Christina Romer Hits The Silk


out of altitude, out of airspeed, out of ideas


Yesterday the chairman of Obama’s sublimely misnamed Council of Economic Advisers got the hell out of Dodge. In an earlier, more genteel day a cosmic failure like Christina Romer would have packed her Prius after dark and been hours out of town before the light of day. This, however, is the Age of Testimony and Validation. So Romer left after a luncheon at the National Press Club. I’ll let Dana Milbank pick up the narrative:

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.

What she did have was a binder full of scary descriptions and warnings, offered with a perma-smile and singsong delivery: “Terrible recession. . . . Incredibly searing. . . . Dramatically below trend. . . . Suffering terribly. . . . Risk of making high unemployment permanent. . . . Economic nightmare.”

I suppose we should give Romer points for candor. It takes a really big person to walk away from what should be the culminating role of a career, scratching their backside and muttering. And to do it in front of the national press corps. It is also a fitting end to the Summer of Recovery.

Unfortunately, it also shows the White House is, as pilots say, out of altitude, out of airspeed, and out of ideas. Philosophically they will neither cut taxes nor spending nor roll back business killing regulations. Politically they will not be able to convince the Democrat caucus in the House and Senate to fund a new round of stimulus spending. So as the world’s largest economy circles the bowl enroute to subsidizing a green job somewhere, Obama’s chief economic adviser shrugs her shoulders and essentially quotes Otter of “Animal House” on the way out.



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43 Comments Leave a comment

They just seem to be looping the loop

frankieb (Diary) Thursday, September 2nd at 10:13AM EST (link)

And doing it badly.

Books … the most exotic, least expensive vacation: www.DelphiBooks.us

www.DaughterOfTheGreatDepression.blogspot.com

Claire McCaskill goes in so many directions, it’s amazing she hasn’t drawn and quartered herself. www.TruthAboutClaire.com

 

Additional Animal House Quote #2

glorybee Thursday, September 2nd at 10:15AM EST (link)

“Fat, drunk and stupid is no way to go through life.”

From Billy Madison...

wayneinnh (Diary) Thursday, September 2nd at 10:57AM EST (link)

This one sums up The One’s presidency in full:

“…what you’ve just said… is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.”

Jon 14:6 –
Jesus said to him, “I am the way, and the truth, and the life; no one comes to the Father but through Me.”

It’s not intellectual to believe we evolved from hydrogen gas.

 

Or from Capt. Jack Sparrow

ddstrain (Diary) Thursday, September 2nd at 2:27PM EST (link)

“Take what you can; give nothing back”, which seems to adequately describe the DC mentality regarding taxes, spending, financial stewardship and ethical lapses.

 
 

You cant fix half stupid

texasgalt (Diary) Thursday, September 2nd at 10:15AM EST (link)

On the way out the door, Romer said the government needed to spend more and tax less.

She is so confused. This just isn’t like the recession that put her daddy out of work in he early 80′s. She’s so right . . . the country had Reagan to lead back then and not this sorry Marxist community organizer we are currently stuck with.

A trillion down Romer’s dry hole and her attitude seems to be “cry for me America.” No, we cry for the prosperity stolen from us.

http://tiny.cc/33v6n

Twitter Button from twitbuttons.com

"This Is Not Your Daddy's Recession..."

mjdzfun Thursday, September 2nd at 10:29AM EST (link)

I love it! I hope you don’t have that © because I plan on using that line!!!

(Will remember to raise a glass to texasgalt when I do.)

Oh, yeah....

mjdzfun Thursday, September 2nd at 10:31AM EST (link)

Molon Labe

 
 
 

libs totally blind to their own stink

talgus Thursday, September 2nd at 10:15AM EST (link)

The Dems caused the crisis with their policy goals of: everyone needs a house and wall street is OK as long as we get the donations. Since they can’t smell their own stink, they are clueless. Just think of where we would be if the stimulus was like Bite-me wanted, 2 trillion. We would be in front of Greece circling the drain. I still think they wanted this (and still do).

The stink

banzaibob (Diary) Thursday, September 2nd at 10:33AM EST (link)

Is so strong because they have their collective heads up their butts.

This is the Obama Maru, we have struck an economic mine. Stimulus ending fast, taxpayers can you help us.

Prefiero morir de pie que vivir de rodillas
It’s better to die upon your feet than to live upon your knees!
Emiliano Zapata

 

And don't forget the American auto "industry"

Warrior (Diary) Thursday, September 2nd at 12:16PM EST (link)

I read somewhere the other day another undeserved yet hagiographic praise of Team Onanism (they’re becoming fewer and fewer, thank G_d) for “returning the Amrican Auto Industry” to profitable status once more.

