Are you sure you want to delete this post?
Carlitos Wrote: Schmidt, we are old friends on this website. So don't get mad at me for this.
The Republicans will oppose anyone Obama nominates. Do you support "anyone" for Treasury secretary?
Lew is a terrible pick and it will give the Republicans ammo to run as populists opposing Wall Street cronyism. We know that's bullshit, but their base doesn't.
Democrats have got to stop being afraid of doing the right thing.
And remember, Obama has proposed SSI cuts via chained CPI.
I will never get mad at you for what you write or your views. You have changed my views on macroeconomics, and I thank you for that. I admire your passion about educating people on MMT despite the tremendous challenge. However, as an old fart, I tend to look more at the practical reality of the immediate mud slinging political climate and what it takes to overcome a hostile House of Representatives, many of which HATE Obama so much they would run the country into the ditch if they thought it would hurt him. So Obama needs tough people to negotiate with these people. He wasn't successful himself with Boehner at yearend so he sent in Joe Biden. And now with the debt ceiling, budget and sequester all coming within a month of each other he needs really tough negotiators. Jack Lew is the man for that job.
Certainly there are other people that ideologically might be better for the long term. However, if you are to eliminate anyone with banking experience as being tainted, then your pool of candidates shrinks. Ditto for Wall Street financial firms other than banking. So in browsing the internet of likely candidates I didn't find any that I felt would be better than Lew.
Paul Krugman has spent his entire lives in academia and therefore would not have the knowledge of Congress and experience in how to get something pushed through.
Gary Gensler, the chairman of the Commodity Futures Trading Commission, is mentioned, but part of his resume is a partner at Goldman Sachs.
Sheila Bair, former head of the Federal Deposit Insurance Corp, is a Republican, but she also played a prominent role in the bail-out of Citigroup.
John Reed, former co-chief executive officer of Citigroup Inc, would also be tainted by his Citigroup experience.
There are a few other names, but when you look at the balance of their experience and knowledge, some might be suited for a back seat advisory position, but for someone to put on the front lines of the battle, you need a heavy weight...and someone that Obama trusts. You don't want to hand the ball to an unproven candidate in these critical months ahead. And in that regard, we also need a "Senator Barney Frank" to help us through the maize.
Keep pushing though. Do you have alternatives to suggest?