This takes the cake.
Trump picks John Paulson to be on his economic team. Paulson? Economics???
Paulson's the guy who bet big on gold--and lost--because he thought that Fed monetary policy owuld result in hyperinflation. He's like Peter Schiff.
The only reason anyone even knows about Paulson is because he made a ton of money shorting subprime back in 2007. But that's only because he got Goldman Sachs to create a RIGGED TRADE that was guaranteed to make money.
That was the infamous "Abacus Deal" and Goldman eventually admitted to fraud on that and paid a fine. (Of course, a fine, no jail for anyone.)
Trump's a clown. I only support him because I think that is our only chance of keeping out of a war with Russia, however, I am resigned now to the idea that Hillary will be our next president. I only hope she doesn't start World War 3.
Well iirc, Obama hired Galbraith and Sanders hired Kelton.... might not matter who they hire...
ReplyDeleteDon't count Trump out yet. He's had numerous missteps during this campaign, and has always emerged stronger. This time will be no different.
ReplyDeleteBut agreed on the economics team. Mike, you should be on it!
Galbraith and Kelton. LOL. Nearly forgot. Thanks.
ReplyDeleteThanks, Peace.
ReplyDelete"Economic teams" don't count for much. It's window dressing.
ReplyDeleteIt's the appointments when the winner assumes office that actually count. The policy stance is not revealed until then. The lead-in to the election is just PR and is non-binding.
"The 13-member group features several longtime Trump business associates but only one academic economist, Peter Navarro of the University of California at Irvine. He specializes in trade with China, which Trump has made the centerpiece economic policy of his campaign.
ReplyDeleteThe team's best-known names, in conservative policy circles, are Steve Moore, the founder of the Club for Growth advocacy group and a former economic columnist for the Wall Street Journal; David Malpass, who served in the Reagan and George H.W. Bush administrations; and Harold Hamm, a self-made oil billionaire who was a top energy adviser to Mitt Romney's 2012 presidential campaign.
Inside the campaign, the team is led by policy director Stephen Miller, a former aide to Sen. Jeff Sessions of Alabama, and deputy director Dan Kowolski.
Other advisers include Dan DiMicco, a former CEO of steelmaker Nucor; Steven Mnuchin, Trump's national finance director, who is chairman and CEO of the investing firm Dune Capital Management; Steve Roth, founder and CEO of Vornado Realty Trust; hedge fund billionaire John Paulson; Howard Lorber, CEO of the Vector Group in Florida; real estate investor Tom Barrack; bankers Stephen M. Calk and Andy Beal; and financier Steve Feinberg.
In a release announcing the group, Trump said it was "comprised of some of the top economists in the country as well as the most successful industry leaders in finance, real estate and technology."
https://www.washingtonpost.com/news/post-politics/wp/2016/08/05/trumps-economic-team-has-six-men-named-steve-but-no-women/?postshare=5911470412812042&tid=ss_tw
Obama hired Galbraith? When, for what purpose? I don't see that in Galbraith's Wikipedia article, or in a brief Google search.
ReplyDeleteInteresting, Mstt. Trump is sending a signal.
ReplyDeleteNo pointy head academics or intellectuals. Hand-on folks (the meritocracy) that also happen to be all white men.
Just as one would expect.
Opps. Mstt should be Matt. Interestingly, the automatic typer knew that when I just typed it in here but missed it above and I didn't catch it.
ReplyDeleteDan:
ReplyDeletehttp://mikenormaneconomics.blogspot.com/2008/10/my-choice-for-treasury-secretary.html
lol Tom I knew what you meant...
I dont think it matters male or female i think Kelton proved this... moronism does not discriminate based on the gender of the non-moron adviser....
Tom dont forget your "finance capital vs. industrial capital" theory... Trump's looks more like 'industrial' type people...
If he wins looks like "the trains will run on time..." ala Mussolini/Manzucato but that is about it (but would still be better than present situation imo....) .... still get NAIRU type macro results at best... probably will eventually blow thru that and cause a lot of "inflation!" type results as economists look at it... a lot of prices will go up and Fed will keep raising, rinse repeat... there is just no evidence that he would do more than this to this point...
best thing he has said so far is "you dont go bankrupt because you just print the money anyway..." which is in the right direction but still not exhibiting a full understanding imo...
Dan,
ReplyDeleteFurther info wrt JG-Obama here:
http://econ4obama.blogspot.com/2008/06/obama-economic-advisors-and-economic.html
I remember when this was announced....
Warren covered it back then too:
http://moslereconomics.com/2008/06/10/professor-james-galbraith-on-obama-economics-team/
Thanks Matt!
ReplyDeleteYanis posted on twitter earlier, Sounds like the Neolibs are going after Galbraith. And his response. I suspect orthodoxy is mad as hell at their marginalization in government and academic circles and they are going to be out for blood all around. viva la revolution. But look out PK folks, wear your bullet proof vests.
ReplyDeleteNew York wins in any case, whether Clinton or Trump, both from New York. Though Trump will probably deliver more bacon than Clinton because he has more ties and more connections to people in the region whom he will appoint. And they will deliver too.
ReplyDeleteThanks, Ryan, for the reference to Galbraith on Varoufakis' site. Good stuff (well bad, actually -- but good to know). Galbraith is perhaps my favorite economist.
ReplyDelete