Economist Christina Romer serves up dismal news at her farewell luncheon

[jiimbergin]

http://www.washingtonpost.com/wp-dyn...=news-col-blog

found this on http://theautomaticearth.blogspot.com/

This is not really news to most of us, but it is interesting to see someone like this admit it.
jim

By Dana Milbank
Washington Post Staff Writer
Wednesday, September 1, 2010; 10:40 PM

Lunch at the National Press Club on Wednesday caused some serious indigestion.

It wasn't the food; it was the entertainment. Christina Romer, chairman of President Obama's Council of Economic Advisers, was giving what was billed as her "valedictory" before she returns to teach at Berkeley, and she used the swan song to establish four points, each more unnerving than the last:

She had no idea how bad the economic collapse would be.

She still doesn't understand exactly why it was so bad.

The response to the collapse was inadequate. And she doesn't have much of an idea about how to fix things.

see rest at the link.

[don]

Re: Economist Christina Romer serves up dismal news at her farewell luncheon

One soldier..out of line. Kiss your career goodbye.

[Jay]

Re: Economist Christina Romer serves up dismal news at her farewell luncheon

[URL]She still doesn't understand exactly why it was so bad.

I mean really, it so obvious why it is so damn bad, and she is chairman of his adviser group. She is either dumb as nails or playing the party line. I would give 50-50 odds on each. We are doomed.

[oddlots]

Re: Economist Christina Romer serves up dismal news at her farewell luncheon

Depressing post. Not because of the prognosis but because of the apparent and continuing cluelessness in the halls of power.

Early on in Obama's term I remember thinking: it's too early in the process for Obama to become the president people think they have elected. He's kind of a mirror image of Hoover somehow.

Whether he was ever worthy of hopiness or was always going to be the establishment's alternate (stooge) is another question.

[jiimbergin]

Re: Economist Christina Romer serves up dismal news at her farewell luncheon

I mean really, it so obvious why it is so damn bad, and she is chairman of his adviser group. She is either dumb as nails or playing the party line. I would give 50-50 odds on each. We are doomed.

I would lean toward the "dumb as nails" answer, otherwise she would simply blame Bush.

[karim0028]

Re: Economist Christina Romer serves up dismal news at her farewell luncheon

I find it interesting this speech did not get discussed on CNN??? When the former chief economic advisor says she doesnt know anything about what is going on, how is that not front page news???? All they have been talking about is how unemployment numbers were "good" bc govt hiring went down and private hiring went up... "Bc the govt doesnt create jobs, and we want the private sector to pick up the slack".... These guys will keep things rosy even while the entire thing sinks....

[Rajiv]

Re: Economist Christina Romer serves up dismal news at her farewell luncheon

I would lean toward the "dumb as nails" answer, otherwise she would simply blame Bush.

While I cannot personally vouch for her intelligence or lack thereof, (our paths never crossed!) I somehow doubt that -- Christina Romer probably left the CEA because she was unable to stomach what has been happening in the Obama White House -- and she probably had no influence in changing any policy (in other words a figurehead,) and she is likely constrained in what she can or cannot say, and this was probably her way of letting the world know.

[jtabeb]

Re: Economist Christina Romer serves up dismal news at her farewell luncheon

Did people forget Irving Fisher's Debt Deflation theory? I mean, it's all right there is it not?