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Obama Introduces Alan Krueger As Head Of Council Of Economic Advisers

Tyler Durden's picture


Time for some more rotation of the titanic's deck chairs with the Princeton labor economist taking over Goolsbee. Unfortunately with Geithner still around, there is no risk America will change its current path heading straight into a Double Dip iceberg.


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Mon, 08/29/2011 - 11:06 | 1611708 buzzsaw99
buzzsaw99's picture

enjoy the next 17 months krueger

Mon, 08/29/2011 - 11:11 | 1611728 wang (not verified)
wang's picture

tennis buddy with sperling

geithner sycophant

colleague of Krugman (in fact he has Krugmans's eyes)

contributing architect of Obama's "stimulus"

former clintonista





Mon, 08/29/2011 - 11:29 | 1611785 MillionDollarBonus_
MillionDollarBonus_'s picture

This is a wise choice - I'm increasingly impressed by president Obama's ability to make smart choices during these trying times. Professor Alan Krueger (phd, harvard, cornell, princeton) was rated as the 50th best economists in the world by REPEC. Krueger's diligent research has PROVEN the benefits of minimum wage policies on worker's pay. Thanks to his research we can envision a day with minimum wages of $1,000,000+ and increased price controls, making people richer and more prosperous beyond our wildest dreams.

Mon, 08/29/2011 - 12:28 | 1611978 malikai
malikai's picture

Is Alan Krueger any relation to a Freddy Krueger?

Mon, 08/29/2011 - 12:37 | 1612004 Hulk
Hulk's picture

Welcome back Hamy !

Mon, 08/29/2011 - 12:55 | 1612051 NotApplicable
NotApplicable's picture

God bless us, everyone!

Mon, 08/29/2011 - 14:48 | 1612470 jakeman
jakeman's picture

Hey, that's my line!

Mon, 08/29/2011 - 13:05 | 1612074 macholatte
macholatte's picture

It's not a revolving door...... it's a Merry-Go-Round


As chairman of the Council of Economic Advisers, Krueger’s salary would be $191,300 a year. In his last full year as a professor at Princeton, Krueger made $369,807, according to his financial disclosure report.

Krueger supplemented that income with consulting, board memberships and speeches, including $7,000 from Goldman Sachs for a speech in June 2008. As council chairman, Krueger would again be working with National Economic Council director Gene Sperling, who left Treasury earlier this year to replace Summers and also drew money from Goldman before joining the administration, earning $887,727 for advice on that company’s charitable giving.



Mon, 08/29/2011 - 11:28 | 1611791 spiral_eyes
spiral_eyes's picture

Is Obama a Keynesian?

Not if he shows us his birth certificate he's not! 

Mon, 08/29/2011 - 11:32 | 1611799 optimator
optimator's picture

Obama introduces a new boss to the list of managers he has.

Mon, 08/29/2011 - 13:22 | 1612119 Bastiat
Bastiat's picture


Mon, 08/29/2011 - 11:13 | 1611739 disfiguredskating
disfiguredskating's picture

Yeah.  How did his last "introduction" go?


Mon, 08/29/2011 - 11:26 | 1611782 bankrupt JPM bu...
bankrupt JPM buy silver's picture
Alan Krueger is a:

a.  Christian

b. Muslim

c.  Jew


Nuff said.

Mon, 08/29/2011 - 11:57 | 1611886 Clueless Economist
Clueless Economist's picture

UHH What is B) a Muslim?

Mon, 08/29/2011 - 11:59 | 1611890 Clueless Economist
Clueless Economist's picture

You make a good point.  If our country is all inclusive and favors "diversity" etc etc...Why is a Muslim never selected or even considered for that matter??????

Mon, 08/29/2011 - 13:14 | 1612097 Oquities
Oquities's picture

and so you are clueless. his point is that the mass of appointees to governmental economic positions in this country are jewish.  check the %age at SEC, Treasury, Fed, etc. and you will be stunned.  there is no diversity here.

Mon, 08/29/2011 - 21:09 | 1613629 zombiebank
zombiebank's picture

Because everyone including subhuman scum such as politicians hate muslims, they just aren't allowed to say so in public.

Mon, 08/29/2011 - 12:35 | 1611995 Ruffcut
Ruffcut's picture

YEp, lets just throw another (ass) hat into the ring.

Mon, 08/29/2011 - 11:08 | 1611713 swissaustrian
swissaustrian's picture


One of Mr Kruegers books:

What Makes a terrorist: economics and the roots of Terrorism, 2007

Mon, 08/29/2011 - 11:13 | 1611738 DefiantSurf
DefiantSurf's picture

I haven't read the book, but I am a believer that these organizations (terrorist) would less prevalent if they had a thriving economy. We should send them SUVs, big screen tv's and lots of cheesy poofs, then they would become fat couch potatoes watching Al Jazeera Idol and be a threat to nobody but themselves.

