Glenn Hubbard (economist) explained

Glenn Hubbard
Office:15th Dean of Columbia Business School
Term Start:July 1, 2004
Term End:July 1, 2019
Predecessor:Meyer Feldberg
Successor:Costis Maglaras
Office1:20th Chair of the Council of Economic Advisers
President1:George W. Bush
Term Start1:May 11, 2001
Term End1:February 28, 2003
Predecessor1:Martin Baily
Successor1:Greg Mankiw
Birth Name:Robert Glenn Hubbard
Birth Date:4 September 1958
Birth Place:Orlando, Florida, U.S.
Party:Republican
Education:University of Central Florida (BA, BS)
Harvard University (MA, PhD)
Signature:Robert Glenn Hubbard signature.jpg
Module:
Child:yes
Field:Public economics
Corporate finance
Financial institutions
Macroeconomics
Industrial organization
Natural resource economics
Public policy
School Tradition:Supply-side economics
Doctoral Advisor:Benjamin M. Friedman[1]
Jerry A. Hausman
Martin Feldstein
Repec Prefix:e
Repec Id:phu97

Robert Glenn Hubbard (born September 4, 1958) is an American economist and academic. He served as the Dean of the Columbia University Graduate School of Business from 2004 to 2019, where he remains the Russell L. Carson Professor of Finance and Economics.[2] On September 13, 2018, he announced that he would retire from his position after his contract expired on June 30, 2019. Hubbard previously served as Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993, and as Chairman of the Council of Economic Advisers from 2001 to 2003.

Hubbard is a visiting scholar at the conservative American Enterprise Institute, where he studies tax policy and health care. He was criticized for his reports and papers on deregulation during the 2007–2008 financial crisis. He was also heavily criticized in the documentary Inside Job about the credit default swap scams that led to the world financial collapse in 2008.

Early life and education

Born September 4, 1958, Hubbard was raised in Apopka, Florida, a suburb of Orlando, Florida. His father taught at a local community college and his mother taught at a high school. Hubbard's younger brother, Gregg, is a member of the country-pop band Sawyer Brown.[3]

Hubbard is an Eagle Scout. A member of the chess team, he graduated at the top of his class. He scored well enough on his College Level Examination Program to enter the University of Central Florida with enough credits to graduate with two degrees in three years. He obtained his B.A. and B.S. degrees summa cum laude from the University of Central Florida in 1979, and his masters and PhD in economics from Harvard University in 1983.[3]

Career

Academic

Hubbard has been at Columbia University since 1988, being Russell L. Carson Professor of Finance and Economics since 1994.

He was named Dean of Columbia Business School on July 1, 2004. During his tenure, the construction of the 11-story Henry R. Kravis Hall was launched.[4]

Government

Hubbard was Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993.[5]

From February 2001 until March 2003, Hubbard was chairman of the Council of Economic Advisors under President George W. Bush. A supply-side economist, he was instrumental in the design of the 2003 Bush Tax cuts.

He was tipped by some media outlets to be a candidate for the position of Chairman of the Federal Reserve when Alan Greenspan retired, although he was not nominated for the position.[6]

Political advisor

Hubbard served as economic advisor to the 2012 presidential campaign of Mitt Romney,[7] a position he also held during Romney's 2008 presidential campaign.[8] In August 2012, Politico identified Hubbard as "a likely Romney appointee as Federal Reserve chairman or Treasury secretary".[9]

Hubbard was an economic advisor for the Jeb Bush 2016 presidential campaign.[10] [11] [12] [13] After Donald Trump became the presumptive Republican nominee, Hubbard was mentioned as a potential Treasury secretary (which eventually went to Steven Mnuchin),[14] [15] and also as a potential Fed chair, a role expected to become open in February 2018.[16] [14] Hubbard had been critical of both Trump and Democratic presidential candidate Hillary Clinton, including after Bush had suspended his campaign.[17] [18] [19] [20] [21] In August 2016, Hubbard declined to say which candidate he supported in the general election,[22] but did say that Trump's taxation plans and their impact on economic growth were in a "direction" somewhat better than Clinton's plans.[23] Hubbard criticized Trump's plans on trade and immigration for their predicted economic impact.[24]

Other

Hubbard serves as co-chair of the Committee on Capital Markets Regulation.

Hubbard is a member of the Board of Directors of Automatic Data Processing, Inc., BlackRock Closed-End Funds, Capmark Financial Corporation, Duke Realty Corporation, KKR Financial Corporation, The TIFIN Group LLC and Ripplewood Holdings. He is also a Director or Trustee of the Economic Club of New York, Tax Foundation, Resources for the Future, Manhattan Council and Fifth Avenue Presbyterian Church, New York, and a member of the Advisory Board of the National Center on Addiction and Substance Abuse... Director of MetLife and Metropolitan Life Insurance Company since February 2007.

Hubbard is currently a board member of:

On January 8, 2019, he was appointed to become MetLife's non-executive chairman of the board as of May 1, 2019, upon the retirement of Steven A. Kandarian.[29]

Inside Job interview and aftermath

Hubbard was interviewed in Charles Ferguson's Oscar-winning documentary film, Inside Job (2010), discussing his advocacy, as chief economic advisor to the Bush administration, of deregulation. Ferguson argues that deregulation led to the 2007–2008 financial crisis sparked by the bankruptcy of Lehman Brothers and the sale of Merrill Lynch. In the interview, Ferguson asks Hubbard to enumerate the firms from whom he receives outside income as an advisory board member in the context of possible conflict of interest. Hubbard, hitherto cooperative, declines to answer and threatens to end the interview with the remark, "You have three more minutes; give it your best shot."[30] After the release of the film, Columbia ramped up ongoing efforts to strengthen and clarify their conflict of interest disclosure requirements.[31]

Books

Hubbard is the author of a number of economic and socioeconomic texts, with a focus on deregulation, conservative fiscal policy and taxation. In 2009, he wrote and published The Aid Trap with economist William Duggan Columbia University Press, criticizing the aid system provided by NGOs in western countries as preventing internal growth in poorer nations.[32] In 2013, he published Balance with former intelligence officer and economist Tim Kane.[33]

Columbia Business School (CBS) Follies

Hubbard is also frequently featured in skits by Columbia Business School's "Follies" group, ranging from videos of him monitoring students on classroom video cameras[34] to songs about his relationship with presidential candidate Mitt Romney.[35] Hubbard has also publicized his dissatisfaction with Ben Bernanke's nomination as Chair of the Federal Reserve with his comedic YouTube parody of The Police's "Every Breath You Take", titled "Every Breath Bernanke Takes".

External links

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Notes and References

  1. Web site: Hubbard's CV. October 12, 2016. June 24, 2019. https://web.archive.org/web/20190624114943/https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/4572/Hubbard%20Curriculum%20Vitae%20-%20complete.pdf. live.
  2. Web site: Former Bush Aide Will Lead Columbia Business School . . . Jonathan D. . Glater . April 1, 2004 . December 15, 2008.
  3. Web site: Romney's Go-To Economist . October 13, 2012 . October 13, 2012 . Segal . David . . October 14, 2012 . https://web.archive.org/web/20121014063337/http://www.nytimes.com/2012/10/14/business/glenn-hubbard-is-romneys-go-to-economist.html?pagewanted=all . live .
  4. News: Russell . James S. . January 5, 2023 . At Columbia's $600 Million Business School, Time to Rethink Capitalism . en-US . The New York Times . January 9, 2023 . 0362-4331 . January 9, 2023 . https://web.archive.org/web/20230109034040/https://www.nytimes.com/2023/01/05/arts/design/columbia-business-school-diller-scofidio-renfro-kravis-geffen.html . live .
  5. American Enterprise Institute, R. Glenn Hubbard
  6. News: At the Fed, an Unknown Became a Safe Choice . . Edmund Andrews (reporter) . David Leonhardt . David Leonhardt . Eduardo Porter . Louis Uchitelle . Louis Uchitelle . Edmund L. . Andrews . October 26, 2005 . December 15, 2008 . April 7, 2008 . https://web.archive.org/web/20080407093459/http://www.nytimes.com/2005/10/26/business/26fed.html . live .
  7. Web site: White. Ben. Jeb Bush's tricky path to an economic plan. March 26, 2015. Politico. March 29, 2015. March 28, 2015. https://web.archive.org/web/20150328201818/http://www.politico.com/story/2015/03/jebonomics-different-enough-from-w-116401.html. live.
  8. https://www.wsj.com/articles/SB10001424052970204778604577241583152450486 Romney Taps Bush Hands to Shape Economic Policies
  9. "Who's on the inside track for a Romney Cabinet" by MIKE ALLEN and JIM VANDEHEI, Politico, August 28, 2012, Retrieved 2012-08-28
  10. News: The economic advisers behind the candidates. Mark. Bloomfield. October 19, 2015. The Hill. April 16, 2024. March 29, 2024. https://web.archive.org/web/20240329171523/https://thehill.com/blogs/pundits-blog/presidential-campaign/257277-the-economic-advisers-behind-the-candidates/. live.
  11. News: Crooks . Ed . Fleming . Sam . September 15, 2016 . Donald Trump details plans for tax cuts to boost US economy . . January 15, 2017 . January 16, 2017 . https://web.archive.org/web/20170116172309/https://www.ft.com/content/4d167d9a-7b8f-11e6-ae24-f193b105145e . live .
  12. Web site: Jeb Bush advisor: Trump ideas 'economic flimflam'. Matthew J.. Belvedere. October 28, 2015. Politico. September 9, 2017. March 2, 2018. https://web.archive.org/web/20180302044641/https://www.cnbc.com/2015/10/28/jeb-bush-advisor-trump-ideas-economic-flimflam.html. live.
  13. Web site: Glenn. Hubbard. It's Time for Candidates to Get Serious About the Economy. Politico. November 1, 2015. January 15, 2017. January 16, 2017. https://web.archive.org/web/20170116163008/http://www.politico.com/magazine/story/2015/11/2016-elections-candidates-economy-213313. live.
  14. Web site: Ben. White. Orlando impact. Politico. June 13, 2016. January 15, 2017. January 4, 2017. https://web.archive.org/web/20170104234258/http://www.politico.com/tipsheets/morning-money/2016/06/pro-morning-money-214771. live.
  15. Web site: Darren. Samuelson. Ben. White. Trump's empty administration. Politico. May 9, 2016. January 15, 2017. January 21, 2017. https://web.archive.org/web/20170121013402/http://www.politico.com/story/2016/05/donald-trump-administration-transition-222944. live.
  16. Web site: Clinton to win, but Trump is victor on economy, respondents to CNBC survey. Steve. Liesman. November 7, 2016. CNBC. September 9, 2017. May 29, 2017. https://web.archive.org/web/20170529212250/https://www.cnbc.com/2016/11/07/clinton-to-win-but-we-still-like-trump-on-these-issues-respondents-to-cnbc-survey.html. live.
  17. Web site: Glenn Hubbard: What Clinton and Trump Get Wrong About U.S. Growth. Fortune. April 19, 2016. January 15, 2017. January 18, 2017. https://web.archive.org/web/20170118031652/http://fortune.com/2016/04/19/hillary-clinton-donald-trump-new-york/. live.
  18. Alan. Murray. Can election 2016 have a happy ending?. Fortune. April 14, 2016. Yahoo! Finance. June 22, 2020. June 23, 2020. https://web.archive.org/web/20200623231838/https://finance.yahoo.com/news/election-2016-happy-ending-112851227.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAALfUx-riLFpikGxwL_RWzEzNRZ3T5XStnJurStF1ZRWjhUc1gBnBHRYlkBTwVEGLQEFaLC8CzzCkZLGhRguvnHr0J0086O4PkCSBxjIC1Yqj06GVXl1Q5-x2UXZuP681tpOAJXGU5v-gFd8O4ZqZ5f1xY69h0vDeJF8iRCTFrRM4. live.
  19. Web site: Trump wins Christie backing, marches toward Super Tuesday. February 27, 2016. Reuters.
  20. Web site: Jon. Hartley. Glenn. Hubbard. The Economic Ignorance of Trump and Sanders. National Review. March 21, 2016. January 15, 2017. January 16, 2017. https://web.archive.org/web/20170116172446/http://www.nationalreview.com/article/432986/free-markets-bernie-sanders-donald-trump-oppose-them-blindly. live.
