Monday, January 25, 2010

Mankiw becomes drunk on power

Mankiw is a cheap date. He doesn't even need real power, just the smell of it is enough. Look at this opening:"One of my many friends working for President Obama sends me this email, along with permission to share it with my blog readers". OMG. One of his many friends, who work for President Obama, who not only leak, but give him permission to share it with his blog readers. Heady stuff, to be sure. And what is the great inside scoop?
The most vivid case in point is the recent policy announcements about implementing the Volcker ideas about separating investment and commercial banking.

This policy process has been in the works for months, and it came to fruition in the normal course of policy operations after extensive meetings and consultations among Treasury, NEC, the PERAB board, and other parties.
So, the Volcker plan is not because the Dems just lost Massachusetts and healthcare, it's been in the works now for months, and the timing was coincidence.

Greg, who seems to be anybody's after smelling the glass of wine concurs: "Thanks for helping to get the true story out." Others are less credulous. They may believe that the Volcker plan was exactly what it seems like, a panicked response to an unexpected, and terrible, electoral loss after a whole raft of unpopular policies have failed to make a dent in unemployment. And the leak is an attempt to get friendly bloggers to pass along the official party line. Thoughts like this are the basis of conspiracy theories.

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