New Economic Perspectives has the article Obama Consults a “Wide Variety of Economists” – Just Not Those Who Got it Right by William K. Black.

The real difference, the thing sure to exclude Galbraith, Baker, Wray, and Kelton from Obama’s luncheon list, is that they have committed the unforgivable sin of having been proved correct (again) about big finance and the crisis.  There is, of course, no chance that Obama will ever invite any of us, much less our friends at Amherst, to lunch to discuss economic policy.

The good news for Americans, which I will explain in my next column, is that Obama is not remotely as bad as the European troika’s leaders and economists that set the EU’s catastrophic economic policies.

Well, at least he ends on some good news about Obama.

Why would you ever want to consult with the people who got it right?  In a perverse application of an investment theory which does not apply here, you don’t want to switch your mutual funds that you own to last year’s best performing mutual funds.  Chances are, they used an unorthodox strategy which just happened to be right for the conditions last year.  Next year, they will be out of phase with the economy. You’d better stick to your losing mutual funds.  The losers might be in phase next year.  They might be next years best performers.

To mix metaphors here, just keep consulting your stopped watch.  It’s going to be exactly right sometime.  Never mind those other watches which are pretty close to right all the time.