Austan Goolsbee is slated to become Barack Obama's chief of staff at the Economic Recovery Advisory Board. Mr. Goolsbee is a respected economist, but in this particular situation, may not be the best choice, considering his views on the lending practices that got us into this mess.
Thus, Goolsbee was delighted that political and regulatory tools were being used to get those uncredit worthy into new homes. The private sector was not thinking far enough ahead, and that's what the government needed to get them to do, Goolsbee said.
OK. Well, we did that. How'd that work out for us? And by "us", I mean, all of us who aren't Austan Goolsbee. for him, it appears to have worked out fine. His reward for advocating the policies that led us into this mess appears to be increased power and responsibility.
That's all you need to know about how government works right there.
Posts
