Opinion of Obama's Economic Team?

[Joe Biden 2020]

They haven't taken their seats, yet, but based on the names and their backgrounds, what do you think?

[Person Man]

They seem to be a strong team, but they appear to want slower change than originally participated. At any rate, it could still turn out really well.

[Lunar]

Considering I've met and taken an economics class from Christina Romer, one of the top people named today, I feel quite good about them.

The Economics Department at Berkeley is in shock

[Swing low, sweet chariot. Comin' for to carry me home.]

I voted 'OK', but the reality is that we're heading towards the worse recession since the Great Depression.

They need to set up some rules to determine who the winners and losers are so we can hurry and get to a bottom.

[Lunar]

Considering I've met and taken an economics class from Christina Romer, one of the top people named today, I feel quite good about them.

The Economics Department at Berkeley is in shock

I should add that this shock comes from the fact that her husband is also a prestigious economic professor and she has a good possibility of using her position to hire Berkeley professors at lower positions.

We could end up being decimated!

[Lunar]

The woman standing behind Obama's shoulder was my economics professor!

[MarkWarner08]

The woman standing behind Obama's shoulder was my economics professor!

Awesome... Let's hope Obama adds Robert Reich as an economic adviser. He, James Galbraith (UT) and Joseph Stiglitz (Columbia) are three of the most erudite economists.

[Flying Dog]

They seem like a group of pretty competent individuals. Which is more than I can say for our current occupants.

[ChrisFromNJ]

Full of competent right wingers.

[opebo]

They need to set up some rules to determine who the winners and losers are so we can hurry and get to a bottom.

The winners and losers are already set, jmfcst. 

But regarding this 'economic team' - very poor.  The selection of a bunch of Rightists does not bode that proper policy will be put in place to extricate us from depression.  (not to mention anything about the hopes of all those working class people class people who voted for Obama)

[Lunar]

^ Romer is a hard-core supported of a progressive tax system, an opponent to the War on Drugs, and a hard-core Democrat.

[Swing low, sweet chariot. Comin' for to carry me home.]

They need to set up some rules to determine who the winners and losers are so we can hurry and get to a bottom.

The winners and losers are already set, jmfcst. 

then we need to shut the doors of the losers.  And for the winners, the private stock holders of the "winners"  need to be told their stock holding is worthless so that we can properly, and publically, recapitalize the winners.

---

But regarding this 'economic team' - very poor.  The selection of a bunch of Rightists does not bode that proper policy will be put in place to extricate us from depression.  (not to mention anything about the hopes of all those working class people class people who voted for Obama)

it's fine that they're right of center, as long as they're not ideologues who have made their set of economic beliefs such a pseudo-religion that they're unable to be flexible during times of crisis.

I'm all for dissolving a good portion (but not all) of the "safety-net" during boom times so that we're not feeding the chronically lazy; but during times of widespread crisis, you have to be willing to pull out all the stops.

Here is what my plan would look like roughly in the chronological order of things that need to be done:

1.  Publically promise that another Lehman Brother's will not be allowed to go under - that will help alleviate the systemic risks.

2. I like his idea of a pre-packaged bankruptcy plan for the autos.  Hopefully it will be enacted quickly and tied to greatly-increased MPG standards.

3.  The winners and loses in the banking industry need to determined so that we can recapitalize our banking system.

4.  State budgets need Federal aid so that teachers and policemen aren't laid-off.  We have to protect the fabric of our infrastructure.

5.  A plan needs to be passed to keep people in their homes.  Their mortgages are going to have to be restructured. (Not sure I want to protect the value of their homes since I am not convinced prices have deflated to pre-bubble levels…but once they have deflated to those levels, prices need to be stabilized in some fashion)

6. In addition to aiding the states, a Massive Stimulus package in the range of $500-700B needs to be passed, BUT not executed until the economy starts to rebound (probably late 2009).  Otherwise you're just throwing money down a hole.

7. On top of any stimulus package, Obama should propose a $1Trillion infrastructure package to be spent over the next 3 years.

8. Energy Plan is needed that hits the problem at ALL angles - nuclear, coal, wind, solar, natgas, bio (except ethanol which will do nothing but starve people), drill for oil, etc, etc, etc.  Including a plan to have every car sold in the U.S. by 2020 (date can be flexible) to run on something other than imported fuels.  The goal of this policy is not only to make the U.S. energy self-sufficient, but it is also aimed at bankrupting the USSR once again.

9. Our military dominance needs to be maintained.  Don’t cancel missile defense, the F-22, or the F-35.  Modernize our nuclear forces.

