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Charles Wheelan, Ph.D. The Naked Economist

Charles Wheelan, Ph.D., The Naked Economist

Goodbye Yahoo! Finance, Hello Congress?

by Charles Wheelan, Ph.D.

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Posted on Monday, December 29, 2008, 12:00AM

I have a unique New Year's resolution this year: I'd like to become a member of Congress.

The Naked Congressman?

Really. I'm running for Congress in the 5th District of Illinois.

The whole election came up suddenly. I live in Chicago; Rahm Emanuel is my congressman. When he resigns to become Barack Obama's chief of staff, the seat will be filled by special election. (Our governor -- the same guy who tried to sell a Senate seat -- is responsible for calling the special election within 120 days of Rahm's resignation.) I'm running as a centrist Democrat, advocating the kind of pragmatic problem-solving that I've been writing about in this column for years.

So this particular column is in part a farewell. (If I'm back in a few months, you'll know that I lost.) It's also an explanation: Why would a sane person with multiple enjoyable jobs want to be a politician?

Off the Sidelines, Into the Game

The answer is that for someone interested in economics, what's going on in the world right now is a scary version of the seventh game of the World Series. What happens in Washington in the next couple of years is going to matter more than at any time since the Great Depression. The curious thing about being a columnist and a professor is that I spend my life critiquing the work of others, not unlike a sports commentator. We're all brilliant while standing on the sidelines. Right now, I want to get in the game.

The global economy is in a very dangerous place, and we need to stop the negative feedback loops -- the bad economic events that are causing further bad events and putting us at risk of a downward spiral. The remarkable thing about markets is that 99.9 percent of the time, they fix themselves. If there's a sudden shortage of bauxite in the world, the price of bauxite goes up sharply, setting in motion assorted cures for the shortage: Consumers use less of it; mines produce more; entrepreneurs find bauxite substitutes; and so on.

But that other 1 percent of the time, bad economic developments breed more problems rather than cures. That's where we are right now. The collapse of the housing bubble destabilized Wall Street, which weakened the banks, which caused the credit markets to seize up, which caused businesses and consumers to stop spending, which is now causing a whole new wave of economic distress that makes all of the earlier problems worse, too. This cycle feeds on itself until government policy stops it; I'd rather design that policy than critique it from the sidelines.

Foreign Policy Concerns

Although Americans don't usually pay much attention to foreign policy, now would be a really good time to start. While we're obsessing over the Dow and the dismal Christmas retail figures, there are a handful of trouble spots on the globe that could unravel in ways that would literally change life as we know it.

My top three foreign policy concerns are: 1) Iran seeking nuclear weapons; 2) India and Pakistan (both nuclear powers) massing troops on their border; and 3) Instability in Iraq as the United States withdraws.

I spend a lot of time working on these issues. I was in Turkey before Christmas meeting with government officials, and in Lebanon a few weeks before that. The good news is that Barack Obama has generated remarkable excitement. The bad news is that it's going to take more than excitement to broker Middle East peace, secure Afghanistan, get the United States safely out of Iraq, neuter al Qaeda, and do all the other things we must do.

The Potholes Can Wait

My campaign team has played around with the Naked Economist brand. Unfortunately, "Naked Congressman" doesn't send exactly the right message. (Also, while there's only one Naked Economist, apparently there have been a lot of naked congressmen.) Instead, I'm trying to convince more than just my immediate family that now is a good time to send a representative to Washington who's versed in economics and foreign policy. (Or, as I say in my more cynical moments, "It's not pothole-filling time.")

My pathetic governor, Rod Blagojevich, has actually made things a little easier for me. As the people of Chicago read the transcripts of him taking bids for Barack Obama's Senate seat, it's fairly clear that we ought to deviate from Chicago politics-as-usual. (In defense of Illinois, we also produced Barack Obama, who taught at the University of Chicago before turning to elected office, so I'm pushing that model!)

