More on Why Elizabeth Warren Would Be Confirmed
August 17, 2010
[Guest post by Noam Scheiber:] There's an interesting new development on the Elizabeth Warren front today. But, before I get to that, some backstory. I've written before about why Warren is likely to be confirmed as head of the Bureau of Consumer Financial Protection if the president nominates her. Basically, some key Republicans, like Chuck Grassley and Olympia Snowe (and even Jim Bunning), seem to like her.
The Roadmap to a High-Speed Recovery
August 12, 2010
Speaking at a health care reform rally in Raleigh, North Carolina, in July 2009, President Obama declared that the worst of the recession was over. “We have stopped the free-fall. The market is up and the financial system is no longer on the verge of collapse,” he said proudly. A year or so later, with midterm elections looming and an electorate that is as fearful and angry as any in memory, the stock market has risen, but even a breath of bad news can send it tumbling. As dismal as housing prices continue to be, they have yet to hit bottom in some places.
What Christy Romer Means for Elizabeth Warren...
August 06, 2010
[Guest post by Noam Scheiber:] From the department of totally irresponsible speculation: If Austan Goolsbee is in fact the frontrunner to replace Christy Romer as head of the Council of Economic Advisers, wouldn't that mean the White House is now far more likely to nominate Elizabeth Warren to head the Consumer Financial Protection Bureau? This is based on nothing I've heard from any administration official, other than that I know they've been thinking about the gender breakdown on the economic team for some time now.
Tremble, Banks, Tremble
July 09, 2010
The financial crisis in America isn't over. It's ongoing, it remains unresolved, and it stands in the way of full economic recovery. The cause, at the deepest level, was a breakdown in the rule of law. And it follows that the first step toward prosperity is to restore the rule of law in the financial sector. First, there was a stand-down of the financial police. The legal framework for this was laid with the repeal of Glass-Steagall in 1999 and the Commodities Futures Modernization Act of 2000.
Morning Is Coming
July 01, 2010
Do a thought experiment: Think back a year ago to what most analysts were predicting for the financial sector and for the state of the economy. In his newspaper column, Paul Krugman repeatedly warned that the policies adopted by the Bush and Obama administrations would have dire consequences. There was talk in other corners about no new business lending, slumping retail sales, and rising unemployment with no end in sight. But here we are—in the midst of a rebound. Each week over the last year, a number of positive and negative economic indicators were announced.
A Pretty Good Deal on Financial Reform
June 25, 2010
Parsing the final compromise.
Who’s Going to Replace Orszag?
June 25, 2010
The first-day stories on Peter Orszag’s looming departure from OMB highlighted a number of possible successors.
Why Is Orszag Leaving?
June 22, 2010
[Guest post by Noam Scheiber] Let's stipulate that there will always be some amount of lurid speculation when a cabinet official exits—probably more so for the first cabinet-level official to depart an administration. But my hunch is that Obama budget director Peter Orszag is bowing out this summer for pretty pedestrian reasons. First the lurid speculation, such as it is: It’s true that Orszag sometimes clashed with fellow members of the Obama economic team. In particular, there was at times a rivalry between Orszag’s OMB and Larry Summers's National Economic Council.
The $64 Trillion Question (Part 1)
June 22, 2010
That we seem to have avoided another Great Depression doesn’t mean our economy is anywhere near as strong as it should be. In fact, most indicators—from unemployment to private investment—prove quite the opposite. What can be done? How can we ensure the U.S. enjoys not merely a modest recovery but the kind of buoyant prosperity we saw in the decades after World War II and briefly in the 1990s? We put the question to few political economists and will run their thoughts over the next couple weeks.