White House Economic Guru Stepping Down

Bush put US on path to banana republic status

(NEWSER) - The 2000s were dominated by George W. Bush and the new American oligarchy he represents, writes Juan Cole. He lists hit 10 lowest points of an awful decade:

• “The constitutional coup of 2000,” in which “ugly racial and other low tricks” and a “far right-wing Supreme Court” delivered the election to the worst president in history.

White House seeks input; Dem focused on stimulus over bailout

(NEWSER) - Growing tension between the Bush administration and its replacement is making the waters of the economic turmoil more uncertain, the Wall Street Journal reports. With the first half of the $700 billion bailout fund nearly gone, the White House wants more input for Barack Obama on securing the next $350 billion; the Democrat is more focused on his own stimulus plan. More»

(NEWSER) - Henry Paulson’s recent about-face on his plans for the $700 billion bailout do not bode well for his legacy, write Bloomberg's Rebecca Christie and Matthew Benjamin. Perhaps most damaging is not the change of mind, but what it says about his initial plans. “This is a flip-flop,” one observer said, “but on the other hand, when they first proposed the thing, they didn't really know what they were doing.” More»

Economist calls the meltdown a 'blot' on the profession

(NEWSER) - The economic bust has taken a hammer to the profession of economics, Reagan's monetary policy, and the careers of President Bush, Alan Greenspan, and Henry Paulson, James Galbraith tells the New York Times. In an interview with Deborah Solomon, the economist chides his colleagues for failing to call the meltdown, which he says is “an enormous blot on the reputation of the profession." More»

Paulson bows to pressure from lawmakers opposed to bailout paydays for CEOs

(AP) - The White House bowed on a crucial change in the $700 billion bailout today ahead of a speech tonight in which President Bush hopes to pull loudly resistant lawmakers on board. Republican officials said Henry Paulson agreed to demands from critics in both parties to limit the “golden parachute” money for executives whose companies could benefit from the proposed bailout. More»