If you want to check my progress, visit the Wheelan for Congress website. Or you can just wait to see if my column reappears sometime during the spring. If I win, I'll make policy rather than writing about it. If I lose, I can go back to complaining in print -- but with the knowledge that when times got tough, my name was on the ballot.

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333 Comments

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  • Yahoo! Finance User - Thursday, March 5, 2009, 11:39AM ET  Report Abuse

    • Overall: 1/5

    Not surprised. Also watch out: The guy has a PhD in "Public Policy" not Economics. Not quite clear why he calls himself an Economist. That's about the same as a counselor at a hospital calling himself a brain surgeon. So with a PhD in money wasting he'll add to the already enormous expertise of money wasting in congress. We'll have a lost decade (or two) just like Japan.

  • Yahoo! Finance User - Thursday, March 5, 2009, 9:08AM ET  Report Abuse

    • Overall: 1/5

    Not surprised you are running for govt especially in IL. Crooks, socialists power grabbers all.

  • Yahoo! Finance User - Thursday, February 26, 2009, 10:59PM ET  Report Abuse

    • Overall: 4/5

    Good luck!! An economist would be welcome in the House. There are enough lawyers in washington. Someone with a different background brings a different perspective and thinking to an issue. Too bad all the right wingers are so blinded by hate.

  • Don - Friday, February 20, 2009, 10:29PM ET  Report Abuse

    • Overall: 1/5

    Tool. I can not believe anyone who truly studied economics could ever be socialist, unless you purposely want society to fail. You are an embarrassment to the profession and Milton Friedman, Mises, and Rothbard are rolling in their graves. I am grateful you haven't written anything all year. I fear for your students as they will be dumber just having known you. May the liberal pagan God have mercy on your soul.

  • Jerry - Monday, February 16, 2009, 10:56PM ET  Report Abuse

    • Overall: 5/5

    reviewing your country's economic crisis. well sad to say that Americans ought to spend more money or shall i say shop till drop. it's the best thing the americans can do at least for now. hmmm if u do make to congress maybe you can encourage people to sho till drop. it's not a bad advice though. imagine all americans spend their money and made the economy run like hell. like Mr Greenspan said economy is two people meet each other and there it goes... the process of economy is done. even if we bought a candy it made a big contribution to the economy of a country. Actually i'm a saver thiugh not a spender...:)

  • Yi - Wednesday, February 11, 2009, 4:24PM ET  Report Abuse

    • Overall: 1/5

    It is a good thing to run the office, at least we should see fewer of this junk articles.

  • MikeS - Monday, February 9, 2009, 1:04PM ET  Report Abuse

    • Overall: 1/5

    One word: Socialist. Look back at his October 27th article. This guy hates capitalism and he fails to recognize that free markets have failed in large part because government intervention and regulation have altered the playing field. He would be just another misguided member of Congress selling out liberty and the Constitution for his own arrogance. And he will probably get elected in IllinoisUSSR.

  • Yahoo! Finance User - Saturday, February 7, 2009, 4:21PM ET  Report Abuse

    • Overall: 5/5

    It's so good to see that Charlie Wheelan is a candidate who can add to the substantive debate on policy issues. His web site provides a lot more detail for voters to consider on the economy, education, energy and the environment, health care, transportation, social issues, immigration and Israel. He sounds like the kind of bright, informed person we really need more of in politics.

  • Yahoo! Finance User - Tuesday, January 27, 2009, 5:05PM ET  Report Abuse

    • Overall: 5/5

    Good luck. I didn't agree with everyone of your views (although I did agree with most of them), but I respected your approach greatly. More importantly, our country needs the brightest and best minds we have available at this time of need, and I think your service to your district and country would be invaluable.

