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Sunday 27 May 2012

Puzzled of Texas

A troubled Crunchy Con digests a lengthy Bloomberg assessment of the US economy's prospects. Then he takes a look at the new hands on deck:

OK, here's what I don't understand. Obama's new economic team -- Tim Geithner, Larry Summers and Peter Orszag -- are all universally acclaimed as brilliant. But they are all protégés of former Clinton Treasury Secretary Robert Rubin, the Citigroup official who worked hard to break down the Depression-era firewalls that kept what's happening now from happening, and who stood shoulder to shoulder with Alan Greenspan to keep the government from regulating new financial instruments that helped cause this meltdown. Why is nobody asking why men with this kind of past being put back in charge of US economic policy? It's like a Republican president in 2016 bringing back Rumsfeld's proteges to run national security.

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