Mon, 08/29/2011 - 14:34 | 1612406 ElvisDog
ElvisDog's picture

I have a theory the reason so many terrorists are Middle-Eastern, Muslim men is their reaction to the general unattractiveness of Muslim women. Most of them look like water buffaloes and that makes the men angry and depressed. There aren't many Swedish terrorists because Swedish women are totally hot. My single-point solution to world terrorism - more hot women.

Mon, 08/29/2011 - 11:10 | 1611720 DefiantSurf
DefiantSurf's picture

And the difference between him and the last 20 economists to go through the revolving door at the WH?


Mon, 08/29/2011 - 11:16 | 1611750 Zero Debt
Zero Debt's picture

They can be differentiated by their reasons for more stimulus

Mon, 08/29/2011 - 11:34 | 1611806 lizzy36
lizzy36's picture

He is way more photogenic than the last fat fuck from Harvard.

Mon, 08/29/2011 - 12:09 | 1611917 Don Birnam
Don Birnam's picture

Why, yes, he is, isn't he ? That said, does the Executive Office of the President have Delta Dental ?

Mon, 08/29/2011 - 12:43 | 1612023 Havana White
Havana White's picture

Photogenic of the "crazy brilliant" kind:

Mon, 08/29/2011 - 11:10 | 1611723 Dapper Dan
Dapper Dan's picture

Harvard wins again!

Mon, 08/29/2011 - 11:11 | 1611725 Calculated_Risk
Calculated_Risk's picture

a nightmare on 1600.

Mon, 08/29/2011 - 11:12 | 1611735 HedgeFun
HedgeFun's picture

Rofl Double dip iceberg.  Can we get Leonardo as lead to the 2013 hit movie 'Financial Titanic'

Mon, 08/29/2011 - 11:12 | 1611736 tmosley
tmosley's picture

In other news, his brother Freddie is the new Czar of Dreams for Naughty Citizens.

Sleep soundly, America.

Mon, 08/29/2011 - 11:24 | 1611778 buzzsaw99
buzzsaw99's picture

Nightmare on Main Street Part VIII

Mon, 08/29/2011 - 11:14 | 1611742 AxiosAdv
AxiosAdv's picture

Another Keyesian...Bob Wenzel at EPJ cut him to pieces earlier today. 

Mon, 08/29/2011 - 11:23 | 1611771 bread n circuses
bread n circuses's picture

Wenzel is not a Keynesian.  He is deeply entrenched in the Austrian School.  Don't know how you got that...

Mon, 08/29/2011 - 11:45 | 1611803 Pants McPants
Pants McPants's picture

I think you misread Bread's post.  I read it as him referring to Krueger the Keynesian, not Wenzel.

edit:  Axios, not Bread.  Sorry.

Mon, 08/29/2011 - 11:34 | 1611811 SilverIsKing
SilverIsKing's picture

I think you misunderstood what Axios said. He agrees with you.

Mon, 08/29/2011 - 11:41 | 1611838 bread n circuses
bread n circuses's picture

Ah.  I see now.


Mon, 08/29/2011 - 11:14 | 1611743 Nothing To See Here
Nothing To See Here's picture

Labor "economists" such as Krueger are the perfect personification of science made to serve politics and preconceived opinions.

The moment when politics and opinions answers to science will be the moment when Austrian economics become mainstream.

Mon, 08/29/2011 - 11:14 | 1611744 Zero Debt
Zero Debt's picture

The US is already in a recession, based on Real GDP figures adjusted for CPI.

When deflating Nominal GDP using John Williams (Shadowstats) methodology (original CPI method), the US economy has been in a recession since 1990 and it is getting worse.


Mon, 08/29/2011 - 13:34 | 1612166 unununium
unununium's picture

Well, yeah. If you're into accuracy, rigor, and all that.

Mon, 08/29/2011 - 11:15 | 1611745 Dick Darlington
Dick Darlington's picture

Aah, just what we needed! Another bright Princeton eCONomist.

Mon, 08/29/2011 - 11:15 | 1611748 ??
??'s picture

I posted this backgrounder on Dr. K earlier today. The guy is a fav of Roubini and worked under Rubin back in the day and recently along side Rattner.

Mon, 08/29/2011 - 11:17 | 1611753 Lets_Eat_Ben
Lets_Eat_Ben's picture

Alan Krueger sodomizes himself with large squash and eats feces. seriously.

Mon, 08/29/2011 - 11:54 | 1611871 gdogus erectus
gdogus erectus's picture

So you're his grocer or proctologist or 'roommate'?

Mon, 08/29/2011 - 11:18 | 1611755 Cpl Hicks
Cpl Hicks's picture

Would have prefered Freddy Krueger. The better to slash government spending, my dear.