HA!

Let me see. If I could write off my creditors at cents on the dollar (and threaten them if they protested much), infuse my company with Billions of dollars of OPM (other people’s money) which I did not have to repay, I could return the American Horse and Buggy Industry to profitable status.

Just sayin’…

“Racial criteria are irrational, irrelevant, [and] odious to our way of life.” — Thurgood Marshall for the NAACP Legal Defense Fund in the 1950 Supreme Court case of McLaurin v. Oklahoma

Well with our beholden to the UAW auto industry

Richard Mullins (Diary) Thursday, September 2nd at 12:36PM EST (link)

buying Ford instead of a GM or Chrysler car is idiotic. If you do so, you support the UAW in principle because you bought a vehicle built by UAW labor. I would like to have American auto manufacturing but not with a money losing UAW. The UAW at this point is the reason for the near death of US auto manufacturing.

Richard Phillip Mullins BlogThe Squash Satire SiteNews on Happy Jet Airlines
Rmullins Pics
Rpmullins Twitter

Joe Biden is like a Decrepit Park owner with a Meth lab that happens to not only be a dealer but a user.

Let’s Bankrupt the Democratic paty. Make spend all the money to defend thier candidates.

Unions have caused the death

Warrior (Diary) Saturday, September 4th at 11:29AM EST (link)

of many a U.S. industry…

“Racial criteria are irrational, irrelevant, [and] odious to our way of life.” — Thurgood Marshall for the NAACP Legal Defense Fund in the 1950 Supreme Court case of McLaurin v. Oklahoma

Well for now, although my plans are to have

Richard Mullins (Diary) Saturday, September 4th at 11:35AM EST (link)

a car company that US owned and non-union(plan to make it hostile to unions because the employees will be treated well). The UAW is killing themselves and now is the time to have non-union car companies.

Richard Phillip Mullins BlogThe Squash Satire SiteNews on Happy Jet Airlines
Rmullins Pics
Rpmullins Twitter

Joe Biden is like a Decrepit Park owner with a Meth lab that happens to not only be a dealer but a user.

Let’s Bankrupt the Democratic paty. Make spend all the money to defend thier candidates.

 
 
 
 
 

A sign of true intelligence is....

maindependent Thursday, September 2nd at 10:20AM EST (link)

learrnig from your mistakes.
A sign of insanity is continuing to do the same thing over and over and expecting different results.
It’s a shame that none of the Keystone Kops aka the Administration will ever wrap their arms around either of these concepts. We can only hope that the incoming majority party can figure these two very basic concepts out prior to November.

So true. And unfortunately...

uselogic Thursday, September 2nd at 12:18PM EST (link)

… neither they nor the media nor the CBO learns from our successes either. Lower marginal taxes and you INCREASE revenue to the government. Coolidge, Kennedy, Reagan, Clinton & Bush II. Yet they still believe tax behavior is static. Romer is a poster child for the insanity.

They Can't Learn That Lessen

Repair_Man_Jack (Diary) Thursday, September 2nd at 12:20PM EST (link)

They suffer an epistemic closure towards any idea or paradigm that would reduce their powers.

” I side impenitently with the human race against the modern reformer.” – C.S. Lewis

Yes, they are more faithful...

dmccracken Friday, September 3rd at 1:48PM EST (link)

To their own demented ideas than to anyone or anything else.

Despite all rational, historical, economic and logical evidence to the contrary, they persist in growing government and raising taxes while throwing money to their favorite contributors and think that should fix the economic turmoil that they have stuck us with.

 
 
 
 

Man - that sums it up perfectly!

coldair Thursday, September 2nd at 10:25AM EST (link)

“Philosophically they will neither cut taxes nor spending nor roll back business killing regulations. Politically they will not be able to convince the Democrat caucus in the House and Senate to fund a new round of stimulus spending. So as the world’s largest economy circles the bowl enroute to subsidizing a green job somewhere, Obama’s chief economic adviser shrugs her shoulders and essentially quotes Otter of “Animal House” on the way out.”

 

Typical leftist "thought" at work

RedBeard Thursday, September 2nd at 10:30AM EST (link)

The stimulus failed, so let’s spend more trillions on another one.

See: RAIN, having enough sense to come in from the.

Standard-bearer for grouchy curmudgeonry since, oh, 1975 or so.

 

She Made Like A Keynesian And

Repair_Man_Jack (Diary) Thursday, September 2nd at 10:41AM EST (link)

bailed-out!!!

