You would think that the former chief economist at Bear Stearns, the firm collapsed in March 2008, would lay low for a while, but on Bloomberg TV last week John Ryding had the audacity to give advice to President Obama. Ryding said the Administration should focus only on the economy “that should not only be ‘job one,’ that should be the only job right now.” Obviously implying that education, health care and labor rights legislation should wait.
Perhaps if Mr. Ryding had practiced his own advice and focused on economic matters, Bear Stearns would still be in business. His job was to analyze and forecast economic trends and monetary policy! Why would anyone listen to someone whose judgment proved to be so poor. Is it just arrogance that we find “experts” like Ryding giving advice? Or is it, as it appears, that Ryding is one of a growing chorus of corporate and conservative “experts” pushing Obama and the nation to back off his change agenda?
People like Ryding are responsible for this mess and now they advise us to wait!
See: http://www.bloomberg.com/apps/news?pid=20601103&sid=a2sWlnEIj58U&refer=news
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