Hubbard was Bush Jr.’s economic advisor, and is now Romney’s economic advisor. I would think that being Bush’s economic advisor alone would disqualify someone for the job currently, but Romney disagrees. So let’s see some of what Hubbard has preached in the past.
This link is to Hubbard’s paper that he co-authored with William Dudley from Goldman Sacs in 2004.
http://www0.gsb.columbia.edu/faculty/gh ... acilit.pdf
Here are some pertinent quotes from the paper.
The ascendancy of the US capital markets —including increasing depth of US stock, bond, and derivative markets — has improved the allocation of capital and of risk throughout the US economy. Evidence includes the higher returns on capital in the US compared to elsewhere; the persistent, large inflows of capital to the US from abroad;the enhanced stability of the US banking system; and the ability of new companies to raise funds. The same conclusions apply to the United Kingdom, where the capital markets are also well-developed.
Uh, yeah, prescient. Not.
The development of the capital markets has provided significant benefits to the average citizen. Most importantly, it has led to more jobs and higher wages.
My god, the man’s a prophet.
The capital markets have also acted to reduce the volatility of the economy. Recessions are less frequent and milder when they occur. As a result, upward spikes in the unemployment rate have occurred less frequently and have become less severe.
::::choke, sputter::::
The development of the capital markets has also facilitated a revolution in housing finance. As a result, the proportion of households in the US that own their homes has risen substantially over the past decade.
Yea, that revolution in the housing finance market really worked out well.
Why in the world would anyone trust the judgment of a man who chooses this guy as his economic advisor? It’s like trusting a man who would choose foreign policy advisors from the Bush administration.
Oh, wait….