On Feb 13, 2008, at 6:05 PM, Julio Huato wrote:
But I don't see why *non-orthodox* policies would be impossible
Nothing's ever impossible, but why would a new president pursue them? There's no political pressure to do so, and he (it's looking less likely that it'll be a she) has little reason to do so on his own. Your man Obama's support comes largely from a bunch of credulous enthusiasts who aren't likely to pressure him to do anything, at least not for the first year or two, until they finally realize that he's been getting his economic advice from the DLC's chief dismal scientist, Austan Goolsbee. The pressures of big foreign debts, a disastrous current account, and households who are in way over their heads are extremely real prods to orthodoxy. I wish the next president would appoint Julio Huato chair of the CEA, but I don't think that's likely to happen. If a million victims of foreclosure and layoff were to descend upon Washington for inauguration day, then I'd revise my outlook. Doug
