Here’s an interesting neologism from Paul Krugman, yesterday’s winner of the Nobel Prize for Economics:
I also wonder how much the Femafication of government under President Bush contributed to Mr. Paulson’s fumble. All across the executive branch, knowledgeable professionals have been driven out; there may not have been anyone left at Treasury with the stature and background to tell Mr. Paulson that he wasn’t making sense.
That’s been the problem with the Bush Administration all along: bluster and ego masquerading as strong leadership. It really, really matters, and it seems it matters more than a folksy, “man I can relate to” charm.
Incredibly, I’ve been chastised for writing too much about the USA and nothing about the UK. Given the financial crisis, this is indeed an oversight. I guess the cultural implications of the US Presidential election campaign are easier to engage with than the technicalities of the financial crisis that Brown and Darling are currently wrestling with. You wouldn’t think it from the quote I’ve picked above, but Krugman’s article is principally in praise of the British handling of the crisis. Could this be the start of an unprecedented political comeback for Gordon Brown?