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Also:



And:

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In endorsing the work of this guy (though Krugman probably has a stronger technical basis in economics for his endorsement):

http://www.cbpp.org/cms/index.cfm?fa=view&id=3885
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If you're wondering where I picked up my hand gestures and facial mannerisms, my brother, Richard, is the culprit. He demonstrates them here; also talks about the debt and the economy.

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Says Paul Krugman:

And these new priorities are laid out in a document whose clarity and plausibility seem almost incredible to those of us who grew accustomed to reading Bush-era budgets, which insulted our intelligence on every page. This is budgeting we can believe in.

http://www.nytimes.com/2009/02/27/opinion/27krugman.html
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My brother is about to be hired at OMB* as a Senior Counselor To The Director "or some such title." Richard says that "senior" means that he's the oldest. The director-to-be,** Peter Orszag, is reported to be a country music fan - this from the New York Times of November 18, 2008:

In a June 2007 appearance on CNN's "Lou Dobbs Tonight," Mr. Orszag's paraphrase of a country star's hit song disarmed Mr. Dobbs, who was unsuccessfully pushing Mr. Orszag, as the Congressional Budget Office director, to validate his own views that illegal immigrants impose high costs on taxpayers. "Well, Lou, as Toby Keith would say, that's not how it is," Mr. Orszag said. The host, taken aback by the unlikely allusion from the bespectacled economist, replied, "You rock on, Mr. Director!"

(But Orszag wasn't paraphrasing the song, he was quoting it exactly. The title itself, not to mention the refrain, is "That's Not How It Is" - Toby's best song, by the way, though it was never a single, let alone a hit.)

Richard will work in the Old Executive Office Building, which is part of the White House aggregation of buildings (the White House is flanked by the Old Executive Office Building and the U.S. Treasury, with tunnels connecting them all). He says this probably means he can't wear blue jeans to the office or walk around in his socks at work.

I hope no one holds against him the ignorant things I say on this livejournal when I'm trying to understand economics.

*Office of Management and Budget.

**Orszag and a bunch of other cabinet nominees are slated to be confirmed this afternoon.
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In yesterday's blogpost, Paul Krugman cites (and links to) my brother. And Mark Thoma not only links him, but quotes almost the whole piece.
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My brother Richard writes:

It turns out, entirely to my surprise, that I am the Center's "featured analyst" for today!

I didn't even know that such a thing existed.

Richard Kogan
Center on Budget and Policy Priorities

http://www.cbpp.org/staff/richard-kogan.htm
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"Repackaging dubious loans into collateralized debt obligations creates a lot of perfectly safe, AAA assets that will never go bad."

The sentence is from Paul Krugman's column in today's NY Times. He's using it as an example of sophistry (which his dictionary defines as "a deliberately invalid argument displaying ingenuity in reasoning in the hope of deceiving someone"), though I'd think that putting the word "dubious" into the sentence makes it not sophistic. (The first half of Krugman's sentence describes what investment funds actually did, not what they said they were doing, right? So no one ever actually made the argument. Or did someone?)

But anyway, if I understood that sentence I'd understand how we got into the current financial situation (recession believed to be looming, is possibly here already), but I don't know enough about either economics or Wall Street to understand that sentence.

Detailing my small knowledge and pointing at my vast ignorance )

So, anyway, what happened?

(By the way, Krugman's really good, even if he doesn't always have the space to explain everything. I read his blog whenever I get the chance.)
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How a liberal think tank gets money:

It hasn't just survived, it has thrived. The center has grown into a $13 million-a-year operation with a staff of more than 80, affiliated organizations in 21 states and a small but growing international division. Its money comes from some of the country's blue-chip foundations, including Ford, Rockefeller, MacArthur, Casey, Packard and Mott.

Front page of today's Washington Post business section. My brother is mentioned by name:

A Powerhouse For The Poor

"They have a wonk for everything," says my Post colleague, Ruth Marcus, who says that she can get "any number that ever appeared in any federal budget document at any time of day" by calling the center's budget guru, Richard Kogan.

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Frank Kogan

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