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View Diary: Jack Lew and the premature descent from heaven: A tale of the American nomenklatura (89 comments)

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  •  On Christy Roemer (4+ / 0-)

    I think Summers ran her out because she lacked the math gene.

    This aggression will not stand, man.

    by kaleidescope on Sun Jan 20, 2013 at 11:39:57 AM PST

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    •  More likely, she lacked the perverted (0+ / 0-)

      math gene that endemic to neoliberalism (where plus is minus).

      But an alternative version of the story on Christy Romer (proper sp.), in an article by William Black where he quotes from the WashingtonPost WonkBlog:

      From Zach Goldfarb’s excellent profile of Treasury Secretary Timothy Geithner’s success inside the Obama administration:
      The economic team went round and round. Geithner would hold his views close, but occasionally he would get frustrated. Once, as [then chairwoman of the Council of Economic Advisers Christina] Romer pressed for more stimulus spending, Geithner snapped. Stimulus, he told Romer, was ‘sugar,’ and its effect was fleeting. The administration, he urged, needed to focus on long-term economic growth, and the first step was reining in the debt.
      Wrong, Romer snapped back. Stimulus is an “antibiotic” for a sick economy, she told Geithner. ‘It’s not giving a child a lollipop.’

      In the end, Obama signed into law only a relatively modest $13 billion jobs p remarksrogram, much less than what was favored by Romer and many other economists in the administration.”

      William Black remarks:
      If Geithner had not helped block the push by Romer and Summers within the administration for greater stimulus the U.S. recovery would be far more robust and millions more Americans would be employed. (In fairness, the Republicans and conservative (“Blue Dog”) Democrats who killed the revenue sharing portion of the stimulus bill and insisted that much of the stimulus had to be in the form of the extension of tax cuts for the wealthy, which have a far smaller stimulus effect than alternatives, also cost millions of Americans their jobs.)

      United We Understand

      by dorkenergy on Mon Jan 21, 2013 at 07:08:11 PM PST

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      •  Thank You for this Response n/t (1+ / 0-)
        Recommended by:
        dorkenergy

        I actually learned something.

        This aggression will not stand, man.

        by kaleidescope on Fri Jan 25, 2013 at 10:09:52 AM PST

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        •  As one grasshopper to another (0+ / 0-)

          William Black is one of the leading proponents of "Modern Monetary Theory (MMT)".

          MMT is emerging as "a" (if not "the") key enabling tool for all progressive/dem goals (directly for those that require $; indirectly for the rest by removing distractions from the public discourse).

          If you're not familiar with it, I'd suggest exploring.

          For starters, there's a fun, quick, explanatory video, MMT for Dummiez. That site is a great centralized resource. One of the main contributors there is Joe Firestone. He cross-posts on dKos as Letsgetitdone.

          If you'd like more pointers, I can provide.

          United We Understand — e MMT unum

          by dorkenergy on Fri Jan 25, 2013 at 12:50:31 PM PST

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