Friday, October 17, 2008
My choice for Treasury Secretary
My vote for Treasury Secretary
The next Secretary of the Treasury is likely to be another Wall Street banker. It is already rumored that JP Morgan CEO, Jamie Dimon, is Obama's favorite pick. But do we need another Wall Street banker at this critical time? True, Dimon navigated JP Morgan through the current subprime mess better than most of his peers, but the real question is, does he have the background in economics and public policy that will be needed to bring forth the major changes and investments needed to save our economy? I doubt it. If appointed he'll likely go about his job the same way many of his predecessors from private enterprise did--preaching fiscal discipline and extending bailouts to large firms deemed "too big to fail."
My choice for Treasury Secretary is James K. Galbraith, economist and son of the late, John Kenneth Galbraith, one of America's foremost economists during the last century.
Dr. Galbraith understands why the ideology of unregulated free market capitalism ended up bringing us the current disaster. His ideas and policy prescriptions are ideally suited to the challenges we face. He does not subscribe to the myths about deficits. He is not mired in "gold standard" type of thinking.
Professor Galbraith is also a member of Barack Obama's economic advisory team (I am assuming an Obama win). Not surprisingly, however, Obama will probably go with the safe, but altogether inappropriate choice of Jamie Dimon when a real diamond is standing right along beside him. (Obama talks a lot about change, but his actions belie his words.) That's unfortunate for us.
Below is a link to a list of articles by Professor Galbraith: