Taylor, like Lindsey, has advocated a hands-off approach to financial crises. During his confirmation hearings, thankfully, Zoellick distanced himself from Lindsey's prescriptions. But it is not clear Zoellick will have much clout. After all, Bush initially wanted to deny the trade representative Cabinet status, relenting only under intense pressure from business. And, while Bush got to know Lindsey well during the campaign, Zoellick is a James Baker protege who lacks close personal ties to the president.
Government officials can learn on the job.
But if the Bush administration takes as long to figure out Japan as the Clinton administration took to figure out the Balkans, we could have a serious financial crisis on our hands before the year is out. And everything the Bushies learned battling the Soviet Union and smashing Iraq won't help them one bit. Sign up for TNR Online's politics newsletter Why Texas in D.C. is worse that Texas in Texas. The faith-based brawl. Why no one is making us feel better about the economy.