BloombergBusinessweek
By Lisa Lerer on May 07, 2012
Some of the choices are also driven by politics, a person close to the campaign said. Romney limited his proposed elimination of capital gains taxes to incomes up to $200,000. Some of his advisers think the ceiling is too low. In a primary debate last year in Orlando, Florida, Romney said the tax break is aimed at the middle class.
A number of advisers disagree with Romney’s vow to take a harder line on China with policies that go further than either Obama or Bush in confronting the country’s trade practices. Romney has said he would label China a “currency manipulator”on the first day of his presidency and impose new tariffs.
Fixing Housing Market
On housing, Mankiw and Hubbard have called for the Federal Reserve to ease monetary policies and reduce interest rates to strengthen the market. Romney has said the government should stay out of the issue and let the market “hit bottom.”
Hubbard said he wouldn’t comment on personal conversations with Romney. Mankiw didn’t respond to interview requests.
Romney also consults a network of associates in the business world. Former Sun Microsystems Inc. CEO Scott McNealy, Hewlett-Packard President and CEO Meg Whitman, and Puzder, whose company owns the Carl’s Jr. and Hardee’s fast-food chains, all wrote sections of Romney’s jobs plan.
“Sometimes business people see things happening faster than economists do,” said Hubbard.
Hubbard briefs Romney every few weeks or when the candidate has a specific concern, he said. The candidate typically arrives well-read and ready to quiz the team on their latest proposals.
Paul Volcker: the ‘big man’ behind Barack Obama’s bank reform
Posted in Commentary, tagged Barack Obama, federal reserve, Paul Volcker on January 23, 2010| Leave a Comment »
Until this week, Paul Adolph Volcker, the 82-year-old architect of President Barack Obama’s latest assault on Wall Street, was not so much yesterday’s man as the man of a couple of decades ago.
Paul Volcker: the 'big man' behind Barack Obama's bank reform Photo: AFP/Getty Images
Tracy Corrigan | Daily Telegraph | 22 Jan 2010
After all, the pinnacle of his career was being chairman of the Federal Reserve, a job he held from 1979 until 1987.
Mr Volcker, who currently heads the President’s external panel of advisers on economic recovery, has consistently advocated a more aggressive approach to fixing the financial system that has not, until now, found favour within the administration.
In September, Mr Volcker told the House of Representatives banking and financial services committee: “As a general matter, I would exclude from commercial banking institutions, which are potential beneficiaries of official (ie. taxpayer) financial support, certain risky activities entirely suitable for our capital markets. Ownership or sponsorship of hedge funds and private equity funds should be among those prohibited activities… There are deep-seated, almost unmanageable, conflicts of interest with normal banking relationships.”
But his advice appeared to fall on deaf ears. “Volcker fails to sell a bank strategy,” ran a New York Times headline just three months ago. The big man – he stands six feet seven inches tall – was unfazed. According to the report, he scoffed at the notion that he was losing his clout, remarking: “I did not have influence to start with.”
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