Economic Advisors Hearings- Shameful, shameful!!!

[fabius]

Just tuned in to see Kristen Forbes and Harvey Rosen (nominees for Council of Economic Advisors) get grilled by Senate Banking Committee CSPAN. This says a lot about why we're in the economic predicament we're in. SUMMARY BELOW:

First Paul Sarbanes directed some at Ms. Forbes (paraphrased):

Sarbanes: Ms. Forbes, I see you have listed political contributions in your application. I see a contribution of $5000 to attend the President's Ball in May 2003. Your notice of appointment is in May 2003 a couple of weeks later. Any connection there?

Ms. Forbes: Oh, no, Heavens to Betsy, nonononono! I can't imagine why I even got the invitation, they just send these out to everybody don't they? I just happened to be in town shopping for an apartment (for her newly anticipated job?):wtf: and thought it would be fun to go see the President! :dunce: (excuse me, FUN? for 5000 smackers?)If I hadn't been in town I probably wouldn't have gone.

Sarbanes: Ms. Forbes, what would be your advice to the President on extensions to unemployment insurance, given large number of long-term unemployed?

Ms. Forbes: Certainly one can make a case, but to extend it too long results in DISINCENTIVES to find work, such as in France...

Sarbanes: Ms. Forbes, this is not France, what about the US where we usually provide significant extensions in times of recession.

Ms. Forbes: Well you have to be concerned for these people and also about the DISINCENTIVES (Excuse me, you think people WANT to live on peanuts with no benefits or health insurance? - never mind, she means let them flip burgers):mad:

Sarbanes: Ms. Forbes, what would your advice be to the President if unemployment comes up for renewal and the economic situation hasn't improved?

Ms. Forbes: The economic picture is looking up and we are expecting significant growth, but it is the President's decision..."

Sarbanes: Ms. Forbes, you are presumably being hired to ADVISE the President. (Aside): President Truman said he wanted a one-armed economist because they all say "on the one hand, but then on the other hand". (Turns to Rosen) Mr. Rosen, what is your opinion on the extension of unemployment insurance in a recession? Doesn't it have a stimulative effect by increasing purchasing power?

Rosen: On the one hand it does increase overall purchasing power, but on the other hand (I can't believe he said this:eyes:) there is the possible DISENCENTIVE to find work (:grr: he means those lazy bastards will watch TV and drink beer). There might be a better way to allocate the money for stimulus, such as a supply-side approach (MORE TAX CUTS FOR THE RICH).

Then Richard Shelby chimes in. Talks about how when he was young, if he'd had unemployment insurance he might have just been a permanent bum or something. :nuke:

The Shelby sets her up with a nice easy toss: Wouldn't it be nice to have some CAPITAL instead so you could get in and start your own business or something,

Ms. Forbes fields the softball: Oh yes, we have an idea for a program where the unemployed could get a lump sum to help finance possible opportunities (or some such drivel)of $3000. (presumably in lieu of any more monthly payments)

:party: "Break out the champagne, Mabel, we're going to open that restaurant we always wanted with this 3000 bucks - either that or pay the rent and utilities for a month, I'm not sure which."

[SharonAnn]

1. Thanks, I guess, for posting this. It's a great demonstration

that not only is our boy king clueless, but so are his political patronage advisors.

Just think what our Federal services will be like once he dismantles all the Civil Service protections and fills those jobs with political patronage contractors.

Hmm, imagine the FAA filled with air controllers of the same quality as Ms. Forbes. Or, picture the FBI and the CIA filled with people of that caliber. Oh wait, we already have that.

[Hoosier]

2. Nice...$3000???

Wow.

Three fucking thousand dollars. FYI, even SBA-guaranteed deals for startups would require at least 10% cash injection of the entire project by the borrower. So they might qualify for a $27,000 loan to go w/ their $3,000...and that will get you NOTHING.

F little Forbes & Rosen. Give those fuckers $3,000 and tell them to come up w/ a viable business plan.

[dfong63]

3. bush should hire one of the long-term unemployed to advise him