Yes, you read that right. The latest news in Bizarro World is that the top “economist” from Citigroup (you know, the company that needed a multi-billion dollar bail-out from the Federal Government) is going to work at the Treasury Department to help fix the current financial mess that Citigroup played a part in creating.
“In December 2007, he was quoted as saying that while he believed the housing market would remain weak well into 2008, it was more likely that the economy would keep growing than head into recession, adding that the housing bubble was “correcting on its own.” “
If this top “economist” from Citigroup wasn’t so “top” enough as an “economist” to warn his own company about the dangerous road they were going down in the sub-prime debacle, how is he going to advise the Treasury Department on how to fix the problem?
Gee, I wonder why the Treasury Department doesn’t hire Peter Schiff–who actually did predict this mess over two years ago–as an economic advisor? Perhaps because Peter actually does know the economics that could really straighten out the financial mess? Hmmmm.11:03 pm on March 17, 2009 Email David Kramer