{"id":17724,"date":"2014-07-06T17:17:39","date_gmt":"2014-07-06T21:17:39","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=17724"},"modified":"2014-07-06T17:17:40","modified_gmt":"2014-07-06T21:17:40","slug":"obama-consults-a-wide-variety-of-economists-just-not-those-who-got-it-right","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2014\/07\/06\/obama-consults-a-wide-variety-of-economists-just-not-those-who-got-it-right\/","title":{"rendered":"Obama Consults a \u201cWide Variety of Economists\u201d \u2013 Just Not Those Who Got it Right"},"content":{"rendered":"<p><em>New Economic Perspectives<\/em> has the article <a title=\"New Economic Perspectives article\" href=\"http:\/\/neweconomicperspectives.org\/2014\/07\/obama-consults-wide-variety-economists-just-got-right.html\" target=\"_blank\">Obama Consults a \u201cWide Variety of Economists\u201d \u2013 Just Not Those Who Got it Right<\/a> by William K. Black.<\/p>\n<blockquote><p>The real difference, the thing sure to exclude Galbraith, Baker, Wray, and Kelton from Obama\u2019s luncheon list, is that they have committed the unforgivable sin of having been proved correct (again) about big finance and the crisis.\u00a0 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.<\/p>\n<p>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\u2019s leaders and economists that set the EU\u2019s catastrophic economic policies.<\/p><\/blockquote>\n<p>Well, at least he ends on some good news about Obama.<\/p>\n<p>Why would you ever want to consult with the people who got it right?\u00a0 In a perverse application of an investment theory which does not apply here, you don&#8217;t want to switch your mutual funds that you own to last year&#8217;s best performing mutual funds.\u00a0 Chances are, they used an unorthodox strategy which just happened to be right for the conditions last year.\u00a0 Next year, they will be out of phase with the economy. You&#8217;d better stick to your losing mutual funds.\u00a0 The losers might be in phase next year.\u00a0 They might be next years best performers.<\/p>\n<p>To mix metaphors here, just keep consulting your stopped watch.\u00a0 It&#8217;s going to be exactly right sometime.\u00a0 Never mind those other watches which are pretty close to right all the time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New Economic Perspectives has the article Obama Consults a \u201cWide Variety of Economists\u201d \u2013 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\u2019s luncheon list, is that they have committed the unforgivable sin of having been proved correct [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-17724","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=17724"}],"version-history":[{"count":1,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17724\/revisions"}],"predecessor-version":[{"id":17725,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/17724\/revisions\/17725"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=17724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=17724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=17724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}