White House Wasn’t Aware Top Economists Had Predicted our Current Crisis

White House Press Secretary Jay Carney

White House Press Secretary Jay Carney’s assertion today that no major economists in early 2009 predicted how bad the recession would be is breathtaking:

There was not a single mainstream, Wall Street, academic economist who knew at the time in January 2009, just how deep the economic hole was that we were in.

Even I, a Liberal Arts graduate with absolutely no background in economics nor any experience in government, knew that such predictions were being made. In fact, I was acutely aware of them. I read the New York Times, where Nobel Laureate and Harvard Economics Professor Paul Krugman has been beating the drums about this for years. How could Obama’s administration have ignored the warnings from other top economists like Joseph Stiglitz, also a Nobel Laureate and professor at Columbia University!

Here is a partial list of major economists who have been predicting our current crisis for years:

  • Paul Krugman, Nobel Laureate, Professor at Harvard University
  • Joseph Stiglitz, Nobel Laureate, Professor at Columbia University
  • Nouriel Roubini, Economist, Professor at NYU
  • Douglas Elmendorf, director of the Congressional Budget Office
  • Martin Feldstein, Harvard Professor and former economic advisor to President Ronald Reagan
  • Marc Faber, investment analyst
  • James Galbraith, former executive director of the Joint Economic Committee
  • Mark Zandi, Chief Economist at Moody’s Analytics
  • Dean Baker, Co-Director of the Center for Economic Policy and Research
  • Robert Reich, former Labor Secretary under President Clinton
  • Approximately 80 economists interviewed for a January 2009 survey conducted by the National Association for Business Economics

Has the White House been so captive to trickle-down ideologues that it could not see outside their bubble all these years? Jay Carney—or the President himself—may have some explaining to do.


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