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Christy Romer
Romer, Summers, and Geithner with President Obama in the Oval Office (March 5, 2010, Pete Souza)

Atrios reminds us why it matters that Christy Romer is leaving the White House with a link back to Ryan Lizza's New Yorker article from October 2009 on the Obama economic team:

Oh well.

Romer had run simulations of the effects of stimulus packages of varying sizes: six hundred billion dollars, eight hundred billion dollars, and $1.2 trillion. The best estimate for the output gap was some two trillion dollars over 2009 and 2010. Because of the multiplier effect, filling that gap didn’t require two trillion dollars of government spending, but Romer’s analysis, deeply informed by her work on the Depression, suggested that the package should probably be more than $1.2 trillion. The memo to Obama, however, detailed only two packages: a five-hundred-and-fifty-billion-dollar stimulus and an eight-hundred-and-ninety-billion-dollar stimulus. Summers did not include Romer’s $1.2-trillion projection. The memo argued that the stimulus should not be used to fill the entire output gap; rather, it was "an insurance package against catastrophic failure." At the meeting, according to one participant, "there was no serious discussion to going above a trillion dollars."

The people who are always wrong about fucking everything maintain power.

Although the White House says Romer resigned because she wants to return to her teaching gig in Berkeley and some reports indicate she could be named head of San Francisco Fed, most accounts of Romer's resignation note that (a) she felt the stimulus needed to be at least 50% larger than it was and was frustrated by the lack of additional spending measures and that (b) Larry Summers blocked her from having direct access to President Obama. (More on that here, here, and here.)

Whatever the exact details of the palace intrigue might turn out to be, it's clear that Romer was a strong advocate for pressing the pedal to the metal on recovery efforts. At a time when many of the President's advisers, including Summers, have urged him to put on the brakes to mollify the (fictitious) "bond vigilantes", Romer was a beacon of sanity. To the extent that her departure makes it less likely that the administration will push Congress to accelerate jobs creation, losing her voice will be a double whammy, jeopardizing the economic recovery and the White House's political fortunes along with it.

Originally posted to Daily Kos on Fri Aug 06, 2010 at 07:30 AM PDT.

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Comment Preferences

  •  Romer Must be a Progressive (23+ / 0-)

    Larry Summers blocked her from having direct access to President Obama.

    This deal is getting worse all the time!---Lando Calrissian (D-Cloud City)

    by Aspe4 on Fri Aug 06, 2010 at 07:34:27 AM PDT

  •  History always shows (31+ / 0-)

    Summers did not include Romer’s $1.2-trillion projection

    someone not giving the President the "rest of the story." Those people never seem to get their asses booted out the door.

    Reminds me of the woman that predicted credit default swaps would bring down the economy....Summers was in the Clinton administration at the time and ignored her warnings.....

    sigh.

    Stand your grounds. Espresso yourself.

    by coffejoe on Fri Aug 06, 2010 at 07:35:15 AM PDT

  •  Yep. I think Christie Romer is doing the right (10+ / 0-)

    thing. She's smart and may as well be getting real work done as opposed to being window-dressing.

    All evil needs to succeed is for good people to say "the votes aren't there in the Senate."

    by Jacques on Fri Aug 06, 2010 at 07:35:16 AM PDT

  •  Lest we forget...politics was also at play (14+ / 0-)

    http://www.thefiscaltimes.com/...

    The problem for Obama, he wasn’t as lucky as Roosevelt, because when Obama took over we were still in the middle of a free fall. So his Treasury people came in and his other economic people came in and said "Hey, we need a package of $1.4 trillion." We started sending suggestions down to OMB waiting for a call back. After two and a half weeks, we started getting feedback. We put together a package that by then the target had been trimmed to $1.2 trillion. And then [White House Chief of Staff] Rahm Emanuel said to me, "Geez, do you really think we can afford to come in with a package that big, isn’t it going to scare people?" I said, "Rahm, you will need that shock value so that people understand just how serious this problem is." They wanted to hold it to less than $1 trillion. Then [Pennsylvania Senator Arlen] Specter and the two crown princesses from Maine [Sens. Olympia Snowe and Susan Collins] took it down to less than $800 billion. Spread over two and a half years, that’s a hell of a lot of money, but spread over two and a half years in an economy this large, it doesn’t have a lot of fiscal power.

    Summers may not have been the person who intentionally took the larger request off the table.

    It could have come from a higher level, and I don't just mean Rahm.

    "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

    by justmy2 on Fri Aug 06, 2010 at 07:35:23 AM PDT

    •  Maybe a better (11+ / 0-)

      "Geez, do you really think we can afford to come in with a package that big, isn’t it going to scare people?"

      statement would be "Geez, what message will sell this to the American people?".....

      $1.4 Trillion is the cost of our two wars....think of that....what could a trillion do to bring people to work. Crap we build highways, railroads, Park paths etc in the past.

      Stand your grounds. Espresso yourself.

      by coffejoe on Fri Aug 06, 2010 at 07:39:01 AM PDT

      [ Parent ]

    •  It would be interesting to know who (1+ / 0-)
      Recommended by:
      slinkerwink

      "his Treasury people" were...

      Summers and Geithner may not be the culprits in the case of the stimulus...

      They do have a bunch of other messes they created though...

      "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

      by justmy2 on Fri Aug 06, 2010 at 07:39:33 AM PDT

      [ Parent ]

      •  If you link to the (1+ / 0-)
        Recommended by:
        justmy2

        article in the new Yorker it is pretty detailed about 'his treasury' and gives you a good idea about here they came from. Thick as thieves this lot of 'self regulating markets' theorists. Romer seems like the odd man out.lol. She studied the depression has more of a historical outlook. summers really creeps me out and Geithner is summers protege. He supposedly has the social skills summers lacks.

        Combined with Rahmn's reading of politics and public opinion, for me you couldn't ask for a worse group to 'fix' this mess. Clinton neoliberal retreads who refuse to let go or even think about regulating their precious markets. Revealing that summer's along with women had no respect for the humanities at Harvard. Maybe economics's as pure theoretical math needs the input of a woman who views it through the lens of a history/society rather then just pure arrogance and math.              

    •  I should have mentioned... (4+ / 0-)
      Recommended by:
      slinkerwink, sapper, vacantlook, marina

      That is David Obey speaking in a interview...not just an anonymous source.

      "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

      by justmy2 on Fri Aug 06, 2010 at 07:40:30 AM PDT

      [ Parent ]

    •  Blame Obama. Stop excusing him. (23+ / 0-)

      Who is the President of the United States? Barack Obama.

      Who is the person who ultimately decides what economic advice the President both hears and follows? Barack Obama.

      Who is the person who decided to only ask for a smaller stimulus for "political reasons" at a time when his approval rating was 80 fucking percent! Barack Obama.

