In November 2010, however, the House of Representatives swung to a Republican majority who threatened that they would not extend the expiring tax cuts on that 98% without extending the cuts for the wealthiest 2% as well, and in December Obama signed a compromise deal to extend the cuts for all. White House eyes Austan Goolsbee as next Fed vice chair: report, Trump Fed appointees withheld vote on Goolsbee for Chicago Fed, At Harley-Davidson, a repo shortage is hitting the bottom line, Mayor-elect Brandon Johnson names more appointees to transition subcommittees, Booth, Kellogg top the U.S. News ranking of best MBA programs, Big Fulton Market apartment project moves forward with $125 million loan, New lawsuit over 'brazen' moves in Maple & Ash restaurant feud. So, the work-through political solution was they would write a memo that recommended the rescue bailout for all of them, but they would include some pages where the people who thought it was a bad idea could present their case. Austan Goolsbee, 53, is widely considered qualified for the job: Before joining the Chicago Fed, he spent nearly three decades as a professor at the University of Chicagos Booth School of Business, and holds a doctorate in economics from the Massachusetts Institute of Technology. His net worth has been growing significantly in 2022-2023. The best analogy is, if youre the policy person, youre like one of those guys with the gas can at the NASCAR race who jump over the thing and theyre frantically running and pump it with gas and get the tires, rtt-ch-ch, and get them back out on the road. If I met you, you obnoxious little shit I would put you in a hospital. You have to answer it whether you know how or not. Maybe thats a lesson that I learned more from politics and from being in D.C., because within academics, theres so much emphasis on specialization and its not just that we talk to economists. Jon Stewart described him as "Eliot Ness meets Milton Friedman". And Im like, In my world, if you put up 40-percent tax on some things and zero on other things, theyre going to shift what they buy. I filled out on C.E.A. My guest today is Austan Goolsbee. And of course, when he first mentioned the dataset to me, it sounds so silly. The question of, should the redistribution money go primarily to the truly needy or should it be divided up into smaller packets and handed out to everyone? Goolsbees Wife Works at Firm That Helped Pick Him for [9], Goolsbee has been a Research Fellow at the American Bar Foundation,[10] Research Associate at the National Bureau of Economic Research in Cambridge, Massachusetts,[11] and a member of the Panel of Economic Advisors to the Congressional Budget Office.