” I side impenitently with the human race against the modern reformer.” – C.S. Lewis

:)

mdd1956 Friday, September 3rd at 8:44AM EST (link)

Best analysis of Romer to date

 
 

Streiff...that Otter quote is priceless.

mikerazar (Diary) Thursday, September 2nd at 10:48AM EST (link)

I have used it many times, but of course, not here…lol

When President Palin delivers her first State of the Union address to a filibuster-proof GOP majority in 2013, the economy will soar beyond anything ever seen.

(I’m ducking, in case Art is watching)

We have a nation to save, people.

 

Sooooo...on September 21

SG_Lominac (Diary) Thursday, September 2nd at 11:07AM EST (link)

Can we transition President Clunker’s Recovery Summer to the more aptly named Recovery Fall?

From the movie “Hard Times”

Jill Ireland: “What does it feel like to knock somebody down?”
Charles Bronson: “It makes me feel a hell of a lot better than it does him.”

No

banzaibob (Diary) Thursday, September 2nd at 9:18PM EST (link)

Call it the Fall Fail.

Prefiero morir de pie que vivir de rodillas
It’s better to die upon your feet than to live upon your knees!
Emiliano Zapata

 
 

She is one page turned and gone. How much did she stuff in her pockets with obamas help?NT

bobojake (Diary) Thursday, September 2nd at 11:58AM EST (link)

She was representative

Common_Cents (Diary) Thursday, September 2nd at 12:38PM EST (link)

A total joke. People have to wonder if this is a nightmare after watching her. Or perhaps she was a practicing “legalize lot in CA” advocate. What freakin planet is she on? Seriously?

I keep asking myself, how’d we wake up today and fall so far in this country to even remotely consider this administration?

I waffle back and forth on blaming our “elected elite” and blaming apathetic brainwashed MTV America for sending all these thugs to DC and keeping them there.

Obama=Golfer in Chief, Leading from, behind, the Back Nine.
Leaders don’t create movements. Movements create leaders. Get involved. Your future depends on it.
Govt “invests” YOUR tax money for POLITICAL return rather than economic return.

 

Blame Bush. Blame Romer.

clintonformccain Thursday, September 2nd at 1:54PM EST (link)

Looks like the Obama regime has sent Milbank and all the rest of the little journolisters out to do a hatchet job on Romer.

Blame Bush. And, oh yeah, blame that Romer broad, too. No day is completely in the Oval Office without throwin’ somebody under the bus.

 

She is taking the bullet. I give her points for loyalty.

Marcus_Traianus (Diary) Thursday, September 2nd at 2:23PM EST (link)

The narrative behind closed doors is this rudderless vessel called “ObamaEcono” is all Romer’s fault. That’s the excuse being given to every group visiting DC with a fundamental role in business or the economy. She just staged the final act for all to see.

Yeah. Right. We all got to where we are in the business world by being a bunch of clueless hacks. Maybe it will sell with the “guns and religion” crowd? Nah. Doubt it.

By the way buddy. Tell me that’s you in the photo keeping your Airborne patch current?

“Both of our political parties, at least the honest portion of them, agree conscientiously in the same object—the public good; but they differ essentially in what they deem the means of promoting that good. One side believes it best done by one composition of the governing powers; the other, by a different one. One fears most the ignorance of the people; the other, the selfishness of rulers independent of them. Which is right, time and experience will prove.”.Thomas Jefferson

And the wheel on the bus go round and round...

clintonformccain Thursday, September 2nd at 2:26PM EST (link)

“She is taking the bullet. I give her points for loyalty.”

————————-

So is Tony Rezko. It’s the Chicago way. All those little snots in the West Wing will be scurrying around like little cockroaches blaming it all on Romer. I’m sure she deserves a share of the blame, but they’ll destroy her to make Obama look blameless.

 

that is a skydiver

streiff (Diary) Thursday, September 2nd at 2:36PM EST (link)

riding a streamer into the ground. I never had that experience.

“What keeps me here is the reek of beer, the ladies and the craic”

Spoken like a true AAO

Marcus_Traianus (Diary) Thursday, September 2nd at 3:22PM EST (link)

“That’s a skydiver” one of the lesser skilled, serf classes, you twit. Oh and yes, that’s a streamer as compared to this expert jumper or perhaps these bad exits..

Gotta love AA- always good for a few laughs…:-)

“Both of our political parties, at least the honest portion of them, agree conscientiously in the same object—the public good; but they differ essentially in what they deem the means of promoting that good. One side believes it best done by one composition of the governing powers; the other, by a different one. One fears most the ignorance of the people; the other, the selfishness of rulers independent of them. Which is right, time and experience will prove.”.Thomas Jefferson

that video is made of awesome

streiff (Diary) Thursday, September 2nd at 3:33PM EST (link)

nt

“What keeps me here is the reek of beer, the ladies and the craic”

On that we completely agree.

