It's Snow by default

Paul Krugman is back this morning talking about Bush's Social Security "reform". He makes the point that privatizing Social Security is faith/hope based economics and that the only people who will benefit are the Wall Street brokerage firms. Nothing new here for those of us who have been following this story. He does make an interesting point about John Snow's continued tenure as Treasury Secretary. I was listening to academic economist Duncan Black, aka Atrios, on Air America last night and he suggested that Snow would continue as Treasury Secretary because they couldn't find anyone else to take the job. Economists have to look out for their reputations and pushing the snake oil economics of the Bush administration would not be healthy for one's career. Krugman makes the same point this morning.

If Mr. Bush were to say in plain English that his plan to solve our fiscal problems is to borrow trillions, put the money into stocks and hope for the best, everyone would denounce that plan as the height of irresponsibility. The fact that this plan has an elaborate disguise, one that would add considerably to its costs, makes it worse.

And maybe the fact that serious financial experts, the sort qualified to be Treasury secretary, understand all this is the reason why John Snow has just been reappointed.

As with all other cabinet positions, all that is required of the Treasury Secretary is to push the snake oil, so John Snow will do just fine.

Krugman tip from Bill in DC