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Dr Doom Likes Obama's Economic Team

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By Ben Cohen

We've been critical of Obama's economic team here at The Daily Banter, mostly because the next President has chosen ex Clinton staff and former deregulators. But Nouriel Roubini (otherwise known as 'Dr Doom'), who was credited with predicting the awful crash before it happened, thinks otherwise. In an interview with News Week, Roubini said he was confident the new team would be effective in combating the various economic maladies:

News Week: Your view of the economic future is often a bit less than optimistic. What does Obama's team signal about what could be coming?


he wants to get things done, so he's choosing a really terrific team.

To me, it says that he's choosing people who have great experience.

He's choosing people who are pragmatic and who realize the severity of

the national problem we're facing. They're knowledgeable about markets,

about the economy and the political process in Washington. These are

the very best people he could have chosen. I can't look too far, but

it's a very good signal of what he wants to do.

As a progressive site, we will continue to be critical of Obama's choices, but it must be said, he is moving swiftly and decisively. The hope is that Obama's team will not be ideological, and will enforce a vision laid out by Obama, not their own preconceived ideas about 'free markets' etc. Roubini's endorsement is a big plus, but the proof of course, will be in the pudding. The appointment of Paul Volcker as head of a new economic advisory committee is also a big boost for progressives, as Volcker has a history of challenging deregulation and standing up to free marketers.