Magazine October 19, 2009, Issue

Pop Economics

President Barack Obama follows Rep. Barney Frank (L) out of the Diplomatic Room after speaking about his meeting with the Presidential Economic Recovery Advisory Board at the White House in Washington, D.C., January 21, 2010. (Kevin Lamarque/Reuters )
Greed did not cause the financial crisis; bad investments did

President Obama congregated with world leaders at the G-20 summit in Pittsburgh to reform banks’ compensation practices. It is fitting that they chose the hometown of Andy Warhol as the background for this exercise in pop economics: Like Warhol’s famous portrait of Chairman Mao, President Obama’s economics are superficially appealing but best relegated to the 1970s. And Warhol got it wrong: In the future, everybody will be an executive-compensation expert for 15 minutes.

Barack Obama has got it in his head that there was a global financial catastrophe because executive-compensation boards failed to avail themselves of the wisdom of Barack Obama,

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The Week

The Week

In a matter of about three weeks, the Left’s view of Afghanistan has gone from “the good war” to “the next Vietnam.

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