all knowledge. He does not act like a scholar; he acts more and more like a TV commentator. Scholars try to be measured in their arguments knowing full well that no one has all the answers to a problem, especially economic problem.

By his incessant criticism of the administration's economic policies, he risks making himself irrelevant. Larry Summers is a world-class economist; he deserves a chance to put his ideas to test.

I wish Krugman would extend a little bit of respect to Pres. Obama's economic team. I think they all deserve such respect.

[edwcorey]

Larry Summers is a world-class failure when it comes to fiscal policy. His career, like Wall Street's "industry," consists of mirrors, lies, misjudgments and self-interest.

http://www.nytimes.com/1999/11/05/business/congress-passes-wide-ranging-bill-easing-bank-laws.html?sec=&spon=&emc=eta1&pagewanted=2

Mankiw, on the other side, is a political hack whose judgment is as suspect as his idol George Bush's.

http://www.economics.harvard.edu/faculty/mankiw/files/nov00.html

[AngieMom57]

Why isn't Treasury listening to these guys?

Adding one to the list:

David Korten: "Agenda for a New Economy: From Phantom Wealth to Real Wealth"

http://www.democracynow.org/2009/1/26/david_korten_agenda_for_a_new

[Tulka2]

Well, there have been booms and busts all the way through the history of Capitalism, but this time the boom was global and Capital did a complete face plant from which it may recover, but do we want to? Google "the zeitgeist movement"

We are being threatened with "Barter Town" (from the Mad Max movie), but Capitalism puts us all in Barter Town every day. Barter Town is the essence of Capitalism. It is a giant ponzi scheme top to bottom. There is a better way. The faster ya'll hear about it, the quicker we will hit the tipping point. The Zeitgeist Movement.

"Hey, Paul Krugman, where the hell are you, man?

Your country needs you now.

(Obama breakdown)" -Jonathon Mann from last Friday's Rachel Maddow Show. Very Funny.

[stagebandman]

I saw on MTP that the oil companies profits are, supposedly, down. If it takes 8 months for them to report their record profits, then how can they feed us this line of BS? More corporate greed and repub misdirection.

[dhinds]

Carolab is right: Investing in Socially and Ecologically Responsible Industries (beginning with the development of biologically based Agricultural Production Technologies and Projects and giving priority to funding community co-op production to co-op consumer chains), is inherently efficient, cost effective and above all, healthy.

[Carolab]

Thank you and fanned!

[Yasmine]

I TRULY Believe that President OBAMA should listen to KRUGMAN and other economists who do not endorse some of the economic plan......­........

REMEMBER that the Republican LEADERS are rooting for YOUR FAILURE.


President Obama is not an econom ist and is listening to advice of 3-4 in his entourage.­..........­........HE MUST PREPARE A PRIVATE SESSION where HIS advisors..­......face KRUGMAN and 14 economists,
they should have AN HONEST discussion­..........­....and then adjust if necessary .
PRESIDENT OBAMA please do this......­..........­..this is too important and 2010 is around the corner and too soon for full recovery,,­,,,,,,,,,,­,,,,so please cover your bets...and­.......

[AngieMom57]

Write the www.whitehouse.gov: I am, with your ideas...

[mitsie]

Know what the problem is? Too many talking heads and writers, all thinking they know everything. I have turned them all out and I hope the President does also.

[Paul Hackett]

Below is the perfect gift foryour wife:

http://www.chargrilled.co.uk/t-shirts/proddetail.asp?prod=m0withstupid&cat=42

[kashifsaeed28]

I htink Obama's economic policies are ok, but its too little too late as Bush has already destroyed america. i think a breakup may be imminent.

My Blog:
http://next-world-war.blogspot.com

[IndianaJohn]

And they say breaking up is hard to do.

[AN2009]

I highly doubt that will happen. If the PRC can survive Mao's murderous reign, then the US should be able to get through this recession.

[Hope Lives]

Sorry, I just missed the best thing of all. Krugman thinks the stimulus is not BIG enough. Does he know what a blue dog is? It is a member of the Democratic Party, who, having been a loser for years, decides that they will do something different and oppose the SIZE of the Presidents efforts. God, I would love to have Krugman actually walk one day in Obama's shoes. HE HAS WALKED IN REGANS SHOES AS HE WORKED FOR HIM IN THE WHITE HOUSE. I want to know... how many years did you work on that Nobel? I'm going to look it up... be right back... he earned his BA in econ in 1974. So he was not exactly a prodigy as it was 2008 when he got that Nobel. 34 YEARS. You can't give the President 3 MONTHS without whining. And what was this Nobel for... international TRADE. HE STUDIED TRADE. He was interviewed by Clinton (greatest years economically) but Clinton found him lacking and Krugman has a chip on his shoulder since then for the Democrats. Think that has anything to do with his opinion?

[dhinds]

HopeLives asked:

> Krugman has a chip on his shoulder since then for the Democrats. Think that has anything to do with his opinion?

No. He knows what he's talking about. The following article explains it quite clearly. Obama's investing in American infrastructure, renewable energy, education and health care is on-target - but the need to remove the people and mentality responsible for the reckless speculation and greed that created the problem is required.

www.theatlantic.com/doc/print/200905/imf-advice

[Hope Lives]

1. Just join up with the right wing and you can all prophet doom together.
2. Where you when all this was happening. I read Krugman. He didn't have a clue about CMO's and all of that.
3. Krugman, did you get your Nobel in your first 3 months? Why not? Were you not good enough? What took you so long? Were your theories all wrong? Why did you not get it in 6 months? I mean it seems like you could give the Obama Administration at least half as long to save the world as it took you to get a Nobel. Did you have any competition when you got it or had they given it to everyone else.
4. I can line up 100 economists who say ANYTHING THAT WILL GET THEM IN THE NEWS. HAVE YOU EVER CONSIDERED THAT THEY MAY BE DOING THIS TO GET WELL KNOWN?

[ddanimal]

The chicago school (bernanke, greenspan) created this mess. It was obvious what was going to happen since 2002 or 2003. There are a bunch of clowns running things, and Obama is giving them even more rope.

[Understand]

Paul's criticism is well founded. he is reasonble and the administration should include some of his ideas to restore this economy.

[mitsie]

Krugman use to be reasonable, and no the administration should not include his ideas. They already have been clear they feel he is wrong. BTW even the moderate Dems would never go along with Krugman's plan.