Marcus_Traianus (Diary) Thursday, September 2nd at 3:59PM EST (link)

N/T

“Both of our political parties, at least the honest portion of them, agree conscientiously in the same object—the public good; but they differ essentially in what they deem the means of promoting that good. One side believes it best done by one composition of the governing powers; the other, by a different one. One fears most the ignorance of the people; the other, the selfishness of rulers independent of them. Which is right, time and experience will prove.”.Thomas Jefferson

 
 

AAO= Air Assault Officer?

qixlqatl (Diary) Thursday, September 2nd at 3:41PM EST (link)

I take it this is inter-service rivalry?

“Yet, Freedom! yet thy banner, torn, but flying,
Streams like the thunderstorm against the wind.”

George Gordon Noel Byron

I swear I clicked RTT on Marcus' post :/ [nt]

qixlqatl (Diary) Thursday, September 2nd at 3:43PM EST (link)

“Yet, Freedom! yet thy banner, torn, but flying,
Streams like the thunderstorm against the wind.”

George Gordon Noel Byron

 
 
 
 
 

"Those Who Can't Do, Teach"

teapartyamerican Thursday, September 2nd at 2:33PM EST (link)

“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.”

Nobody in their right mind should major in economics at Berkeley.

 

Right and left at Brekeley

maindependent Thursday, September 2nd at 5:50PM EST (link)

Who in their right mind would go to Berkeley for an education in the first place? Left mind, perhaps, but not right mind. And, isn’t a Berkeley education an oxymoron?

 

You guys just don't understand economics the way Obama does!

Next93 (Diary) Thursday, September 2nd at 7:31PM EST (link)

The Obama administration claims that the stimulus has created 3 million jobs. Even if we grant that, and cap the spending considered part of the stimulus at 780 billion, that works out to about $260,000 per job.

Now, remember that, according to Obama, taxes will only be raised by people making more than $250,000 per year, which means that he’s basically minted 3 million new “rich people”, whom he can now will tax at 100% (possibly more). He’ll then give that money to a DIFFERENT 3 million people. Repeat this 100 times, and you’ve made everyone in America “rich”!

You have to admit, the scope of his vision is breathtaking. And, if you’re a democrat (and spent way too much time in the 60′s experiementing with drugs), it actually makes sense.

Obama was The One in 2008.
He’ll be a BIGGER one in 2012.

Blow and go

banzaibob (Diary) Thursday, September 2nd at 9:22PM EST (link)

Who said he stopped experimenting. They way things are going I think he’s still hitting the bong and sharing it with Biden.

Prefiero morir de pie que vivir de rodillas
It’s better to die upon your feet than to live upon your knees!
Emiliano Zapata

 
 

The sad thing about Romer is

Adjoran (Diary) Thursday, September 2nd at 11:11PM EST (link)

she had a great reputation as a market economist. The policies she’s defending here go against everything she wrote and taught, so I assume she is being the good soldier for the Administration, but all this socialism could not have originated with her.

If anything, they are blaming her for restraining them from a total takeover while they still had full control of Congress.

 

Just can't understand why it was (is) so bad?

edinnola Friday, September 3rd at 10:04AM EST (link)

Of course she doesn’t understand. She is operating under an economic model that represents total failure. She doesn’t understand it because she doesn’t understand what makes this country run at it’s basic levels.

Certainly she doesn’t understand what has made this the great country that it was pre-2009. That idiot Summers hasn’t helped a bit either. He is to a large extent responsible for the economic disaster that we are experiencing, both from his recommendations to Obama, and from his forcing through the legislative changes in 2000 that freed up certain people (and only certain people) to greatly enrich themselves at the economy’s expense.

 

Liberalism is falling on it's face, thanks O.

johnt Friday, September 3rd at 10:30AM EST (link)

Drudge had something headlined about Treasury rushing to, now, do something about jobs. Usually seeing is believing, usually, but this??
Did Romer at least take credit for all of those gadzillions of jobs saved? And are media intellects beginning to squirm?

“a man’s admiration for absolute government is proportinate to the contempt he feels for those around him”. Tocqueville

 

When the going gets tough, the incompetent bail out

southcoast Friday, September 3rd at 11:01AM EST (link)

Clearly Romer does not believe in what she has pushed and worse realizes she is wrong and does not have the fortitude to make her ideas work.
Of course that would doing the same over and over again and expecting different results.