To summarize: the members of Obama’s Transition Economic Advisory Board are too old, too uninspiring and too much part of the problem to deliver the change America needs and to keep alive the hope that Obama may have inspired through his election. A wasted opportunity.
(From FT.com | Willem Buiter’s Maverecon.) That sucks, but I can’t say I’m surprised. I’m prepared for more of the same in other political arenas, albeit with a flashier presentation than we’re used to. Buiter does overstep a bit in dismissing all lawyers outright, but in general he’s right that there aren’t enough serious economists on the team – especially given the significance of today’s crisis. And the number of protectionists on the board seems at odds with a need for a Bretton Woods III, as John B. Judis puts it. (I highly recommend this last article; it puts aspects of global economics of the last century into sharp perspective.)