  • JTurn - Sunday, January 18, 2009, 1:06AM ET  Report Abuse

    • Overall: 5/5

    Dr. Wheelan: I have thoroughly enjoyed your columns here on Yahoo, and I thoroughly enjoyed your book, too. Your talent for breaking down complex economic problems into terms a layman can understand (whether or not he agrees with them) could be a valuable asset on Capitol Hill in the current economic crisis. I had half hoped that Obama would make you a member of his economic team, not only as adviser, but as someone who could articulate issues and plans to the citizens. I wish you the best of luck in your bid to replace Rahm. While there are many here on Yahoo who don't seem to like your articles much, I think they have been excellent: clear, concise, and engaging. The nation needs you, and I'm glad you have the guts to stand up and be counted. Go fix America!

  • Yahoo! Finance User - Saturday, January 17, 2009, 2:55PM ET  Report Abuse

    • Overall: 1/5

    The thing that pisses me off about Charles Wheelan is that he is NOT an economist. He is a public policy guy and that is very different. He is the LAST thing this country needs... another socialst to back up Obama.

  • Kevin S - Thursday, January 15, 2009, 5:50PM ET  Report Abuse

    • Overall: 2/5

    I'm glad that you want to add some pragmatism to public policy. Unfortunately, policies that are enacted specifically to avoid deflationary pressures will inevitably make things worse as they throw taxpayers' good money after bad. We would do well to stop trying to avoid a plunge and just let it happen. The government is powerless to stop it, anyway, but it can certainly make things worse. If we ever want the economy to recover, then we need to know what things are really worth, not what they "should" be worth. The government's tendency to manipulate markets and distort prices doesn't help us out at all.

  • Eric - Wednesday, January 14, 2009, 12:47PM ET  Report Abuse

    • Overall: 1/5

    Well, congress is full if idiots with their heads crammed two feet up their rear end so you'll fit in great. Took a trip to Turkey and now has foreign policy experience...hmmm. I visited the Kennedy Space Center once, I guess that makes me an astronaut. On a serious note, the vast majority of congress, even the Republicans, have advocated the same Keynesian hogwash this guy has been advocating in the column for decades. So I'm not going to get too excited about seeing "Wheelan Goes to Washington" just because the guy has an economics degree. Oh, excuse me, I forgot, his degree is actually Public Admin, not Econ. My apologies.

  • Yahoo! Finance User - Wednesday, January 14, 2009, 10:11AM ET  Report Abuse

    • Overall: 5/5

    As you said in your column, when times got tough at least you got off you A$$, er the sidelines and tried, unlike the majority that won't even vote but complain anyway. Good luck

  • Hotblack - Tuesday, January 13, 2009, 9:02PM ET  Report Abuse

    • Overall: 5/5

    Good luck Charles. Sadly, I don't live in Chicago any longer, so I can't give you my vote. But I will do what I can to spread the message to my friends still living there. I'll miss your article, but agree that your talents could be better used than a monthly rant on Yahoo.

  • Yahoo! Finance User - Friday, January 9, 2009, 11:00AM ET  Report Abuse

    • Overall: 4/5

    Good luck Charles and don't listen to all those one stars.After all these are just a bunch of loser republicans.

  • Yahoo! Finance User - Thursday, January 8, 2009, 5:41PM ET  Report Abuse

    • Overall: 4/5

    Good Luck.

  • John C - Thursday, January 8, 2009, 11:57AM ET  Report Abuse

    • Overall: 4/5

    Well, Charles, prepare to be overwhelmed by stupidity if make it to congress. You might want to try and scare up some tranquilizers and hip boots before you start dealing with those guys. You seem to be under the impression that congressmen look for solutions to problems. They don't. They seek out programs - disguised as solutions - that will somehow benefit them, their supporters, or their constituents. One thing that is strictly verboten is any solution that involves any sort of short-term pain for your own voters. So....if you make it, prepare for a short stay if you want to try and implement most of the "reasonable" fixes that you are always talking about. You seem to believe that a mass bankruptcy is the only thing that will fix Detroit. The same is probably true of the USA - the population as a whole just doesn't know it yet.