Mon, 08/29/2011 - 11:21 | 1611762 LawsofPhysics
LawsofPhysics's picture

Another "academic" fucknut to help "fix" things in the real world.  Perfect, hey at least everyone knows how to hedge accordingly.  We have all seen this dance before.

Mon, 08/29/2011 - 11:21 | 1611764 Caviar Emptor
Caviar Emptor's picture

Krueger: Well it's not so much a double dip recession as an Even Greater Super Moderation.


Newsflash: Goldilocks treated for hypothermia

Mon, 08/29/2011 - 20:11 | 1611766 John McCloy
John McCloy's picture

  Anyone who is curious as to what this new "advisor" who is a white tip shoe boys fully fledged official member and what sort of policies you can expect out of him let me give you small taste.This is from:

Inequality, Too Much of a Good Thing
Alan B. Krueger1
Princeton University and NBER
April 16, 2002

I found this on page 26


"The evidence suggests to me that society can have more equality and more efficiency by
allocating shifting resources to education. Such programs could be paid for by rejecting
proposals that would exacerbate income disparities, including the elimination of the
estate tax or cuts in the capital income tax and top income tax rate. Moreover, as noted
earlier, education and training are popular ways to transfer income, probably because of
the good Samaritan’s dilemma. Practical political economy issues of what proposals for
redistributing income are in the feasible set should not be ignored by economists"


  Yup..more of the same.

Mon, 08/29/2011 - 11:22 | 1611769 CB
CB's picture

Labor economics usually contributes to screwing up free market systems.

Mon, 08/29/2011 - 11:23 | 1611772 RSloane
RSloane's picture

ZOMG! Things will be so much different now!

Mon, 08/29/2011 - 11:30 | 1611794 fly
fly's picture

He also is a huge proponent of the VAT. He believes that should a VAT be enacted, we the consumer would dash out and buy before the tax would take effect and hence improve the economy. Troubling theory as in order to spend, the consumer must have cash and as we all know, the JOBS or lack thereof lends to the current lack of consumer spending. Idiots.

Mon, 08/29/2011 - 11:31 | 1611798 bread n circuses
bread n circuses's picture


Minimum wage increases means more money for everyone!!



Mon, 08/29/2011 - 11:35 | 1611814 docj
docj's picture

Meet the new hack...

Same as the old hack...

Mon, 08/29/2011 - 11:40 | 1611832 dumpster
dumpster's picture

ten chickens in every pot. a no interest SUV in every 1% market loan refinanced garage

Mon, 08/29/2011 - 11:44 | 1611846 IMA5U
IMA5U's picture

so this new communist will raise minimum wage to buy votes for his boss and implement a tax break for companies to hire more proletariats


"jobs plan" new communist architecht

Mon, 08/29/2011 - 11:45 | 1611848 IMA5U
IMA5U's picture

Krueger = Nitemare On Wall Street

Mon, 08/29/2011 - 12:31 | 1611985 malikai
malikai's picture

Krueger = Nightmare on Main Street

Mon, 08/29/2011 - 11:53 | 1611870 web bot
web bot's picture

This probably doesn't need to be said... but I'l lsay it anyhow.... at least Krugman was not asked...

Mon, 08/29/2011 - 12:01 | 1611894 colonial
colonial's picture

Krueger's last brilliant idea was, wait for it, CASH FOR CLUNKERS

He is a Harvard educated labor economist.

Does ANY reader here think Krueger will be different than the other morons running economic policy for this White House? 

I for one, do not.  This further demonstrates that this Admin. will not change until the voters act. 

Mon, 08/29/2011 - 12:30 | 1611983 malikai
malikai's picture

Good luck with that whole "voters act" thing. I'm sure they'll get around to it when Jersey Shore is over.

Mon, 08/29/2011 - 12:58 | 1612054 tawdzilla
tawdzilla's picture

Next stimulus program in the queue... "cash for human clunkers." 

Instead of a monthly check, we can give a lump sum payment to any unemployed worker who wasn't smart enough to land a gov't job.   

Mon, 08/29/2011 - 13:05 | 1612075 malikai
malikai's picture

Will they be put in the crushing/shredding machine like the other clunkers were? That sounds like a great way to eliminate the unemployment problem. Which company gets the contract for that?

Mon, 08/29/2011 - 14:20 | 1612344 Trifecta Man
Trifecta Man's picture

Cash for Clunkers cost taxpayers $24K per car.  Clunkers are not worth $24K a car.

And this Alan Kreuger is now Head of Council of Economic Adviser?

Help!  Madman in the White House!  Help!

Mon, 08/29/2011 - 12:57 | 1612043 Spitzers Black Socks
Spitzers Black Socks's picture

Forgive me for the OT question, but:

I keep getting Obama 2012 ads on here and other sites. I'm not sure how the web ad pricing/selling works, so: Is it good policy to click on the ad? Does the site get more ad money and the campaign pay more for every click-through?