      The Buck stops with the President. You can blame Larry Summers for being a gatekeeper and not giving good avice. But, who's fault is it that Barack Obama allowed Larry Summers to freeze out the Chairman of Coubcil oif Economic ASdvisors and TOOK the bad advice from larry Summers? Barack Obama.

      I am sick and fucking tired of people making excuses for the stupid fucking decisions this President makes, and then blaming them on underlings like Rham Emmanuel, Larry Summers of Tim Geithner.

      Who hired these people? Who still KEEPS THEM ON THE PAYROLL? WHO LISTENES TO THEIR ADVICE AND ELEVATES THEM?

      •  Is this directed at me? (0+ / 0-)

        If so, may I suggest reading the last line of the comment you responded to...

        "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

        by justmy2 on Fri Aug 06, 2010 at 07:48:02 AM PDT

        [ Parent ]

        •  Just the folks who excuse Obama for everything (1+ / 0-)
          Recommended by:
          Alumbrados

          Not you.

          This is why Obama is going to lose the House and the Democrats will get clobbered in November. because he made stupid decision after stupid decision and keeps the stupid motherfduckers who gave him bad avice on the payroll, while the smart people who were RIGHT are leaving.

          You can blame Ben Nelson and Joe Lieberman all you want. But this is Obama's fault. Focusing on health care was dumber than shit when you had double digit unemployment to deal with.

          •  Actually, I don't think Dems will loase as bad... (1+ / 0-)
            Recommended by:
            vacantlook

            ...as you think. But only because the the GOP/Right wing-nuttia have become so obviously incompetent and have been spending the past two years trying to destroy this president and the country. e.g.-See the tea-baggers and their candidates.

            If the Republicans had actually made a somewhat small attempt at helping fix the country, without bitching about the President publicly, but used the same tactics in watering down bills, then I think we would be looking at major losses. However,fortunately for the Democrats, the Republicans are still too god damned stupid to know how to govern or even care about governing.

            The sleep of reason produces monsters.

            by Alumbrados on Fri Aug 06, 2010 at 11:37:08 AM PDT

            [ Parent ]

      •  That is so . . . (0+ / 0-)

        bottom line (since we're talking economics here . . .).

        Obama has the wrong numbers in his Blackberry . . . whose fault is that?  One cannot blame Larry Summers for being Larry Summers, the blame falls on Obama for putting Summers where he is.  And Geitner.

        Fake Left, Drive Right . . . not my idea of a Democrat . . .

        by Deward Hastings on Fri Aug 06, 2010 at 09:05:40 AM PDT

        [ Parent ]

      •  Maybe Obama just needs to (0+ / 0-)

        grow a pair. If that's not possible, then at least go shopping at Balls-R-Us.

  •  not to be TOO cynical but (19+ / 0-)

    I wonder if Romer's first name had been Christopher instead of Christina whether Summers would have included her proposal for 1.2 trillion -  given his track record with remarks about and attitudes towards women during his (thankfully) brief tenure as President of Harvard, I think it is a legitimate question.

    "what the best and wisest parent wants for his child is what we should want for all the children of the community" - John Dewey

    by teacherken on Fri Aug 06, 2010 at 07:35:44 AM PDT

  •  Like Atrios said (9+ / 0-)

    Oh Well.

    ...losing her voice will be a double whammy, jeopardizing the economic recovery and the White House's political fortunes along with it.

    This is what chump Change looks like.

    by Wamsutta on Fri Aug 06, 2010 at 07:36:24 AM PDT

  •  Surprise... Summers = trouble with smart women. (19+ / 0-)

    Who could possibly have predicted that???

    "Man is free at the moment he wishes to be." - Voltaire

    by DrFrankLives on Fri Aug 06, 2010 at 07:36:50 AM PDT

    •  Larry Summers is a well known misogynist. (1+ / 0-)
      Recommended by:
      vacantlook

      Anyone who has followed the local Boston news over the last 15 years knows all about this jackass, constantly in trouble with the press about his double standards and the crap that came out of his mouth, just fucking horrible.  

      It's clear Larry despises women, and goes out of his way to intimidate any of them that dare challenge 'male authority'. That alone should have marked him as unacceptable to serve in this administration.

      A fair number of women made this point when Obama brought him on board, but they were ignored.

  •  "Wrong about everything" (12+ / 0-)

    That pretty much succinctly sums up human history. The people who are "wrong about everything" are always and everywhere in charge.

    Unless of course they aren't wrong at all from the perspective of a very tiny sliver of the population...

    •  Remember (2+ / 0-)
      Recommended by:
      marina, KJG52

      Right and wrong are not important.  The correct choice, the ethical choice, such considerations are irrelevant. What matters is who gets the blame and who gets the credit.

      That is how history is written.

      Die energie der Welt ist constant; die Entropie der welt strebt einem Maximum zu. - Rudolf Clausius, 1865

      by xgy2 on Fri Aug 06, 2010 at 07:46:12 AM PDT

      [ Parent ]

  •  Don't worry, be happy. (7+ / 0-)

    I can't process news like this so I'm going to look at another picture of Obama and his family.

  •  BTW (7+ / 0-)

    Romer was on MSNBC this morning and says she left to make sure her on spent all 4 years of high school in one city...and her decision was based on her family situation alone.

    FYI only...

    "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

    by justmy2 on Fri Aug 06, 2010 at 07:37:20 AM PDT

  •  Romer was "proved fucking right!" (9+ / 0-)

    And, of course, she's not being listened to.

    •  I've seen this happen (11+ / 0-)

      a number of times in Corporate America.  People who focus on the politics of business work their way up the ladder.  Along the way, because they no longer practice their skills in these new jobs, because they spend so much effort on the politics rather than the substance of the business, they become mediocre at best.

      Then they spend the rest of their effort stamping on the hands of the people climbing up the ladder after them, and shutting down the true talent coming up, because they know they are now mediocre and eventually incompetent.  They team up with others who are incompetent.  They shut down anyone who tells the truth about the matter or who might be perceived as having embarrassed them, or who was not sufficiently adoring and/or servile.

      And it goes on and on.

  •  I for one am (4+ / 0-)
    Recommended by:
    slinkerwink, Aspe4, KJG52, coffejoe

    glad she's leaving. Don't get me wrong, she's very needed in the WH but that's the point - now attention will be brought to the fact that Summers and Geithner get the president's ear while progressives are not allowed to express themselves in his administration.

    'Normal' has always been collaborating with injustice. - Tim Wise

    by indiemcemopants on Fri Aug 06, 2010 at 07:38:16 AM PDT

  •  Goldman Sachs wins again (6+ / 0-)

    Your flag decal won't get you into heaven anymore

    by Horsehead on Fri Aug 06, 2010 at 07:39:14 AM PDT

  •  FDR and Truman are rolling over in their graves (6+ / 0-)
    •  You mean the FDR who cut government spending? (4+ / 0-)

      In the middle of the recovery.  And the FDR whose social security bill included a large swatch of people left out in order to get it through congress?  I doubt he is

      •  The FDR who listened to Eleanor & Frances Perkins (8+ / 0-)

        and created the WPA, etc certainly is.

        •  And Keynes.... (8+ / 0-)

          http://newdeal.feri.org/...  

           "You are engaged on a double task, Recovery and Reform;--recovery from the slump and the passage of those business and social reforms which are long overdue. For the first, speed and quick results are essential. The second may be urgent too; but haste will be injurious, and wisdom of long-range purpose is more necessary than immediate achievement.

            It will be through raising high the prestige of your administration by success in short-range Recovery, that you will have the driving force to accomplish long-range Reform. On the other hand, even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action, before you have had time to put other motives in their place."

          "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

          by justmy2 on Fri Aug 06, 2010 at 07:50:47 AM PDT

          [ Parent ]

        •  The same one whose 2nd bill was the Economy Act? (1+ / 0-)
          Recommended by:
          askew

          A bill that cut salaries of government workers and the pensions of vets.  FDR went as far as to veto the Bonus Bill, a bill that was aimed at distruting cash bonuses to WWI vets.  Congress overrode that veto.  

          FDR did a lot of great things no doubt but thinking all of his policies were progressive is not an accurate reading of history

  •  Acces to the Prez (6+ / 0-)

    I am also upset that she's leaving, but I do have one question. When it says she [may be] upset about having access to the President blocked - what does that mean? Is anyone really suggesting that if she had picked up the phone and called the WH that she could not have gotten a private call or meeting with the President? That just seems a bit preposterous to me.

    •  Well, it can sometimes mean (5+ / 0-)
      Recommended by:
      Aspe4, shpilk, joanneleon, annieli, coffejoe

      being left out of e-mail discussions, meetings, and knowing that your colleague, Larry Summers, has more of a direct access to your boss. Or where your input is mostly ignored in favor of another's.

      I work with B2B PAC, and all views and opinions in this account are my own.

      by slinkerwink on Fri Aug 06, 2010 at 07:43:38 AM PDT

      [ Parent ]

      •  Yes it can mean ANYTHING (4+ / 0-)

        when you don't have the facts and are given to mere speculation.

        But we have at least one reliable source don't we? Romer's own words are the most reliable source. I have Unfortunately, it's the one that is being IGNORED in favor of speculation.

        "I never anticipated the amount of the contact I'd have with the president," she added. "If anyone had told me that I'd meet the president of the free world every day, I never would have believed it."

        "If anyone had told me that I'd come to view Larry Summers as one of my dearest friends, I never would have believed it. But I do."

        She could have said that Summers was a well-respected colleague whom she enjoyed working with. She didn't have to describe him as "one of her dearest friends."  Clearly, the narrative of conflict is politically contrived and agenda driven.

        •  Paul Bremer and George Tenet left... (5+ / 0-)
          Recommended by:
          slinkerwink, TJ, justmy2, Churchill, goinsouth

          ...their posts with presidential medals. That doesn't mean there wasn't conflict.

          Don't tell me what you believe. Tell me what you do and I'll tell you what you believe.

          by Meteor Blades on Fri Aug 06, 2010 at 07:58:02 AM PDT

          [ Parent ]

          •  Not as "dearest friends" though. n/t (2+ / 0-)
            Recommended by:
            virginislandsguy, KayCeSF
          •  What did they SAY about their resignation (2+ / 0-)

            did they make direct statements about their personal friendships with people whom they were thought to be in conflict with?

            The specific reasons cited by the rumor have been directly contradicted from statements made by Romer herself.

            Some commenters seem a bit eager to jump on the conflict meme, with a bunch of speculations. I'm not sure what this is about. I could sit here and speculate about every and anything. And Christine Romer was not exactly a hero on this site before this resignation. I specifically recall an episode in which Dylan Rattigan hammered her (very disrespectfully) and there was no outrage expressed here about it. All of a sudden there seems to be an almost contrived conflict and Romer is made a matyr simply because there is a desire to view the Obama administration as a bully on the side of Wall Street who throws anyone who doesn't serve Street under the bus. That's what this is about. It's not about any real concern for what Romer has accomplished or who her replacement will be. The focus is on Larry Summers, the WH and the conflict. And not surprisingly, the intial rumor of conflict was started by a right-wing editor.

        •  You attack others for 'mere speculation' (4+ / 0-)
          Recommended by:
          TJ, Wamsutta, Jim P, goinsouth

          and yet nearly every single post you make is an ad hominem attack, offering up strawmen, an appeal to false authority, an appeal to generalization, loaded with errors, or just outright delusional.

          This part is incredibly hypocritical.

          "Clearly, the narrative of conflict is politically contrived and agenda driven".

          This describes you perfectly.

          You have no core values you stand for, only political shilling for the President.

          You post no diaries.

          You make no statements of overall purpose as to your presence here in the community, other than to attack other posters who dare question the President.

          •  Dare I say (1+ / 0-)
            Recommended by:
            shpilk

            troll behavior?

          •  You managed (1+ / 0-)
            Recommended by:
            virginislandsguy

            to personally insult and attack my personal value system and credibility without knowing who I am or what I stand for. I have not attacked anyone on thread personally. Whenever I make a comment that's out of line, I admit it and move on.

            It is patently false that I "attack other posters who dare question the president."  I call out posters who knowingly or unwittingly use false information as their basis for  "criticizing" Obama, but I do not attack anyone who is holding Obama and his administration accountable on solid grounds. If you're willing to make statements like that you had better be prepared to back them up with evidence, because as far as I can tell, you have none here.

            On this thread and the two diaries written on the Romer issue yesterday, I have spoken against a possibly misguided and speculatory narrative that is being built (and I explicitly pointed out that this rumor was propagated by a right-wing editor, not by Daily KOS commenters). I then provided direct and concrete statements made by Romer and as cited in the WSJ to support my arguments.

            You have called me "hypocrite" "political shill" and implied that I am a liar ("have ZERO credibility"). You have suggested that I do not even belong on this site because I haven't written any diaries.  Excuse me but I did not realize that posting diaries was a requirement for being a contributing member this site.  There are many contributing members who do not post diaries.

            You have been following me on different threads and attacking my comments by making one-line sarcastic responses - not on the merits of my arguments, but simply because you disagree with my support of the President.

            This is harrassment and I will not tolerate it. I don't care how long you've been on this site. I will not succumb to anyone's intimidation tactics.