  • Yahoo! Finance User - Wednesday, January 7, 2009, 12:26PM ET  Report Abuse

    • Overall: 1/5

    WHO CARES What an EGO

  • Dith - Wednesday, January 7, 2009, 2:37AM ET  Report Abuse

    • Overall: 5/5

    If I didn't believe a word you said, Dr. Wheelan, I would still tip my hat to someone who is stepping up to the plate to take a swing at politics. Along with the right to vote, active participation in the political process is central to our democracy. To anyone who responds to your last blog (I hope, best of luck with the special election) with derision and malice, I've a good idea. You don't want him to be elected? Run against him.

  • Yahoo! Finance User - Tuesday, January 6, 2009, 10:25PM ET  Report Abuse

    • Overall: 5/5

    Best of luck Charles. I've always looked forward to your articles and you're by far the best columnist here (although the bar is not set too high with monkeys like Kiyosaki and Orman). You will be missed.

  • Yahoo! Finance User - Tuesday, January 6, 2009, 1:25AM ET  Report Abuse

    • Overall: 1/5

    no no no. People of the United States of America.... say hello to Obama Bin Biden as your new president.

  • Nocturnal_Insomniac - Monday, January 5, 2009, 6:23PM ET  Report Abuse

    • Overall: 1/5

    The naked oppurtunist would be more like it. I am running as well, I am running away from the yahoo finance/news pages for good, there simply has to be something better.

  • Sheila - Monday, January 5, 2009, 4:02PM ET  Report Abuse

    • Overall: 5/5

    I have not always agreed with your columns, but have enjoyed reading them. Good luck!

  • Yahoo! Finance User - Monday, January 5, 2009, 3:47PM ET  Report Abuse

    • Overall: 1/5

    Wheelan has finally answered a question that has always been hotly debated on Y! Finance Boards: Do the Yahoo Finance Experts have Editors? This article is proof that - No, they do not. If you aren't fired for campaigning to .001% of the population on a space designated for Yahoo Finance Advice, I will lose my last bit of respect for Yahoo.

  • HomerN - Monday, January 5, 2009, 2:42PM ET  Report Abuse

    • Overall: 1/5

    More useless people going to congress, nothing changes.

  • Brian - Monday, January 5, 2009, 2:35PM ET  Report Abuse

    • Overall: 2/5

    I can live with a Democrat that isn't crooked I guess. How is this advice though? How is it anything other than the start of your campaign? I would fire you for this, but I'm with a successful organization...

  • Yahoo! Finance User - Monday, January 5, 2009, 1:01PM ET  Report Abuse

    • Overall: 1/5

    My advice to you is to put some clothes on and get a real job instead

  • Yahoo! Finance User - Monday, January 5, 2009, 12:21PM ET  Report Abuse

    • Overall: 3/5

    All the best. As a constitutionalist, I would very much welcome an originalist view of the economy. 1. The Law is in place to limit the government. 2. The proper government roles are to protect us from enemies foreign and domestic, and provide for a means of grievance settlement and regulate commerce. 3. Mint coin. The Founding Fathers were very much interested in these principles, many of which have been eroded over the last 200 years. We need to take back our currency, outlaw the Federal Reserve, and return to the proper extremely limited role of a much smaller government. Charles, if you get elected, and swear to uphold the constitution, will you re-read it beforehand? Will you try to change Washington? Will you change? Can you hold to your principles amongst the largess of government? Nonetheless, we need more people in government who can truly live up to the written constitution - as written! So, in all honesty, all the best.

  • Paul - Monday, January 5, 2009, 10:18AM ET  Report Abuse

    • Overall: 1/5

    I'm hopeful you can make a difference. However, this article if is chock full of blatant self-promotion - of little value to readers - especially the 99.9% of us outside of your district.

Showing comments 6-35 of 333<< PreviousNext >>
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More From Charles Wheelan

Naked Economics: Undressing the Dismal Science

An accessible and entertaining introduction to economics for lay readers, now available in paperback.

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Order Naked Economics today. Average customer review on Amazon.com: 4.7 out of 5 stars.

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