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Glenn Hubbard (economist)

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Glenn Hubbard
15th Dean of Columbia Business School
In office
July 1, 2004 – July 1, 2019
Preceded byMeyer Feldberg
Succeeded byCostis Maglaras
20th Chair of the Council of Economic Advisers
In office
May 11, 2001 – February 28, 2003
PresidentGeorge W. Bush
Preceded byMartin Baily
Succeeded byGreg Mankiw
Personal details
Born
Robert Glenn Hubbard

(1958-09-04) September 4, 1958 (age 65)
Orlando, Florida, U.S.
Political partyRepublican
EducationUniversity of Central Florida (BA, BS)
Harvard University (MA, PhD)
Signature
WebsiteOfficial website
Academic career
FieldPublic economics
Corporate finance
Financial institutions
Macroeconomics
Industrial organization
Natural resource economics
Public policy
School or
tradition		Supply-side economics
Doctoral
advisor		Benjamin M. Friedman[1]
Jerry A. Hausman[1]
Martin Feldstein[1]
Information at IDEAS / RePEc

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.[3] 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

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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.[4]

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.[4]

Career

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Academic

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Hubbard has been at Columbia University since 1988, being Russell L. Carson Professor of Finance and Economics since 1994.[5]

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.[6]

Government

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Hubbard was Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993.[3]

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.[7]

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.[7]

Political advisor

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Hubbard served as economic advisor to the 2012 presidential campaign of Mitt Romney,[8] a position he also held during Romney's 2008 presidential campaign.[9] In August 2012, Politico identified Hubbard as "a likely Romney appointee as Federal Reserve chairman or Treasury secretary".[10][11]

Hubbard was an economic advisor for the Jeb Bush 2016 presidential campaign.[11][12][13][14][15] After Donald Trump became the presumptive Republican nominee, Hubbard was mentioned as a potential Treasury secretary (which eventually went to Steven Mnuchin),[16][13] and also as a potential Fed chair, a role expected to become open in February 2018.[17][16] Hubbard had been critical of both Trump and Democratic presidential candidate Hillary Clinton, including after Bush had suspended his campaign.[18][19][20][21][22] In August 2016, Hubbard declined to say which candidate he supported in the general election,[23] but did say that Trump's taxation plans and their impact on economic growth were in a "direction" somewhat better than Clinton's plans.[24] Hubbard criticized Trump's plans on trade and immigration for their predicted economic impact.[25]

Other

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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.[5]

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

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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

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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

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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".[36]

