[Foreign Book] Horrifying Thoughts on Financial Crisis... Reflections of 35 Key Figures in US Economic Policy

Simon Bomeiker 'When the President Calls'

[Asia Economy Reporter Byunghee Park] "What I have realized in life is that predicting the economy, in terms of contributing to effective public policy, has become increasingly mathematical, more conceptualized, and more useless."

Former Federal Reserve (Fed) Chairman Paul Volcker, who passed away on December 8 last year (local time), said this in an interview with Simon Bowmaker, an adjunct professor of economics at New York University's Stern School of Business.

Professor Bowmaker interviewed 35 individuals who directly participated in economic policy under various U.S. administrations, including former Chairman Volcker, and compiled the conversations into a book titled When the President Calls: Conversations with Economic Policymakers.

The book covers key economic policymakers from Richard Nixon to the current Donald Trump administration. It includes figures such as Martin Feldstein, former chairman of the White House Council of Economic Advisers who passed away in June last year; Joseph Stiglitz, former chairman of the Economic Advisory Council under the Bill Clinton administration; former Treasury Secretaries Lawrence Summers and Henry Paulson; and former Fed Chairs Alan Greenspan and Janet Yellen. All of these individuals were affiliated with core government economic institutions such as the White House Council of Economic Advisers, the Treasury Department, the National Economic Council, and the Fed, directly influencing economic policy and shaping the global economy. The book reveals various aspects of U.S. administrations, including the tax cut policies of the Ronald Reagan administration and how the governance of Democratic presidents Barack Obama and Bill Clinton differed.

In an environment where economic forecasting is becoming increasingly difficult, these policymakers also share their regrets and reflections. Former Chairman Volcker said, "There are some terrible examples related to economic failure predictions," adding, "The 2008 financial crisis is the most representative case."

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