  21. News: Glenn. Hubbard. Do any candidates have an economic plan that would work?. The Boston Globe. February 26, 2016. January 15, 2017. January 16, 2017. https://web.archive.org/web/20170116155331/https://www.bostonglobe.com/opinion/2016/02/26/any-candidates-have-economic-plan-that-would-work/fCAFHfpoAhi6RuNZlZnBbL/story.html. live.
  22. Web site: Economists Who've Advised Presidents Are No Fans of Donald Trump. Ben. Leubsdorf. Eric. Morath. Josh. Zumbrun. August 25, 2016. The Wall Street Journal. August 4, 2017. November 8, 2020. https://web.archive.org/web/20201108110714/https://blogs.wsj.com/economics/2016/08/25/economists-whove-advised-presidents-are-no-fans-of-donald-trump/. live.
  23. News: Donald Trump's new tax plan could have a big winner: Donald Trump's companies. Jim. Tankersley. August 10, 2016. The Wall Street Journal. January 15, 2017. December 30, 2016. https://web.archive.org/web/20161230124534/https://www.washingtonpost.com/news/wonk/wp/2016/08/10/donald-trumps-new-tax-plan-could-have-a-big-winner-donald-trumps-companies/. live.
  24. News: Donald Trump's Economic Team Is Far From Typical. Andrew Ross. Sorkin. August 8, 2016. The New York Times. February 16, 2017. December 8, 2016. https://web.archive.org/web/20161208223714/http://www.nytimes.com/2016/08/09/business/dealbook/donald-trumps-economic-team-is-far-from-typical.html. live.
  25. Web site: Directors and Corporate Officers . ADP : Automatic Data Processing, Inc. . December 15, 2008 . dead . https://archive.today/20130126130617/http://www.investquest.com/iq/a/adp/mgt/adpmgt.htm . January 26, 2013.
  26. Web site: dukerealty.com – Investor Relations – Management . Duke Realty . December 15, 2008.
  27. Web site: Director – R. Glenn Hubbard . . December 15, 2008 . R. Glenn Hubbard, Ph.D., age 50, has been the Dean of the Graduate School of Business at Columbia University since 2004 and the Russell L. Carson Professor of Finance and Economics since 1994. Dr. Hubbard has been a professor of the Graduate School of Business at Columbia University since 1988. He is also a visiting scholar and Director of the Tax Policy Program for the American Enterprise Institute, and was a member of the Panel of Economic Advisers for the Congressional Budget Office from 2004 to 2006. From 2001 to 2003, Dr. Hubbard served as Chairman of the U.S. Council of Economic Advisers and as Chairman of the Economic Policy Committee of the Organization for Economic Cooperation and Development. Dr. Hubbard is a member of the Board of Directors of Automatic Data Processing, Inc., BlackRock Closed-End Funds, Capmark Financial Corporation, Duke Realty Corporation, KKR Financial Corporation and Ripplewood Holdings. He is also a Director or Trustee of the Economic Club of New York, Tax Foundation, Resources for the Future, Manhattan Council and Fifth Avenue Presbyterian Church, New York, and a member of the Advisory Board of the National Center on Addiction and Substance Abuse... Director of MetLife and Metropolitan Life Insurance Company since February 2007. Link..
  28. Web site: FiscalNote | Team . January 8, 2015 . dead . https://web.archive.org/web/20141203114307/https://www.fiscalnote.com/team . December 3, 2014 .
  29. Web site: MetLife (MET) Announces Michel A. Khalaf to Succeed Steven A. Kandarian as President & CEO. Street Insider. January 8, 2019. January 8, 2019. April 5, 2023. https://web.archive.org/web/20230405123527/https://www.streetinsider.com/Corporate+News/MetLife+%28MET%29+Announces+Michel+A.+Khalaf+to+Succeed+Steven+A.+Kandarian+as+President+%26+CEO/14985674.html. live.
  30. https://www.npr.org/templates/story/story.php?storyId=130272396 Transcript excerpt on "A Searing Look At Wall Street In 'Inside Job', Charles Ferguson interviewed by Melissa Block"
  31. http://www.columbiaspectator.com/2011/04/13/inside-job-prompts-new-look-conflict-interest-policy "'Inside Job' prompts new look at conflict of interest policy,"
  32. Web site: The Aid Trap: Hard Truths About Ending... Book by R. Glenn Hubbard. July 4, 2020. July 4, 2020. https://web.archive.org/web/20200704110723/https://www.thriftbooks.com/w/the-aid-trap-hard-truths-about-ending-poverty_r-glenn-hubbard_william-duggan/716764/#isbn=0231145624&idiq=323132. live.
  33. News: Rise and Fall. The New York Times. August 2, 2013. Kaplan. Robert D.. July 4, 2020. July 4, 2020. https://web.archive.org/web/20200704151556/https://www.nytimes.com/2013/08/04/books/review/balance-by-glenn-hubbard-and-tim-kane.html. live.
  34. ECHO 360. https://ghostarchive.org/varchive/youtube/20211221/PAHvmbE7VmE . December 21, 2021 . live. CBS Follies. December 16, 2011. YouTube. Those ECHO 360 cameras in every room at CBS aren't just recording lectures so you can skip class on Jewish holidays. They're Hubbard's eyes and ears. He's watching you..
  35. White House Dream. https://ghostarchive.org/varchive/youtube/20211221/ECeIMxSnkaQ . December 21, 2021 . live. CBS Follies. April 16, 2012. YouTube. From the Columbia Business School Follies Spring 2012 Show.

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