References

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  1. ^ a b c "Hubbard's CV" (PDF). Archived (PDF) from the original on June 24, 2019. Retrieved October 12, 2016.
  2. ^ Glater, Jonathan D. (April 1, 2004). "Former Bush Aide Will Lead Columbia Business School". New York Times. Retrieved December 15, 2008.
  3. ^ a b American Enterprise Institute, R. Glenn Hubbard Archived March 24, 2011, at the Wayback Machine
  4. ^ a b Segal, David (October 13, 2012). "Romney's Go-To Economist". The New York Times. Archived from the original on October 14, 2012. Retrieved October 13, 2012.
  5. ^ a b c "Director – R. Glenn Hubbard". Metlife. 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. Retrieved December 15, 2008.[permanent dead link]
  6. ^ Russell, James S. (January 5, 2023). "At Columbia's $600 Million Business School, Time to Rethink Capitalism". The New York Times. ISSN 0362-4331. Archived from the original on January 9, 2023. Retrieved January 9, 2023.
  7. ^ a b Andrews, Edmund L.; David Leonhardt; Eduardo Porter; Louis Uchitelle (October 26, 2005). "At the Fed, an Unknown Became a Safe Choice". New York Times. Archived from the original on April 7, 2008. Retrieved December 15, 2008.
  8. ^ White, Ben (March 26, 2015). "Jeb Bush's tricky path to an economic plan". Politico. Archived from the original on March 28, 2015. Retrieved March 29, 2015.
  9. ^ Romney Taps Bush Hands to Shape Economic Policies Archived July 31, 2018, at the Wayback Machine, February 24, 2012
  10. ^ "Who's on the inside track for a Romney Cabinet" by MIKE ALLEN and JIM VANDEHEI, Politico, August 28, 2012, Retrieved 2012-08-28 Archived June 26, 2015, at the Wayback Machine
  11. ^ a b Bloomfield, Mark (October 19, 2015). "The economic advisers behind the candidates". The Hill. Archived from the original on March 29, 2024. Retrieved April 16, 2024.
  12. ^ Crooks, Ed; Fleming, Sam (September 15, 2016). "Donald Trump details plans for tax cuts to boost US economy". Financial Times. Archived from the original on January 16, 2017. Retrieved January 15, 2017.
  13. ^ a b Samuelson, Darren; White, Ben (May 9, 2016). "Trump's empty administration". Politico. Archived from the original on January 21, 2017. Retrieved January 15, 2017.
  14. ^ Belvedere, Matthew J. (October 28, 2015). "Jeb Bush advisor: Trump ideas 'economic flimflam'". Politico. Archived from the original on March 2, 2018. Retrieved September 9, 2017.
  15. ^ Hubbard, Glenn (November 1, 2015). "It's Time for Candidates to Get Serious About the Economy". Politico. Archived from the original on January 16, 2017. Retrieved January 15, 2017.
  16. ^ a b White, Ben (June 13, 2016). "Orlando impact". Politico. Archived from the original on January 4, 2017. Retrieved January 15, 2017.
  17. ^ Liesman, Steve (November 7, 2016). "Clinton to win, but Trump is victor on economy, respondents to CNBC survey". CNBC. Archived from the original on May 29, 2017. Retrieved September 9, 2017.
  18. ^ "Glenn Hubbard: What Clinton and Trump Get Wrong About U.S. Growth". Fortune. April 19, 2016. Archived from the original on January 18, 2017. Retrieved January 15, 2017.
  19. ^ Murray, Alan (April 14, 2016). "Can election 2016 have a happy ending?". Fortune. Archived from the original on June 23, 2020. Retrieved June 22, 2020 – via Yahoo! Finance.
  20. ^ "Trump wins Christie backing, marches toward Super Tuesday". Reuters. February 27, 2016.
  21. ^ Hartley, Jon; Hubbard, Glenn (March 21, 2016). "The Economic Ignorance of Trump and Sanders". National Review. Archived from the original on January 16, 2017. Retrieved January 15, 2017.
  22. ^ Hubbard, Glenn (February 26, 2016). "Do any candidates have an economic plan that would work?". The Boston Globe. Archived from the original on January 16, 2017. Retrieved January 15, 2017.
  23. ^ Leubsdorf, Ben; Morath, Eric; Zumbrun, Josh (August 25, 2016). "Economists Who've Advised Presidents Are No Fans of Donald Trump". The Wall Street Journal. Archived from the original on November 8, 2020. Retrieved August 4, 2017.
  24. ^ Tankersley, Jim (August 10, 2016). "Donald Trump's new tax plan could have a big winner: Donald Trump's companies". The Wall Street Journal. Archived from the original on December 30, 2016. Retrieved January 15, 2017.
  25. ^ Sorkin, Andrew Ross (August 8, 2016). "Donald Trump's Economic Team Is Far From Typical". The New York Times. Archived from the original on December 8, 2016. Retrieved February 16, 2017.
  26. ^ "Directors and Corporate Officers". ADP : Automatic Data Processing, Inc. Archived from the original on January 26, 2013. Retrieved December 15, 2008.
  27. ^ "dukerealty.com – Investor Relations – Management". Duke Realty. Retrieved December 15, 2008.[permanent dead link]
  28. ^ "FiscalNote | Team". Archived from the original on December 3, 2014. Retrieved January 8, 2015.
  29. ^ "MetLife (MET) Announces Michel A. Khalaf to Succeed Steven A. Kandarian as President & CEO". Street Insider. January 8, 2019. Archived from the original on April 5, 2023. Retrieved January 8, 2019.
  30. ^ Transcript excerpt on "A Searing Look At Wall Street In 'Inside Job', Charles Ferguson interviewed by Melissa Block" Archived December 7, 2017, at the Wayback Machine, which aired October 1, 2010 on NPR's All Things Considered. During the program, Ferguson explained to Melissa Block, "Well, the entire interview was fairly contentious, as you can imagine. It surprised me somewhat to realize that these people were not used to being challenged, that they'd never been questioned about this issue before. They clearly expected to be deferred to by me and I think by everybody."
  31. ^ "'Inside Job' prompts new look at conflict of interest policy," Archived December 13, 2011, at the Wayback Machine published April 13, 2011, in the Columbia Spectator.
  32. ^ "The Aid Trap: Hard Truths About Ending... Book by R. Glenn Hubbard". Archived from the original on July 4, 2020. Retrieved July 4, 2020.
  33. ^ Kaplan, Robert D. (August 2, 2013). "Rise and Fall". The New York Times. Archived from the original on July 4, 2020. Retrieved July 4, 2020.
  34. ^ ECHO 360. CBS Follies. December 16, 2011. Archived from the original on December 21, 2021 – via 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. CBS Follies. April 16, 2012. Archived from the original on December 21, 2021 – via YouTube. From the Columbia Business School Follies Spring 2012 Show
  36. ^ snouri (April 21, 2006), Every Breath Bernanke Takes, archived from the original on December 21, 2021, retrieved March 30, 2016
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Political offices
Preceded by Chair of the Council of Economic Advisers
2001–2003 		Succeeded by
Academic offices
Preceded by Dean of Columbia Business School
2004–2019 		Succeeded by
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