Glenn Hubbard…Mitt’s Go To Guy…Yikes
Everyone (okay anybody not supporting Romney) who watched the 2nd presidential debate loved the question addressed to Romney about how he is different than G.W. Bush. While Mittens danced around the question and tried to distance himself, he failed miserably. He has, in fact, one very big thing in common with Bush….Glenn Hubbard. Hubbard was a chief architect in the Bush tax cuts as well as a major proponent of the derivatives market that crushed our economy. Well, this guy is Romney’s economic go-to guy. Robert Scheer at Truthdig has a great article about him…..
Meet Romney’s Economic Hit Man
Posted on Oct 18, 2012
By Robert Scheer
Mark the name of R. Glenn Hubbard, the man who will make your life miserable if Mitt Romney is elected president. Unless, that is, you happen to be one of the swindlers who has profited mightily from the nation’s economic pain.
Hubbard is the ideological hit man instrumental in justifying the mortgage derivatives bubble that caused the Great Recession during the George W. Bush years. He now serves as Romney’s key economic adviser and is the front-runner to be the next Treasury secretary should the Republican win.
“Romney’s Go-To Economist” read the headline on a New York Times profile of the dean of Columbia University’s Business School, which notes that “During a stint as chairman of the Council of Economic Advisers for President George W. Bush, from 2001 to 2003, Mr. Hubbard was known as the principal architect of the Bush tax cuts.” In that capacity, and after returning to Columbia, Hubbard was also the chief cheerleader for a runaway derivatives market that spiraled out of control and left the Great Recession in its wake.
While pocketing millions in fees from the financial industry that he was ostensibly studying as a neutral academic, Hubbard was an enthusiastic backer of the virtues of a burgeoning unregulated capital market that sold toxic derivatives to the world. In a landmark paper that he co-wrote in November 2004 with William C. Dudley, at the time the chief U.S. economist at Goldman Sachs, it was asserted, “The capital markets have helped facilitate a major transformation of the U.S. mortgage financing system over the past 25 years. … The result has been a dramatic decline in the cyclical volatility of housing activity.” Continue reading…
This guy is as crooked as they come. Watch Charles Ferguson own him in his documentary Inside Job.
This guy is bad news…