Monday, June 16, 2014

Paul Krugman Once Heart Tim Geithner

Paul Krugman wrote this email to Greg Levine in December of 2008. Krugman's view of Geithner has grown harsher. Krugman savaged Geithner's book "Stress Test" in a colulm titled Springtime For Bankers. The title is a play on the song Springtime For Hitler from The Producers.

Krugman's review of Stress Test.
One reason for sluggish recovery is that U.S. policy “pivoted,” far too early, from a focus on jobs to a focus on budget deficits. Mr. Geithner denies that he bears any responsibility for this pivot, declaring “I was not an austerian.” In his version, the administration got all it could in the face of Republican opposition. That doesn’t match independent reporting, which portrays Mr. Geithner ridiculing fiscal stimulus as “sugar” that would yield no long-term benefit.
It is fascinating how Krugman has soured on Geithner. Krugman was correct that President Barack Obama was never an economic progressive.

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