When the President Calls: Conversations with Economic Policymakers

by Simon W. Bowmaker, Minouche Shafik (Foreword)

Interviews with thirty-five economic policymakers who advised presidents from Nixon to Trump. What is it like to sit in the Oval Office and discuss policy with the president? To know that the decisions made will affect hundreds of millions of people? To know that the wrong advice could be calamitous? When the President Calls presents interviews with thirty-five economic policymakers who served presidents from Nixon to Trump. These officials worked in the executive branch in a variety of capacities—the Council of Economic Advisers, the Office of Management and Budget, the Department of the Treasury, and the National Economic Council—but all had direct access to the policymaking process and can offer insights about the difficult tradeoffs made on economic policy. The interviews shed new light, for example, on the thinking behind the Reagan tax cuts, the economic factors that cost George H. W. Bush a second term, the constraints facing policymakers during the financial crisis of 2008, the differences in work styles between Bill Clinton and Barack Obama, and the Trump administration's early budget process. When the President Calls offers a unique, behind-the-scenes perspective on US economic policymaking, with specific and personal detail—the turmoil, the personality clashes, the enormous pressure of trying to do the right thing while the clock is ticking. Interviews with
Nicholas F. Brady, Lael Brainard, W. Michael Blumenthal, Michael J. Boskin, Stuart E. Eizenstat, Martin S. Feldstein, Stephen Friedman, Jason Furman, Austan D. Goolsbee, Alan Greenspan, Kevin A. Hassett, R. Glenn Hubbard, Alan B. Krueger, Arthur B. Laffer, Edward P. Lazear, Jacob J. Lew, N. Gregory Mankiw, David C. Mulford, John Michael Mulvaney, Paul H. O'Neill, Peter R. Orszag, Henry M. Paulson, Alice M. Rivlin, Harvey S. Rosen, Robert E. Rubin, George P. Shultz, Charles L. Schultze, John W. Snow, Gene B. Sperling, Joseph E. Stiglitz, Lawrence H. Summers, John B. Taylor, Paul A. Volcker, Murray L. Weidenbaum, Janet L. Yellen

Genres: Economics, Politics, Nonfiction, History

688 pages, Hardcover

First published January 1, 2019

Reviews

[Ryan · Rating 5 out of 5]

Worthwhile book. The best chapters are probably Goolsbee and Krueger.

Several of the ones who come from Wall Street tend to be pretty arrogant about their "real world" experience. And some of them say some pretty odd things. Nicholas Brady is the worst offender. He has zero concern for how his actions affected the country later; for example, page 179 shows him completely uninterested in thinking about the moral hazard created by his savings and loan bailout.

Others are more humble. A theme that emerges is that people from the private sector were shocked to learn that you have to know things to work in government. Bob Rubin says two things surprised him when he showed up: (1) the people in government were "the most able group of individuals with whom I have ever worked" and (2) "I didn't realize how much I didn't know" (256). Even Nicholas Brady admits this.

Other interesting tidbits:
- Volcker has completed disregard for the Fed staff who worked under him (36).
- Alice Rivlin says Bill Clinton was not punctual; the Fed Board were (311)
- Paul O'Neill says of Clinton, "there is no question he is the greatest policy wonk of all time" (364)
- See Glenn Hubbard's discussion of Alan Greenspan on page 384.

Worth the read.

[Christa Hansen · Rating 5 out of 5]

Bowmaker's When the President Calls is a fascinating book about the professional and personal relationships between US presidents and their core economic advisors. I have missed my tube stop on two occasions because of this book - it's gripping!

[Simon · Rating 4 out of 5]

Chock full of revealing insights about how economic policy gets made in the real world.