    •  Right-wing driven propaganda (10+ / 0-)

      It amazes me that a progressive site would be so eager to pick up a right-wing driven speculative rumor, when direct evidence (from Romer herself) suggests the opposite.

      According to Romer on Thursday in the WSJ article:

      On her access to the President:

      "I never anticipated the amount of the contact I'd have with the president," she added. "If anyone had told me that I'd meet the president of the free world every day, I never would have believed it."

      On her conflict with Larry Summers:

      "If anyone had told me that I'd come to view Larry Summers as one of my dearest friends, I never would have believed it. But I do."

      The article further states that:

      Ms. Romer will join the President's Economic Recovery Advisory Board, which is chaired by former Fed Chairman Paul Volcker. Among the candidates to succeed her at the Council of Economic Advisers is Austan Goolsbee, who is on leave from the University of Chicago's Booth School of Business.

      Either Romer is a liar and misrepresents her friendships and alliances, or the WSJ article is lying, or the initial source of the rumor of "conflict" is lying. I have strong reason to believe it was the intial "anonymous" source - propagated by the likes of Bert Ely, a right winger who works at the behest of Wall Street and Republicans. Typical Rovian divide-n-conquer strategy. And miraculously, it works 'most everytime.

    •  Read "Speech Less" by Matt Latimer (3+ / 0-)
      Recommended by:
      Meteor Blades, slinkerwink, coffejoe

      he was a former speech writer for GW Bush. I know Bush sucks but, if you're a student of politics/political junkie, it's a good read about how advisers block other advisers from reaching the president.

      This deal is getting worse all the time!---Lando Calrissian (D-Cloud City)

      by Aspe4 on Fri Aug 06, 2010 at 07:51:30 AM PDT

      [ Parent ]

    •  me too (0+ / 0-)

      80 % of success is just showing up; Obama doesn't want to be disruptive, but I voted for disruptive!

      by Churchill on Fri Aug 06, 2010 at 07:57:29 AM PDT

      [ Parent ]

    •  Quite natural actually (1+ / 0-)
      Recommended by:
      rick

      Just taking the 3 - Summers, Geithner, and Romer (and others are involved) - they may all be "present in the room" kind of access but a team has to be synched up before they get into the room so as to present a single, coherent set of options for the President. That process of arriving at the options and the framing is much messier and a power play that happens out of the Pres's earshot, most not in his presence and spills over into pre and post meeting events. We can assume the President designed in some amount of tension and that assumption and its details are ammunition tools.  Once you're id'd as one of the sources of tension your role gets set in stone. Tension is an advantage in refining strategies but it's still just a tool used by the those holding the tools. Time with politically astute talented people decays a person's ability to create value because the limits to your stamina and persistence are known.

      "People need dramatic examples to shake them out of apathy," Bruce Wayne in Batman Begins.

      by kck on Fri Aug 06, 2010 at 08:11:01 AM PDT

      [ Parent ]

  •  The "I Want to Go Back to Teaching" (1+ / 0-)
    Recommended by:
    moonpal
    line sounds equally plausible as, "Tantrum over a year after the fact," line.  Who knows, there might even be other intrigue related reasons.
  •  This should really bode well (5+ / 0-)

    for bringing a smart, progressive, non-insider woman like Elizabeth Warren on board.

    Right?

    Please tell me I am right.

    This is what chump Change looks like.

    by Wamsutta on Fri Aug 06, 2010 at 07:41:59 AM PDT

  •  She tried to do the right thing. Her plans were (3+ / 0-)
    Recommended by:
    slinkerwink, Aspe4, Jim P

    thwarted by the egoistical Summers. It's our loss that she is leaving. Her projections are turning out to be correct and the "male" bio-determinist Summers goofed up again..

  •  The President's has an odd way (6+ / 0-)

    of selecting the advisers he pays the most attention to...

    "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

    by justmy2 on Fri Aug 06, 2010 at 07:42:19 AM PDT

  •  From wsj, from the horse's mouth as it were (8+ / 0-)

    Ms. Romer is the second member of Mr. Obama's economic team to leave. White House budget director Peter Orszag left earlier this summer. She said she is returning to California so the youngest of her three children can begin high school there.

    ...

    "I never anticipated the amount of the contact I'd have with the president," she added. "If anyone had told me that I'd meet the president of the free world every day, I never would have believed it."

    ...

    Among her challenges was explaining why her prediction that the Obama-backed fiscal stimulus would keep the unemployment rate below 8% proved overly optimistic. The unemployment rate is now at 9.5%.

    "I certainly hoped it would be lower," she said. "The world deteriorated between November 2008 when I started" and the initial estimates were made "and when we took office January 21. Do I wake up every morning and wish it were 8% instead of 9.5%? You bet."

    ...

    Ms. Romer will join the President's Economic Recovery Advisory Board, which is chaired by former Fed Chairman Paul Volcker. Among the candidates to succeed her at the Council of Economic Advisers is Austan Goolsbee, who is on leave from the University of Chicago's Booth School of Business.

    http://online.wsj.com/...

    Yeah, I know it's against dkos CW. Just thought will put it out there.

    BP - Proving Oil and Water do mix.
    A Presidency Among the Vuvuzelas.
    palin's ability to sound like a vuvuzela while twittering is remarkable.

    by amk for obama on Fri Aug 06, 2010 at 07:45:07 AM PDT

  •  Should we get that chiseled over the White House (3+ / 0-)
    Recommended by:
    bluesteel, joanneleon, KJG52

    and Capitol entrances?  Seems more accurate than some of the stuff you'll see.

    The people who are always wrong about fucking everything maintain power.

    Free speech? Yeah, I've heard of that. Have you?

    by dinotrac on Fri Aug 06, 2010 at 07:46:04 AM PDT

    •  Wrong? Depends on how you define it. (0+ / 0-)

      The assumptions are annoying. How do we know whether Summers felt the two packages would be effective...or just all that was doable at the time? For all we know, the right's reaction to Obama's election back then shocked everyone (we already know Obama was shocked by how unwilling Republicans were to compromise during such a crisis).

      Now think a moment: Let's say Roemer (and Klugman) were right and acknowledged as such back then. Let's say the new administration decided to go full bore with the stimulus--"insisting" (as if they could) on over one trillion dollars in spending in order to "revive" (theoretically) our economy/jobs.

      That wouldn't have solved the auto crisis.
      That wouldn't have solved the housing crisis.
      That wouldn't have solved the EU's debt crises.
      That wouldn't have solved the derivatives issue.
      That wouldn't have solved the outsourcing issues.

      In other words, a larger stimulus would have horrified an already freaking-out opposition (in the social realm as well as the political realm), while leaving a lot of major, major problems untouched.

      What then?

      See, this is what bothers me about some on the left: It's all or nothing, pie-in-the-sky, idealism over realism, time after time.

