StanCollender'sCapitalGainsandGames Washington, Wall Street and Everything in Between

David Malpass, U.S. Senator?

07 Mar 2010
Posted by Bruce Bartlett

I just received the following e-mail from David Malpass, former chief economist at Bear Stearns. I've know him for at least 25 years; we worked together at the U.S. Treasury Department. I wish him the best of luck.

Dear Friends and Colleagues,

As many of you know, I believe strongly in our country’s future, but have been dismayed at the decisions Washington has been making and their impact on New York state.   The problems go across the board – astronomical debt, out-of-control spending and taxes, federal decisions that undermine our security, health care legislation that would appall the drafters of the Constitution, and more.

As a result, I’ve been exploring a run for the U.S. Senate seat held by Sen. Gillibrand and wanted to give you an update.   I'm thrilled to say that we are making great progress on several fronts:  I'm assembling a top-notch team, we're reaching out to party members and county chairmen around the state, and we're taking the legal steps necessary to launch this huge effort in coming days.

In the past month, my motivation to run has intensified—not only because of the great reception I've been getting from family, friends, longtime colleagues and new supporters around New York, but also because I believe the Obama administration has defiantly and wrongly continued to move our country down a perilous path for New York and the nation. 

I’ll be writing you more in coming days about the issues and the campaign.   It’s going to be a hectic eight months, and I will deeply value your views and encouragement throughout. 

Best regards,

David Malpass

Ha, in August 2007 he wrote

Ha, in August 2007 he wrote "Don't Panic About the Credit Market".

According to his letter, he just noticed "out-of-control" government spending sometime during the last month! Didn't he learn that whole counter-cyclical, Keynesian stuff in college?

"Helping America Become What

"Helping America Become What Bear Stearns Is"

Is that the same Bear Stearns

Is that the same Bear Stearns that blew up and no longer exists? Malpass was the chief economist.

Thought so.

We really need this sort of expertise right now. NOT!

stronger ideological rigidity is exactly what we need

He was chief economist for Bear Stearns when it blew up? Can't think of a higher recommendation!

Barry links to this, from August 2007: "Don't Panic About The Credit Market", from (who could've guessed it) the WSJ.

Malpass: "Equity markets have recently lost over $2 trillion in the U.S. and even more globally -- many times the likely amount of mortgage and corporate debt losses in the foreseeable future. This is in part a correction from the sharp global equity run-up through mid-July. Current prices still signal growth ahead."

Last I heard, the IMF was estimating around $3.6 trillion in global losses from the Mess, with around $2 trillion of that in the US.

Malpass is not only trapped in an ideological straight jacket, but he's been so very, very wrong.

Larry Kudlow acolyte

With economists like Kudlow and Malpass, who needs con artists?

Dude must be living in a

Dude must be living in a bubble if he thinks a wall street type can win in this environment.

Most deluded analyst next to Kudlow

Had Malpass visit our investment management firm a while back. Can't express how relieved we all were when the guy left. Consensus was that he was an idiot. Suffice to say the salesman was told never to bring him back.

Paging Harold Ford

- At last, a candidate even YOU could beat!

Prob{Gillibrand is relected}

a.s. going to 1. This guy is the perfect foil: from the Reagan Treasury to defunct Bear.

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