I will crawl naked across broken glass if I have to to vote against the SOB next year, and I will happily click on the ads all day long for the next year if it will force his campaign to spend more money.

Mon, 08/29/2011 - 12:56 | 1612052 Random Variable
Random Variable's picture

He is a co-author of the biggest piece of garbage in the history of econometrics. The way they acquired their data was bullshit. The study has yet to be replicated.

Mon, 08/29/2011 - 13:45 | 1612173 Bastiat
Bastiat's picture

Before going into grad school (for just a year) in econ, I took more math than an engineer--I ended up with 30 hours or so.  I felt the need to understand what was going on behind the symbols and graphs they were always drawing on the boards since I hate pretending to know something.  This attitude is shared by very few economists, who in fact, use the language of math to to intimidate and to add a sort of mystic credibility to the sand castles built on consensus assumptions.  In fact, most of the fuckers couldn't count to 21 without unzipping their pants. 

Mon, 08/29/2011 - 13:10 | 1612085 Sizzurp
Sizzurp's picture

At some point I figured even an ideologue such as Obama would sit back and say "Maybe these guys don't know what the hell they are talking about, I mean I have followed their advice for the last 2 1/2 years and what have I got. Maybe I need to re-think this".  Nope Obama is full-on full of the kool-aid.  He can't think outside the box, hell, he is the box.

Mon, 08/29/2011 - 13:32 | 1612158 sbenard
sbenard's picture

Alan is Freddy Kreuger's evil economic twin! He'll devastate the economy just as Freddy devastated the teen population. I'm sooooo excited!

Economic armageddon this way comes!

Mon, 08/29/2011 - 13:34 | 1612164 Restcase
Restcase's picture

Another Princeton economist!

Obama to Princeton economist: Who can you recommend for this position now that you're leaving?

Princeton economist: Why, Princeton economist #2!

Obama to Princeton economist #2: Who can you recommend for this position now that you're leaving?

Princeton economist #2: Why, Princeton economist #3!

Obama to Princeton economist #3: Who can you recommend for this position now that you're leaving?

Princeton economist #3: Why, Princeton economist #4!

This procedure also applies where new economist-advisor positions are created.

Mon, 08/29/2011 - 15:45 | 1612685 Problem Is
Problem Is's picture

Question: How many Princeton PhD economists does it take to screw in a light bulb??

Answer: None or infinetly many... since Princeton PhD economists can't produce anything productive in the real economy...

Rim Shot-Drum Roll

Mon, 08/29/2011 - 13:38 | 1612183 Zodiac
Zodiac's picture

If Krueger's dad had married Ayn Rand, he would be Alan Krueger-Rand.  His whole life would have been changed as, instead of pushing socialist economic ideas, he would be pushing gold.

Mon, 08/29/2011 - 13:46 | 1612209 Bastiat
Bastiat's picture

Yeah, either that or he'd still be in therapy.

Mon, 08/29/2011 - 14:28 | 1612389 island
island's picture

Nothing more than evidence of an entrenched elite who think they know it all. 



"Krueger fits this pattern. He was the top economist on the Labor Department under Clinton and the top economist for the Treasury Department from 2009-2010. He’s a close tennis buddy of Summers and Geithner. He knows these guys, and they know him. If you had tried to predict this choice by asking yourself, “who is the former Clinton-administration economist who has an extremely good relationship with the current set of economic-team principals,” Krueger is among the first names you would have come up with"


These boys will do nothing of significance for "the small people" - only more of the same stealth pillaging of main street to ensure no risks to the banksters and their politico accomplices.


Mon, 08/29/2011 - 15:34 | 1612650 Problem Is
Problem Is's picture

Is that punk ass Bullshit Barry Soetoro back from vacation?

Did anybody notice?

The start of "home vacation" hilarity will ensue...

Some one plug in the teleprompter...

Mon, 08/29/2011 - 16:06 | 1612752 Justaman
Justaman's picture

Just what we need, another Clinton hack that was part of the team involved in the early stages of the housing debacle back in 1999.  Nice, real nice.


Reference to a September 30, 1999 NY Times article titled:

Fannie Mae Eases Credit To Aid Mortgage Lending


Mon, 08/29/2011 - 16:28 | 1612819 ViewfromUnderth...
ViewfromUndertheBridge's picture

Unfunded wars, tax cuts and bloated pork programs in good cuts and austerity in bad times...this is the opposite of Keynesianism, which is dead.

This is Post-Keynesian political opportunism at its extreme... Corporatism for the Oligarchs.

All the Keynesian economists are falling by the way side to the sharper elbowed Wall St crowd.

Obama is between two horses. Fail.

Mon, 09/05/2011 - 09:55 | 1634146 shacai
shacai's picture

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