      Underestimating conservatives' fear would have been a dangerous, dangerous thing to do. Obama's choices may not have been as "bold" as his far left supporters wanted, but I, for one, voted for the man NOT for his "boldness," but for his GOOD JUDGMENT.

      •  Wait - Are you claiming that all of those things (2+ / 0-)
        Recommended by:
        Funkygal, graycat13

        are solved?

        For that matter, are you claiming the sentiment is wrong?

        I haven't seen much brilliance coming out of the White House or Congress in quite a while.

        As to being wrong:

        Pal, you are hook, line and sinker.

        You're new here, so I'll give you a pass, but...

        I'm the last person to be a pie-in-the-sky idealist.  Thirty-five years ago, maybe, but not now.

        Oh -- and for the record, I am (and have noted here on DK many times) no progressive at all, but a dyed-in-the-wool conservative.

        That, by the way, is the basis of my distaste both for Wall Street and the coddling they've received.

        Free speech? Yeah, I've heard of that. Have you?

        by dinotrac on Fri Aug 06, 2010 at 08:17:40 AM PDT

        [ Parent ]

  •  On the onther hand, the President (0+ / 0-)

    may be doing this to nominate her for the CFPA

    "Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity." --M. L. King "You can't fix stupid" --Ron White

    by zenbassoon on Fri Aug 06, 2010 at 07:46:23 AM PDT

  •  Larry Summers is rumored to leave after the (7+ / 0-)

    midterms.

    I wouldn't be surprised if Obama brings out a whole new economic team after the midterms.

    Also, Christina Romer is rumored to replace Yellin as the head of the San Francisco Fed after Yellin is confirmed.

    Jim Manley: "Republicans are making love to Wall Street, while the people on Main Street are getting screwed."

    by Drdemocrat on Fri Aug 06, 2010 at 07:46:29 AM PDT

  •  so true (2+ / 0-)
    Recommended by:
    bluesteel, Churchill

    The people who are always wrong about fucking everything maintain power.

    and in every aspect of life.

  •  Was Romer able to inform the President (5+ / 0-)

    that the $1.2 billion package was taken off the table?  It's hard to believe he wasn't made aware of this at some point.

  •  You rely on Larry Summers (14+ / 0-)

    You deserve what you get.  The man is constantly wrong:  repeal Glass-Stegal, don't regulative derivatives, don't have too big stimulus.  Yet he's still listened to.

    How we got here, the Powell Manifesto: http://old.mediatransparency.org/story.php?storyID=21

    by Paleo on Fri Aug 06, 2010 at 07:50:04 AM PDT

  •  At Least We Understand the Recession Extension (3+ / 0-)
    Recommended by:
    Superpole, Churchill, coffejoe

    This story finally explains exactly what went wrong with the Stimulus, and why we are in an extended Recession. It's now clear that the right track was what so many Progressives agreed in principle: a bigger Stimulus was necessary to revive the economy instead of just stabilizing it at stagnation. Romer's resignation reveals precisely where we left the right track: she demonstrated the right track, and the wrong track, but Larry Summers censored the right track.

    Larry Summers is to blame for the economy's stagnation. He knew the Stimulus he presented to Obama would fail; he kne the Stimulus he censored was the one that we needed. I can't remember a hotter "smoking gun" than this revelation that Summers killed our chances for recovery right at that exact point of its delivery.

    Romer's resigning is precisely the kind of principled resignation that is practiced widely outside America's government to force the org left behind to confront the problem that it ignored to create the resignation. If Obama has any integrity at all, he will fire Larry Summers.

    Fire Larry Summers. Many have asked or demanded that action, since even before the administration sat at its desks. But until now, it's all been mostly on principle. Now there is as clear a proof as we can expect that Summers is the one interfering with the change we'd hoped for. If Obama doesn't fire Summers, all we'll have is proof, and no recovery.

    "When the going gets weird, the weird turn pro." - HST

    by DocGonzo on Fri Aug 06, 2010 at 07:51:20 AM PDT

    •  What? Obama's integrity? Explain Summers/Geithner (0+ / 0-)

      80 % of success is just showing up; Obama doesn't want to be disruptive, but I voted for disruptive!

      by Churchill on Fri Aug 06, 2010 at 07:54:47 AM PDT

      [ Parent ]

    •  Nope. Obama knew what to do, but didn't do it. (3+ / 0-)
      Recommended by:
      Deward Hastings, justmy2, 420 forever

      Larry Summers may have tried to censor the right track, but there were a LOT of people saying we needed a bigger stimulus at the time, including Paul Krugman (very publicsly) and Obama surely knew that.

      Obama is to blame because he made the stupid fucking decision that politics should somehow come into play here rather than the dire, straight up need for this stimulus. He could have sold this in December of 2008 as his popularity was sky high as was his credibility.

      •  Remember the TARP bailout and the (2+ / 0-)
        Recommended by:
        virginislandsguy, moonpal

        citizen response to that.  There was no fucking way Congress would approve $1.2 tril for stimulus after that.  No way.  They received record amounts of mail on TARP, and 9:1 was against the bailout.  

        The complete blocking out of the political realities at the time, combined with this ridiculous belief that the Prez just writes checks is mind-blowing.

        •  Nonsense. The stimulus was not TARP. (2+ / 0-)
          Recommended by:
          Hesiod, justmy2

          People could tell the difference between bailing out banks, and getting jobs for themselves happening.

          There were several economists, with a public profile, who had predicted the disaster of derivatives, all saying we needed a huge stimulus, that a small stimulus would not be enough. Including Krugman, who, you'll recall was viciously character assassinated by people here for daring to insist that what Obama was doing was inadequate.

          Put that all aside, Obama didn't even try to do what was necessary.

          He didn't even try to do what was necessary. He worried about Republicans being on board. (And for all the pre-compromises, didn't get their votes.)

          He didn't even try, worried about how it would look politically.

          What would have been bad about trying? At the worst we would have ended up where we ended up. At the worst.

          Here's what I know: within 5 minutes walk from my home, 6 business are shuttered in my neighborhood in the past six weeks. One is opening. It's a pawn shop.

          Until we break the corporate virtual monopoly on what we hear and see, we keep losing, don't matter what we do.

          by Jim P on Fri Aug 06, 2010 at 08:33:35 AM PDT

          [ Parent ]

          •  You don't get out much, do you? (1+ / 0-)
            Recommended by:
            virginislandsguy

            'The People' did not differentiate between TARP and stim.  80% of the folks I interact with on a day-to-day basis don't even know who Paul Krugman is.  Those are the people that vote, and those are the people who wrote to their congressfolk in record numbers about TARP and the stim.  They said no.  The vast majority of this country wanted the free market to work and let the losers fail.  We are still standing financially because the elected leaders saw the utter folly in that idea.  

            And they passed $800 billion dollars that did good.

            If Obama had aimed high and been shot down completely, would that have been better?  Would that have worked for you?

            Politics is compromise.....you may not like it, but it is compromise.  To see DKOS, supposedly THE premiere democratic activist site cut down their own president again and again and again is just mind-blowing.

            •  that is now...after the media (1+ / 0-)
              Recommended by:
              Jim P

              has conflated them...at the time, they were separate, and the Stimulus had overwhelming approval...

              "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

              by justmy2 on Fri Aug 06, 2010 at 09:17:41 AM PDT

              [ Parent ]

            •  You don't get out much from (0+ / 0-)

              under "my president can do no wrong" do you?

              The People can fucking think and understood the difference between helping the banks and a job stimulus. Just say the words.

              And how the fuck could he have been shot down completely? You mean if he went for the $1.2T, he would have gotten nothing at all.

              That's just spit-stupid. That's willfully stupid.

              That is just a lie.

              And there was no compromise except on our part. The Republicans gave us NO votes in the House. Two in the Senate.

              You may not like it but in the real world when you have compromise BOTH SIDES do it, not just one. When one does it, it's called "surrender."

              To see people at DKOS, supposedly a reality-based blog, defending the indefensible merely out of some infantile mindless loyalty without considering the consequences of reality-avoidance on the Democratic Party...

              Astonishing. My Hero Right Or Wrong is going to kill us. That kind of crap belongs in the Republican Party. Not amongst Democrats.

              Until we break the corporate virtual monopoly on what we hear and see, we keep losing, don't matter what we do.

              by Jim P on Fri Aug 06, 2010 at 09:38:32 AM PDT

              [ Parent ]

              •  If the people could "think" we wouldn't (0+ / 0-)

                be in the mess we're in, now would we?

                I have plenty of complaints about Obama, but this constant bashing is just so old.  No amount of logic, or dose of the real world will convince the haters.

                So, go ahead and hate on Obama.  Whine and complain and WISH he did things differently.  I will be talking to people instead, trying to show that what has been done has been good and if Obama is given some more help in congress, more good can be done.

              •  Listen to yourself! (1+ / 0-)
                Recommended by:
                virginislandsguy

                As if the republicans were going to work with Obama....no, they weren't and they aren't now.  So, to get $800 billion dollars passed is a big fucking deal.  You think he would have gotten the 2 Senate republicans with a trillion dollar package?  Hell no.

                And that doesn't even take into account what he had to give to DEMS.  

                Talk about wilfully blind.  

            •  "We are still standing financially" (0+ / 0-)

              Depends on who you mean by "We", doesn't it.  Goldman (et al) are doing fine . . . not so much the rest of us.

              The best thing that could have happened for America would have been the collapse of the barely 30 years old Reagan initiated and Summers fostered "financial economy".  that happy blip in economic history we (not Goldman, we) could have quickly recovered from . . .

              Fake Left, Drive Right . . . not my idea of a Democrat . . .

              by Deward Hastings on Fri Aug 06, 2010 at 09:45:40 AM PDT

              [ Parent ]

              •  Yep, 25-30% unemployment (1+ / 0-)
                Recommended by:
                virginislandsguy

                was wiped out in a few months under FDR, right?  It didn't take years for things to straighten out, right?.

                My idea at the time was to give the fuckin' TARP money (along with all the backdoor money going to the banks/investment firms) to people....everyone over 21 gets a check for $50,000.  Not only would the majority of that money have found its way to banks anyway, but some people (many?) would have gotten their shitty debt situation under control.

                But that was unrealistic and I knew it.  Sounded good though.  Just like "let the banks go under" sounds real good too, until you truly think about the consequences.

          •  He folded his hand before he even (1+ / 0-)
            Recommended by:
            Jim P

            saw his cards...

            "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

            by justmy2 on Fri Aug 06, 2010 at 09:16:46 AM PDT

            [ Parent ]

        •  Realities (0+ / 0-)

          The reality is that there was backlash to any Stimulus. If you're damned if you do / damned if you don't, you do the right thing and take the blows that were inevitable even if you didn't.

          The reality is that the Stimulus was not TARP, not the bailout.

          The ridiculous belief here is your blocking out the realities that people opposing bankers getting TARP is not at all the same as people opposing themselves getting the Stimulus.

          "When the going gets weird, the weird turn pro." - HST

          by DocGonzo on Fri Aug 06, 2010 at 08:34:21 AM PDT

          [ Parent ]

          •  Well, go btich at the congress since they (1+ / 0-)
            Recommended by:
            virginislandsguy

            were the ones who took the hit on TARP and got earfuls from their CONSTITUENTS about any more bailout money.  Most people did not differentiate between TARP and stimulus....even here on DKOS the discussions were heated about what each would do.  And 'the people' are not nearly as well-informed as the 200K or so that read and/or post here.

            Once again - Obama doesn't write checks.  Congress appropriates money.  With blue dogs, republican obstruction and a citizenry actually engaged and saying what they don't want, a trillion dollar stimulus was not going to pass.  It's a miracle 800 bil got through.

          •  He should have at least tried. (0+ / 0-)

            If he tried mightily and that was the best he could do -- then he could rightly point to the stupid fuckers who didn't want a larger stimulus as the villians.

            But, he trimmed his sails before he even started negotiating. He did the same shit with health care and just about every fucking thing else.

            •  He did try! Why do you think we even (0+ / 0-)

              know the original amount was $1.4 trillion??!!  He and his staff put it out there.  

              •  wrong.... (1+ / 0-)
                Recommended by:
                mightymouse

                Straight from David Obey...

                The problem for Obama, he wasn’t as lucky as Roosevelt, because when Obama took over we were still in the middle of a free fall. So his Treasury people came in and his other economic people came in and said "Hey, we need a package of $1.4 trillion." We started sending suggestions down to OMB waiting for a call back. After two and a half weeks, we started getting feedback. We put together a package that by then the target had been trimmed to $1.2 trillion. And then [White House Chief of Staff] Rahm Emanuel said to me, "Geez, do you really think we can afford to come in with a package that big, isn’t it going to scare people?" I said, "Rahm, you will need that shock value so that people understand just how serious this problem is." They wanted to hold it to less than $1 trillion. Then [Pennsylvania Senator Arlen] Specter and the two crown princesses from Maine [Sens. Olympia Snowe and Susan Collins] took it down to less than $800 billion. Spread over two and a half years, that’s a hell of a lot of money, but spread over two and a half years in an economy this large, it doesn’t have a lot of fiscal power.

                What is the next excuse?

                "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

                by justmy2 on Fri Aug 06, 2010 at 09:19:43 AM PDT

                [ Parent ]

              •  No he didn't. (0+ / 0-)

                The first rule in a crisis is plan for the worst and hope for the best.

                He assumed the best and planned for the best case scenario. And, while it may be true that he couldn't get an adequate stimulus plan out of Congress -- if he tried his ass off and it failed, it would not be his fault. And people would not be so down on him. They would recognize that he can only do so much as long as he has a bunch of stupid assholes in the US Senate.

    •  Summers is a TOTAL Disaster... (0+ / 0-)

      in addition, Summers is on record back in the late 1990's as strongly in support of the very deregulation that enabled Wall St. to drive us into the ditch-- which we cannot get out of now.

      Thus the credibility of Summers.. as well as head disaster enabler Greenspan is ZERO.

      Dump Summers, Geithner and Bernanke now and do what's needed for American workers.

      "It's pretty clear human beings aren't improving". Spencer Greenberg - Rebellion Research

      by Superpole on Fri Aug 06, 2010 at 10:47:40 AM PDT

      [ Parent ]

  •  Power to the People! (1+ / 0-)
    Recommended by:
    Churchill

    Romer can now speak out.

    TAX THE RICH! They have money! I'm a Democrat. That's why!

    by ezdidit on Fri Aug 06, 2010 at 07:51:52 AM PDT

  •  Summers & Geithner should resign today (4+ / 0-)
    Recommended by:
    Aspe4, Superpole, icebergslim, coffejoe

    Summers blocked real debate about a larger stimulus package.

    Geithner was NY Fed chairman and said that his job wasn't to regulate the Wall Street markets, and in fact that was exactly what his job should be.

    Obama puts up with this bull from Summers, thus Obama is responsible for this.  

    Hello, Double Dip Recession.

    80 % of success is just showing up; Obama doesn't want to be disruptive, but I voted for disruptive!

    by Churchill on Fri Aug 06, 2010 at 07:52:35 AM PDT

  •  Another day (1+ / 0-)
    Recommended by:
    Celtic Pugilist

    another progressive sees the light....

    I did campaign on the public option, and I'm proud of it! Corporat Democrats will not get my vote, hence I will not vote.

    by Jazzenterprises on Fri Aug 06, 2010 at 07:56:21 AM PDT

  •  Obama's, oh, nevermind, it'll never change (1+ / 0-)
    Recommended by:
    icebergslim

    he thinks he can do whatever he wants to the people of the United States, give pretty speeches, and we will say it's okay.

    MEANWHILE, back at the ranch, 15 million people are unemployed.

    80 % of success is just showing up; Obama doesn't want to be disruptive, but I voted for disruptive!

    by Churchill on Fri Aug 06, 2010 at 07:56:48 AM PDT

  •  Might Warren do "greater good"... (2+ / 0-)
    Recommended by:
    PsychoSavannah, annieli

    ...replacing Romer inside the WH counting Summers' "conventional wisdom" instead of being named to CFPA?

    Just a thought.

    "Power concedes nothing without a demand. It never did and it never will." -- Frederick Douglass

    by Egalitare on Fri Aug 06, 2010 at 07:56:48 AM PDT

  •  That's the government I remember (1+ / 0-)
    Recommended by:
    slinkerwink

    from my 13 years of federal employment.

    The people who are always wrong about fucking everything maintain power.

    Some things never seem to change.

    Truth forever on the scaffold, wrong forever on the throne. - James Russell Lowell

    by Deep Harm on Fri Aug 06, 2010 at 07:58:24 AM PDT

  •  Didn't Romer serve on the Bureau (0+ / 0-)

    of Economic Research in charge of calling a recession before this job?
    Yes.  And she along with the others blew the call almost a year late.  Yes the incompetents get promoted.
    She a career bureaucrat as bad as the rest and the insipid smiley face of green shoots.
    Now she want's in on the FED and the cushy job of sucking it up to the banks out west.

  •  She should have threatened to resign earlier (1+ / 0-)
    Recommended by:
    slinkerwink

    She should have threatened to quit during the stimulus debate and to make public the fact that Summers was getting in the way of the President getting economic advice from the head of his council of economic advisers.  This is another case of bad policy resulting from good people not being will to play power games and use leverage.  It's time and past time that people accept that good policy proposals never succeed on their merits, and that if you want good policies you have to even more cut throat than the people who want bad policies.

    This country does not have the luxury to entertain idiocy as if it is reasonable. --Digby

    by Thought Crime on Fri Aug 06, 2010 at 07:59:12 AM PDT

  •  Jesus. (4+ / 0-)
    Recommended by:
    PsychoSavannah, Jim P, kck, Veritas36

    Look at the damn stock market.

    Why the hell can't there be a temporary 10% tax on short term profits on cap gains (qualified let's say for people who make over $100K/yr) to fund the stimulus?

    The rich are doing great. They've got the stock market back up almost to where it was pre-crash.

    This 'jobless recovery' is going to smack electoral chances hard.

    Tax speculation, and use the more to provide tax cuts for the working lower and middle classes. The money injected into the lower income households will immediately be spent on the pent up demand.

    It hurts no one. Small investors are not taxed, and the people who do pay can afford to pay 10% of profits.

    •  Re (1+ / 0-)
      Recommended by:
      virginislandsguy

      The rich are doing great. They've got the stock market back up almost to where it was pre-crash.

      No one is in the market; it's just computers trading with computers. Trading volume correlates very well with the market falling. The market only goes up on no volume.

      (-5.50,-6.67): Left Libertarian
      Leadership doesn't mean taking a straw poll and then just throwing up your hands. -Jyrinx

      by Sparhawk on Fri Aug 06, 2010 at 08:19:16 AM PDT

      [ Parent ]

      •  Oh come on. (0+ / 0-)

        I work with people who brag constantly about all the money they've made .. a 'killing' is how one jerk described it, just a few days ago.

        People are making this money.

        The most wealthy are the ones making the most money here from the speculation.

    •  Of course it is going up. (1+ / 0-)
      Recommended by:
      shpilk

      They have pumped Trillions of Dollars of "stimulus" into it.  "Stimulus" Dollars that could have gone to "bailing out" America instead of Wall Street . . .

      Fake Left, Drive Right . . . not my idea of a Democrat . . .

      by Deward Hastings on Fri Aug 06, 2010 at 09:53:24 AM PDT

      [ Parent ]

  •  This is a classic example (5+ / 0-)

    of what happened with the Brietbart-Sherrod fiasco. Someone puts out a narrative that is sensationally driven, and everyone runs with it because it suits their desired beliefs at the time. They are unwilling to examine further and address the source of the intial information before weighing in and jumping to conclusions.

    Here, there is clear evidence that Romer's resignation was not due to any personal conflict between her and Summers yet a right-wing intiated rumor of conflict trumps any direct statements from Romer herself on the issue.  

