Prestigious economist: Geithner's plan "repeats the same errors Japan made in the 1990s"

[ArchieStone1]

His name is Adam S. Posen, and his aticle can be found here:

An excerpt:

I fear that until Congress gets the message, a lasting resolution of the U.S. banking crisis will not occur—and it may take the failure of the current plan to get that message across, as it did in Japan and elsewhere.

This man's credentials are so long I won't cite them all because I'd get tired of typing. Here are some of his past jobs:

From 1994 to 1997, he was an economist at the Federal Reserve Bank of New York, where he advised senior management on monetary strategies, the G-7 economic outlook, and European monetary unification. In 1993–94, he was Okun Memorial Fellow in Economic Studies at the Brookings Institution and won the Amex Bank Review Awards Silver Medal for his dissertation research on central bank independence. In 1992–93, he was resident in Germany as a Bosch Foundation Fellow. He received his Ph.D. and his A.B. (Phi Beta Kappa) from Harvard University, where he was a National Science Foundation Graduate Fellow.

Dr. Posen is a member of the Council on Foreign Relations. He is a research associate of the Center for the Japanese Economy and Business of Columbia University, a fellow of the CESifo Research Network, and has been a Public Policy Fellow at the American Academy in Berlin (2001).

http://www.petersoninstitute.org/staff/author_bio.cfm?author_id=9

[Thrill]

1. I don't see him on the list of highest ranked economist

I do see Summers, Krugman, Bernake, and one of Geitners top Assistants Alan Krueger

http://ideas.repec.org/top/top.person.all.html

[ArchieStone1]

3. Summers, the guy who said in 2000 that US had "“well-capitalized and supervised banks”

6th paragraph:

http://www.nytimes.com/2009/03/30/opinion/30krugman.html

[Thrill]

4. Well Krugman, also said Outsourcing was a good thing.

So lets not act like these guys are perfect.

[ArchieStone1]

5. link and context please

Thanks.

[Thrill]

8. Here you go

http://www.slate.com/id/1918

[ArchieStone1]

9. Thanks. Well, Stiglitz spoike against globalization AND said Geithner's planned "robs" taxpayers

http://www.project-syndicate.org/commentary/stiglitz45

So as you can see the variety of economists that don'T like this plan is remarkable. :-)

Top economists who disagree on some things can certainly agree on one: Geithner's plan is deficient.

[Teaser]

12. YAWN.

*scratches crotch*

[amandabeech]

10. This is 1997. I saw his comments on a discussion forum linked to a post over in the Economy forum.

It was very recent. I wish that I could find it for you, but I don't have the energy now to try and I'm not sure of success. I really wish that I had bookmarked it.

In the discussion, Krugman said that he was having a harder time supporting the the common globalism-is-good-retrain-the-losers in face of the severe hardships that the laid off workers continue to suffer.

There may be hope for Krugman, but we need him to hurry before it is simply too late to do anything.

[Joe the Liberal]

2. I saw a similar post on here a while back......

and I'll post here what I posted there, this quote......

"Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so." -Douglas Adams

[high density]

6. Pretty sure that Geithner is aware of what happened in Japan.

Thanks for the concern.

[Loge23]

7. The Golf Lesson

I took a golf lesson recently (God knows I need it).
The instructor had me in a position that was very uncomfortable for me - it didn't feel right at all.
I felt that I couldn't swing at all from this position; yet when I did, I hit the ball squarely and straight.

I'm in that same position with Geithner's work thus far. I expected much more, much more differently, and something that would have been much more comfortable for me. But if this gets the ball down the fairway, so be it.

We'll see.

[Occam Bandage]

11. Japan:Economics::9/11:National Security