We’ve known for a long time, of course, that Mr. McCain doesn’t know much about economics — he’s said so himself, although he’s also denied having said it. That wouldn’t matter too much if he had good taste in advisers — but he doesn’t.
Remember, his chief mentor on economics is Phil Gramm, the arch-deregulator, who took special care in his Senate days to prevent oversight of financial derivatives — the very instruments that sank Lehman and A.I.G., and brought the credit markets to the edge of collapse. Mr. Gramm hasn’t had an official role in the McCain campaign since he pronounced America a “nation of whiners,” but he’s still considered a likely choice as Treasury secretary.
And last year, when the McCain campaign announced that the candidate had assembled “an impressive collection of economists, professors, and prominent conservative policy leaders” to advise him on economic policy, who was prominently featured? Kevin Hassett, the co-author of “Dow 36,000.” Enough said.
Monday, October 13, 2008
"The Party of Stupid"
The economist who calls today's GOP "The party of stupid" won the Nobel prize in economics Monday. Winner Paul Krugman, Princeton University scholar and New York Times columnist, was recognized for his analysis of how economies of scale can affect international trade patterns.
Tore Ellingsen, a member of the prize committee, said, "We disregard everything except for the scientific merits."
Ellingsen acknowledged that Krugman was an "opinion maker" but added that he was honored on the merits of his economic research, not his political commentary.
Krugman has also come out forcefully against John McCain during the economic meltdown, saying McCain is "more frightening now than he was a few weeks ago."
On McCain, Krugman recently wrote: