Friend of the Curious Capitalist Mark Zandi is the subject today of both a Washington Post article and a lengthy post on the WSJ’s Real Time Economics blog. The gist of both is that he has become the country’s Chief Stimulus Economist. From the Post:
The 49-year-old economist is a Democratic dream, a former adviser to GOP presidential candidate John McCain who advocates spending over tax cuts as the best way to deliver a quick jolt. The founder of Moody’s Economy.com now asserts that even if it reaches $900 billion, the current package may be too small. His PowerPoint presentations are a staple at congressional hearings. In floor speeches and news conferences, Democratic lawmakers confer on Zandi an authority once bestowed on Alan Greenspan, the former Federal Reserve chairman.
From the WSJ:
A frequent expert witness at congressional hearings and omnipresent in news coverage, Mr. Zandi has become the most vocal economist arguing for a major fiscal stimulus package. The biggest risk today, he says, is “people not having clear sense of the severity of the recession.”
“I feel strongly about stimulus. I feel it’s absolutely vital,” he said. “It’ll make all the difference between recession and depression.”
Mark may be right about that. He’s also a good guy who calls things like he sees them–and it’s nice to see Congress listening to someone like that. But I do worry about anybody being conferred the “authority once bestowed on Alan Greenspan.”