Who’s Better for the Economy? Ask the Experts

Barack Obama is meeting with his economic team this morning to discuss the state of the economy, and no doubt, to gain more of an understanding what’s going on and what the plan should be to bail the Country out. 

So who is he turning to for advice? 

Ex-Fed Chair – Paul Volcker who preceded Alan Greenspan and presided over the 80’s expansion

World renowned investor – Warren Buffett.  Need we say more?

Ex-Secretary of the Treasury – Paul O’Neill. Secretary under George Bush (a Republican)

Ex-Secretary of the Treasury – Robert Rubin, Secretary under Bill Clinton and presided over 90’s expansion 

There are many others and many of which are very prominent names.  Who does McCain utilize for his economic advice: 

Ex-Senator – Phill Gramm.  Who has links to the mortgage crisis from earlier this year and has been on the Budget Committee, responsible for much of the current crisis.

Economist – Arthur Laffer.  Economist of the Laffer Curve that supports supply-side or trickle down economics.

HP Former Executive – Carly Fiorina. Who doesn’t know her now?

Academic and Economist – Doug Holtz-Eakin. 

Also included: Kevin Hassett, Donald Luskin, and Nancy Pfotenhauer

( Thanks to http://econ4obama.blogspot.com/ for the complete list provided here)

Now, looking at that list who would you trust?  When it comes to Wall Street, I think Warren Buffett’s opinion matters the most – hands down.  He’s rich, he’s smart, he’s successful and he supports….the DEMOCRAT?  Who does McCain counter with?  Donald Trump?  I think I trust Warren much more than the Donald. 

Obama has an ex-Fed chair not named Greenspan.  In a financial crisis, I’d like to turn to someone who has been in that position.  Paul Volcker will do.  Greenspan hasn’t shown any warmth to either candidate, as far as I can tell, and has actually lambasted McCain’s tax plan. 

Let’s see, for good measure, a Republican Secretary of the Treasury supports Obama.  What’s wrong with this picture for McCain? 

If you go to: http://econ4obama.blogspot.com/2008/06/obama-economic-advisors-and-economic.html You can check out the impressive list of Obama economic advisors (as well as McCain’s team).  If nothing else, the sheer size of his team compared to McCain’s shows Obama’s interest in getting a handle on the economy.  Know, that when Obama speaks about the economy, that he is speaking on the advice of folks mentioned above. 

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One Response

  1. The current Wall Street crisis can be traced back to greed and profit-motivation, as exemplified in the GOP push toward de-regulation. Phil Gramm was a primary architect of CHANGING the regulations that kept banks solvent. Yes, the same Phil Gramm is now economic adviser to John McCain.

    From:
    http://www.chron.com/disp/story.mpl/headline/nation/5850226.html

    “As chairman of the Senate Banking Committee, Gramm was instrumental in pushing major banking deregulation in 1999 that critics say has contributed to the current mortgage crisis.”

    “The bank deregulation law, known as the Gramm-Leach-Bliley Act, was the most important update in banking laws since the New Deal. Its most important feature: breaking down walls between commercial banks, investment banks and insurance companies.”

    “Gramm’s critics say the deregulation of commercial banks contained in the law made it easier for banks to push risky subprime mortgages on lower-income customers.”

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