1. Boy I am so excited that Glenn Hubbard is Mitt Romney’s chief economic advisor!
2. Why is that?
1. He is Dean of the Graduate school of business at Columbia University.
3. He’s really tied into Wall Street
1 That’s right! Dean Hubbard is really one of those essential guys, like so many others in academia, who understand how important it is to get Wall Street economics right.
2. Oh that’s right. He was chairman of the council of economic advisors under George W Bush.
1. He came up with the creative idea that the Bush tax program would lift all boats and not create any deficit problem.
3. Well we got the tax cut but it only lifted the yachts…and the deficit ballooned.
1. Details, details. He also creatively engineered a report in 2006 saying that the lack of regulation in the banking sector and the increasing complexity of financial products meant the sector would be more stable and more capable of delivering economic growth for everybody.
3. And 2 years later the whole banking sector imploded.
2. He was wrong about the Bush tax cuts and he was wrong about the banking sector. For ordinary people, if you are spectacularly wrong once you lose your job, and twice your career and reputation. How did this guy wind up on the Romney campaign?
1. He is well respected on Wall Street.
3. Wall Street routinely need these kinds of arguments to be made by academics that give the appearance of neutrality and the gravitas of high level scholarship…and when they find someone who is willing to play for pay they get rewarded with lucrative consulting contracts, board memberships on companies like Black Rock, and prestigious posts at Universities.
1. Well I am still excited. And if Romney wins who knows what we can expect from this magician of economics!
3. Old Glenn Hubbard, went to the cupboard to get his poor dog a bone and when he got there the cupboard was bare and so the poor dog had none.
2. We are the dogs, huh?