[opebo]

then we need to shut the doors of the losers.  And for the winners, the private stock holders of the "winners"  need to be told their stock holding is worthless so that we can properly, and publically, recapitalize the winners.

Oh, no I was just talking about classes - in economic downturns such as this one, the working class is harmed enormously more than the owning class.

I'm all for dissolving a good portion (but not all) of the "safety-net" during boom times so that we're not feeding the chronically lazy;

But, jmfcst, the only 'chronically lazy' in our capitalist society are the owners.  The whole system is built upon preserving their leisure and privilege.

2. I like his idea of a pre-packaged bankruptcy plan for the autos.  Hopefully it will be enacted quickly and tied to greatly-increased MPG standards.

Oh please.  We're in a crisis here.  Who cares about gas mileage?  Particularly with the spectacle of nearly-free oil returning lickety-split!

4.  State budgets need Federal aid so that teachers and policemen aren't laid-off.  We have to protect the fabric of our infrastructure.

I certainly agree that state budgets should be fully funded by the Fed.

5.  A plan needs to be passed to keep people in their homes.  Their mortgages are going to have to be restructured. (Not sure I want to protect the value of their homes since I am not convinced prices have deflated to pre-bubble levels…but once they have deflated to those levels, prices need to be stabilized in some fashion)

It doesn't seem like this should be too difficult.. just have the Fed take over ownership of foreclosed homes by paying whatever is owed, and then rent the home back to the resident through the Section 8/HUD program.

6. In addition to aiding the states, a Massive Stimulus package in the range of $500-700B needs to be passed, BUT not executed until the economy starts to rebound (probably late 2009).  Otherwise you're just throwing money down a hole.

The economy won't start to rebound except only as a result of government action, jmfcst.

7. On top of any stimulus package, Obama should propose a $1Trillion infrastructure package to be spent over the next 3 years.

Sounds good to me - but I would stress that any and all jobs connected with such government spending should be required to be unionized and at 'prevailing rates' in the 30+ dollar/hour range.

8. Energy Plan is needed that hits the problem at ALL angles - nuclear, coal, wind, solar, natgas, bio (except ethanol which will do nothing but starve people), drill for oil, etc, etc, etc.  Including a plan to have every car sold in the U.S. by 2020 (date can be flexible) to run on something other than imported fuels.  The goal of this policy is not only to make the U.S. energy self-sufficient, but it is also aimed at bankrupting the USSR once again.

You're fighting the fad battle of last year, old man.

9. Our military dominance needs to be maintained.  Don’t cancel missile defense, the F-22, or the F-35.  Modernize our nuclear forces.

Woah, talk about off the point.  There's no threat to the imperial dominance, jmfcst.  And its better to gut it now before we get another crazy president.  If the next tiem we get a nut in office the military is half its current size, with little 'projection' capability, we might be off the hook.

[Kaine for Senate '18]

The Obama team continues to impress me.  I really look forward to seeing his foreign policy team, which I've heard will come out next week.

[paul718]

Yay

[MK]

OK.

[Governor PiT]

more of the same BS.

[opebo]

more of the same BS.

I don't know why people give Stark such a hard time.  Sure, he's a racist, but the forum is full of racists.

Stark is absolutely dead-on correct about Obama's economic team, and what's more, he stated his position better and more succinctly than any of us have in this thread.  Huzzah, Mr. Stark.

[Robespierre's Jaw]

I would consider Obama's economic team to be more so competent than those currently serving the Bush Administration, but I doubt they will bring about the change they said they would, which is also my opinion of the soon-to-be President in general. Though I hope that I am proven wrong. Really I do.

Romer is a hard-core supported of a progressive tax system, an opponent to the War on Drugs, and a hard-core Democrat.

Huzzah! Sounds like my kind of Democrat.

[Fmr. Pres. Duke]

It's alright. I like the incoming Secretary Treasurer.

[Ronnie]

It's alright. I like the incoming Secretary Treasurer.

You mean whooza what's his name?  He's all right.  I need to know more about him, though.

*raids Wikipedia*

[Lunar]

Romer is a hard-core supported of a progressive tax system, an opponent to the War on Drugs, and a hard-core Democrat.

Huzzah! Sounds like my kind of Democrat.

Although

I mean, minus Krugman, you simply can't easily find economic leftists that are prestigious and knowledgeable economists.  She's a centrist.  She occasionally teaches introductory courses here at Berkeley (like the one I took), even though most prestigious people decline to do so, because she has a knack for breaking down complex ideas so that they are accessible.