But the really important thing about Hubbard isn't his personality; it's that as an economist and an advisor, he is a total, unmitigated disaster.
Over the last thirty years, in parallel with deregulation and the rising power of money in American politics, significant portions of American academia have deteriorated into "pay to play" activities.
What unites the midterm election results, the Federal Reserve's decision to spend another $600 billion to keep interest rates down, the failure to address the foreclosure crisis, and America's worsening relations with its G-20 partners? And, more generally, what explains the Obama Administration's toothless response to the financial crisis, in particular its reversion to status quo regulatory and economic policies, over the past two years?
In the worst financial bubble in history, nobody committed a crime. It was possible to conceal liabilities, inflate assets, bet against the securities that you sold as totally secure, without committing a single fraud. Isn't that amazing?