House of Paine

who's next ? HUB ?

 green scum's replacement?

the press list is unchanging

its to be 

either 
feldstein
bernanke
 or 
hubbard 

  all were up
     jackson's hole too

 hubbard as a " caterer's assistent "

==================================



by the way
  despite his Sealtest vanilla aspect 
(BA, BS, University of Central Florida, 1979) 


  my heart  is still with  
  
"THE  HUB" 


why?

well try this  '03   knife- hat  
                                on for size 

 
 
to me  wall street water carrying
           he's "the louvre museum" 

"If the dividend tax cut happens, 
you can thank—or blame—Glenn Hubbard. 
As the chairman of the White House's
 Council of Economic Advisers,
 he's widely believed to be the primary mover
 behind President Bush's tax-cut package.

 Weekly Standard executive editor Fred Barnes, 
in the International Economy,
 called him "the most influential
 chairman of the Council of Economic Advisers
 in two decades."

 Hubbard has amassed even more power 
since surviving the purge
 that booted Treasury Secretary 
Paul O'Neill
 and National Economic Council head 
Larry Lindsey 
           in December.

But by acquiring so much influence,
 Hubbard's CEA has lost something, too."


 
"The CEA's traditional job 
is to say "no" to ideas 
that make good politics but bad economics "


" Which is why it's worrisome 
that Hubbard appears not to like 
the CEA's customary party-pooping role.
 Instead, Hubbard wants to be a yes man".


"from the start, 
Hubbard wanted to do more 
than conduct dry academic research 
on the effects of proposed policies.
 He wanted to be an active player
 in formulating and suggesting 
specific positions 
that the Bush administration should adopt"

 
Hubbard's fierce advocacy 
of specific tax reforms
—both within and without the administration
—has made him increasingly willing
 to adopt the administration's p
olitically expedient,
 rather than economically sound,
 justifications for its proposals.

 It's not fair to expect Hubbard 
to check his beliefs 
at the White House door,
 nor is it objectionable 
that Hubbard is a conservative economist
—after all, he's been one for years.
 The problem is that his eagerness 
to enact his preferred legislation
 has made him willing to adopt
 the bad logic 
of the administration's 
talking points and spin. 
In Hubbard's book,
 the best policy is tax reform,
 not honesty.

In 2001, he uncorked an economic whopper
 in a Washington Post op-ed, writing,
 "It is a major fallacy 
to praise new spending plans
 as stimulus." That's 
"not even right-wing economics,"
 a former CEA member told the New Republic.
 "If an undergrad wrote that,
 you'd give the statement 
and the logic behind it a D."

For the past few months, 
Hubbard has dissembled on a new topic,
 this time the deficit's relationship 
to interest rates. 

Lately he has been insisting 
that there is "no link" between the two. 

"That's 'Rubinomics,' 
and we think it is completely wrong," 
Hubbard said in December.

 But Clinton economist Brad DeLong
 dug into Hubbard's textbook Money,
 the Financial System, 
and the Economy to find this quote, among others:
 "By the late 1990s, 
an emerging federal budget surplus
 put downward pressure on interest rates."

Hubbard's textbook even has a handy-dandy
 formula explaining the relationship,
 which DeLong posted on his Web site.

The honest defense for Hubbard's 
preferred tax cuts
—which he does make—
is to argue that, 
yes, they will increase the deficit
 in the short-run, 
but they will also unleash 
long-term growth 
that will offset the short-term cost.

 There's disagreement as to whether that's true,
 but with that case,
 Hubbard can at least defend himself
 with the old joke about economists
—if you laid them all end to end,
 you still wouldn't reach a conclusion.

 But in addition to advancing this point
, Hubbard insists on Clintonian parsing 
about the deficit and interest rates,
 insisting that they do not move
 "in lockstep" with one another. 

Yes, and so what?
There's a broad consensus 
among economists 
including Hubbard, based on DeLong's reading 
of his textbook
 that people's expectations
 about the size of the federal deficit
 affect interest rates. 

The debate is over whether 
that effect is large or small.
 It's disingenuous of Hubbard
 to suggest otherwise.

One of Clinton's CEA chairmen,
 Joseph Stiglitz,
 complained that government economists
—the ones that work for Treasury or Agriculture
 or some other specific departmen
t—would adopt dishonest but expedient arguments
 in an effort to win favor
for a policy. 

Worse, "sometimes good economists
 even seem to come to believe 
their specious arguments," Stiglitz wrote in 1998.

 That sort of thing happens 
when people have a vested interest 
in the success or failure 
of certain policies. 
And that's why the CEA exists
so that at least one group of White House economists 
is disinterested enough 
to provide detached analysis 
rather than talking points and spin.

The CEA economists are supposed to
 care more about their academic reputations 
than the success or failure of specific policies

 There's a little bit of myth 
to the CEA's institutional self-image
 but it's a myth that encourages 
its economists to aspire
 to a dispassionate ideal. 

Unfortunately, 
Hubbard's CEA appears 
to have discarded the ideal altogether.

Interestingly, despite all Hubbard's influence
 in the Bush White House,
 the press continues to chatter 
about rumors that he's heading 
to the Treasury Department 
as deputy secretary. 

t's a great idea
—the Treasury Department is supposed to lobby 
for specific administration proposals.

 From there, Hubbard could push 
for his vision of tax reform 
to his heart's content.
 He could be, as Fred Barnes approvingly wrote
, "a player" and 
"a lot more than an economist." 
And the White House 
could have a real CEA chairman again."



------------------------------

 do ya see a better 
   wall street water bag  
                 on the horizon ??
i say 

            he's 
              the tops

        
   he's "the louvre museum"


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power to the  tower slutz   !!!!!!!

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