Obama on blogs

Maybe he should be reading MR:

“Part of the reason we don’t spend a lot of time looking at blogs,” he
said, “is because if you haven’t looked at it very carefully, then you
may be under the impression that somehow there’s a clean answer one way
or another – well, you just nationalize all the banks, or you just
leave them alone and they’ll be fine.”

It does seem, however, he has been reading some other blogs, or at least he is told about them.

Addendum: Alan Blinder has a very good column on the topic.

Comments

"Maybe he should be reading MR."

That is exactly what I thought upon reading the CR post.

CR is an awesome blog; plus the "uber-nerd" section contains a lot of good technical information about how mortgage finance works.

as far as nationalization goes, yes, CR is a strong advocate of nationalization.

and as far as nationalization goes, it's difficult to call what goes on in the blog-sphere as a 'debate'. most people who offer their opinion haven't done the numbers or don't know how to do the numbers. krugman in particular (though he is obviously smart enough to do so) was very transparent about the fact that he had made up his mind before having numbers about the scale of losses. but krugman's not the only one.

I'm sure Obama doesn't listen to the MSM, lobbyists, and politicians for a ton of advice: it's more of an issue of practicality. Sadly, all bloggers can really do is go "rah rah!" or "booooo!" from the sidelines.

Obama should invest more time and energy listening to his advisers than to the blogosphere. The people you need to convince to read the blogs are your next-door neighbors who nod in unison whenever a TV pundit says something.

LOL, no clean answers here! At least not in Tyler's posts -- you'll get half a dozen messy answers to everything!

That's funny, because it exactly describes part of the reason I don't spend a lot of time listening to politicians...

Not only is Obama a lazy slacker who is spending millions of dollars entertaining and smoozing late into the night at the White House, but he is a confirmed narcissist with no real interest in the day to day work of being President.

http://www.associatedcontent.com/article/1543285/the_ploy_of_inaction.html?singlepage=true&cat=75

mB

"Maybe he should be reading MR"

Maybe? Maybe? Come on Tyler be bold:

Obama should be reading MR (and Cafe Hayek as well).

"He proposes a "good bank / bad bank" solution without discussing the implications: The way he proposes it, the shareholders get the upside (good bank with intact capital base) and the taxpayer gets the full downside (bad bank). It's "privatize the profits, nationalize the losses" all over again."

Most proposals I've heard have stockholders getting a piece of both. Admittedly, stockholders don't take the full hit, since their bad "bank stock" can only go to zero, and then taxpayers pick up the remaining tab.

My hip-shot solution:

Make the Fed reveal all its lending to different banks.

Divide assets into good banks and bad banks. Current stockholders have a piece of both.

Then, current stockholders have to pay a premium for their good bank stock equal to their share of government funds they have received so far, and will receive as the taxpayers pick up the bad bank's slack. New stockholders in good banks don't have to pay the premium.

Then, to completely take care of moral hazard, the Treasury Department calculates all the bonuses investment bankers made over 2004-2006 on their mortgage-backed derivatives. Based on that, those investment bankers each get a bill they should pay to the Treasury in 72 hours. If they don't pay up, Obama makes a promise to pardon anybody who harms/maims/kills them.

That oughta do it.

Yet again, an example that Obama thinks he's the president of a university.He has no clue what executives do.

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