The physical embodiment of excessive self-confidence and arrogance is on display in this clip of former Fed Governor Frederick Mishkin who is confronted about a 2006 paper he wrote sanctioning banking practices in Iceland for which he was paid $124,000.
It’s not clear which was the bigger sin here – blind faith in central banking (i.e., “You have faith in the central bank” as a basis for thinking the Icelandic system was sound) or that he was a paid shill who, if memory serves, also makes a ton of money on textbook sales.
See also: Zero Hedge, Jr. Deputy Accountant, WC Varones, Max Kaiser, Mish, FavStocks
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Didn’t these guys learn anything from Krugman? Rule no. 1, don’t leave a record.
To say that Krugman, who’s been writing NYT op-ed column twice a week for a decade, avoids leaving a record is a bit much.
Regarding Mishkin — this is outrageous, and should be picked up by mainstream media. Him saying that changing “stability” to “instability” was a typo — wow, with balls like this he should be Colbert’s alpha dog of the week.
The reference is to the missing minutes from the Enron executive board meetings that Krugman attended. A bit of luck for Krugman’s career and his army of apple-polishers.
Classic sheep think quote.
Question:
What led you to think [the institutions were strong]?
Answer:
Generally the view was that Iceland had very good institutions.
Now that is JOURNALISM. A very rare example indeed.
Man! His report writing business should boom after this! He should double his fee to a cool quarter million……………..
Thanks for picking this up, Tim!
The great part is that certain Columbia University faculty agree with me that Mishkin is a disgrace to the Columbia name and should resign from his duties.
A hack by any other name…
Oh, I was happy to do it.