There's A Ton Of Juicy Stuff About The Treasury, The Fed, And The White House In A New Book About The Stimulus

rahm emmanuel 1He’s in there.

You know that we at Clusterstock love a good piece of literature about anything surrounding the financial crisis, so we’re having “The New New Deal” by Time Magazine writer Michael Grunwald shipped to us right away.The book comes out on Tuesday, but we’ll hopefully have ours on Monday to share with you ahead of time. In the meantime, we checked out a few blurbs via Politico’s Ben White.

Here are some of our favourites:

Pp. 126-128, Grunwald (the author) explains how the behavioural economists insisted that Making Work Pay should be done through decreased withholding instead of big fat politically popular checks, displeasing White House chief of staff Rahm Emanuel: “Politically, when you give people a tax cut, you want them to notice it and appreciate it and remember it. This felt like sending flowers to a romantic interest without signing the note. Rahm argued that ‘we’re denying ourselves an Ed McMahon moment,’ the grateful squeal of Publishers Clearinghouse pleasure that would greet an envelope arriving from Obama”

Pg. 336, Romer gets mad after Geithner, Peter Orszag, and Larry Summers kept implying that the bond markets would go haywire and the dollar would go flippety flop unless Obama stopped talking about stimulus and pledged to reduce deficits to precisely 3% of GDP. … Romer: “I understand that there’s a Treasury secretary. I’m tired of having three.”

P. 338, Obama tells his team to stop bugging him to make stimulus speeches. “Look, I get the Keynesian thing. But it’s not where the electorate is.”

We’re pretty confident that’s not the end of juicy stuff, so when we get our copy in the mail, you’ll be the first to hear all about it.

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