The dismal scientists

The Wall Street Journal reports today that a bunch of economists are giving Obama an "F" for his performance to date. I think what this may signal is a welcome return to normalcy in which the opinions of economists are taken with the appropriate grains of salt. I think, through the run-up to the crisis, we've all been a little frazzled and have had to seek guidance in the opinions of the various Tyler Cowens, Gregory Mankiws, Nouriel Roubinis, Robert Schillers, Alans Blinder and Krueger, Paul Krugmans, Mark Zandis and so on and so on, of the world. But now we remember clearly that they don't have all the answers. Nor, I think, should we return to the point where we malign and belittle economists for being idiots. They know their biz better than I do.

Not to say I think Obama should get an A for economics. Maybe a B/B-. The stimulus bill isn't perfect, Geithner isn't perfect and his plan isn't perfect. I like Peter Orszag a lot, personally. But imagine what we would be up to if McCain was in there with his cowboy hat and Budweiser distributorship.

In the end, this "F" grade may be viewed as a collected attempt by economists to maintain their perch at center stage of public discourse. I, for one, think that their retreat from collective glare, as well as that of the Secretary of the Treasury, will be viewed as a positive sign for all of us.