    It's amazing when liberals trust right-wing initiated rumors more than they trust a Democratic WH or direct statements from the horse's mouth. Very disturbing. Highly disturbing.

    •  2 yrs is a long time to serve the WH (1+ / 0-)
      Recommended by:
      moonpal

      a lot of people leave in year two or year three of an administration,  I'm just saying.

      80 % of success is just showing up; Obama doesn't want to be disruptive, but I voted for disruptive!

      by Churchill on Fri Aug 06, 2010 at 08:04:12 AM PDT

      [ Parent ]

    •  the left thinks this "rumor" (3+ / 0-)
      Recommended by:
      askew, virginislandsguy, Hawkjt

      is beneficial to them as well. Even going as far as to paint Romer as a jilted progressive. Again, I have never seen a talking point from the right that has done a damn thing good for the left.

      "Don't bet against us" -President Barack Obama

      by moonpal on Fri Aug 06, 2010 at 08:06:19 AM PDT

      [ Parent ]

      •  Romer is (2+ / 0-)
        Recommended by:
        virginislandsguy, moonpal

        continuing to give interviews saying that this departure has been planned for while now,and that she thought the economic team was hitting its groove and how much she enjoyed working with that team and for the President...and it is like spitting into a lefty hurricane. All cynicism,all the time. Don't believe what the woman says,believe what the narrative is instead.

        It is fucking ridiculous and I am sick of it.
        What does she have to do to get anyone to listen to her? The President listened to her everyday,but the ''progressives'' refuse to believe her and insist she is a liar....crazy.

  •  Oh how patently absurd (4+ / 0-)

    that we believe from this little information we have access to that we have some insight on what should or shouldn't have happened.  Obama's not smart enough to know that Larry Summers has a manipulative side to him and ignores the advice of someone like Romer who to any thinking individual is brimming with credibility?  

    Come on people.  There are pages and pages to this story we'll never have access to and this ridiculous speculation on what's happening behind the scenes based on these little snippets of gossip and leaks is ridiculous.

    Here's the other side of the speculation for you.  Obama was well-aware of Romer's request for higher amounts of stimulus action, actually agreed with her but his political team has been up all hours coordinating with Congressional leaders and determining what they can get through.  Those leaders have come back to them and said "we can guarantee passage if the figure doesn't go over X dollars.  We can guarantee failure if the amount is X amount.  For anything in between you're facing the fight of a lifetime with real uncertainty."

    That conversation will never hit the light of day so any speculation about Obama and Summers intentionally drowning out Romer's sage advice is IMHO simply boneheaded.

    "A celibate clergy is an especially good idea, because it tends to suppress any hereditary propensity toward fanaticism." -- Carl Sagan

    by artmartin on Fri Aug 06, 2010 at 08:00:47 AM PDT

    •  Even if what you say is true.... (3+ / 0-)
      Recommended by:
      justmy2, Jim P, icebergslim

      ...that's the best case scneario argument for Obama not being a total fuckkng moron. It still is damning.

      Obama should have asserted his LEADERSHIP and told the fucking Congress that it was his way or the fucking highway. He was the fucking President who was just elected with a mandate to fix this shit.

      Then he should have twisted arms and knocked heads topgether to get it done. If necessary, he should have blasted the holdouts daily for endangering the entire country's economy and our national security if our economy collapsed.

      That's what LEADERS do. They lead. They don't consult with members of congress and then throw up tehir hands when they get some resistance. MY GOD!

      This country was going off an economic cliff. This was the economic euqivalent of pearl fucking harbor.

      •  "His way or the highway" (3+ / 0-)
        Recommended by:
        askew, virginislandsguy, artmartin

        You have the President now with not only the power to write checks, but being able to fire Congresscritters.

        Here, let me pinch you so you'll wake up to reality.

        •  If the buck stops with him...he would be (1+ / 0-)
          Recommended by:
          mightymouse

          smart to figure out that ultimately, yes, he should use the bully pulpit..AFTER taking others feedback into account.

          "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

          by justmy2 on Fri Aug 06, 2010 at 09:22:27 AM PDT

          [ Parent ]

      •  Boy easy from the sidelines eh (4+ / 0-)

        and on just what soapbox was he going to deliver this message.  Have you conveniently forgotten that our media is for the most part completely corrupt and propagandized?  Sure Keith Olbermann would be cheering him on and the tiny handful of progressive talk radio pundits but they command what maybe 5% of the public audience?  The overwhelming message out to the brain dead citizens of this country would have been this rash communistic foreign-born heathen bent on giving away all their hard earned money to the invading hordes of drug-dealing Mexican illegals and you know what?  With the images of an outraged Barack Obama deriding everyone who stood in his way and charging the cannons, that image would have stuck.  Instead, in my opinion he did what he had to do.  He played out the image of compromise and cool even-handedness and sucked in the Republicans to show their obstructionist and evil side while surprisingly winning small but steady victories.  The tough and forceful Obama is still to come but with much of that media advantage neutralized just from this overwhelming library of Republican and Tea Party absurdity we now have in video and text archives.

        It's real easy for you to visualize this cliff that we were falling off of economically but at that level of power the political cliff gives no second chances.  Failure in that arena results in one thing and one thing only and that's a return to power of the Republicans and the complete fascist takeover of what's left.  You go find your charge the cannons guy and put him in charge.  You can tell tales of his bravery to your wage slave grandchildren some day.

        "A celibate clergy is an especially good idea, because it tends to suppress any hereditary propensity toward fanaticism." -- Carl Sagan

        by artmartin on Fri Aug 06, 2010 at 08:34:22 AM PDT

        [ Parent ]

    •  I found your criticism plausible; however, I (1+ / 0-)
      Recommended by:
      mightymouse

      disagree with your White House Staff/ Congressional scenario, if the President had pushed the greater stimulus to the American people, coupled with a real HAMP and started pushing for haircuts on Wall Street, then he would have goten what he wanted and we might have gotten what we needed. I do agree with you though, we probably can't extrapolate from this single datum and come up with any more reasonable conclusion; although, I doubt she's eager to leave Washington, simply to return to academia.

      "Intelligence is quickness in seeing things as they are..." George Santayana

      by KJG52 on Fri Aug 06, 2010 at 08:13:52 AM PDT

      [ Parent ]

      •  My understanding is cutting Wall Street's (2+ / 0-)
        Recommended by:
        virginislandsguy, artmartin

        hair at that particular time would have made things a lot worse.  We will never know, of course, but it could have been very, very bad not just here in the US, but the rest of the world....it is all tied together now.

        After TARP, and the historic response from the people, there was no way Congress was going to approve a trillion dollars.  

        •  We'll have to agree to disagree then, (0+ / 0-)

          I don't believe that anyone has published any analysis on the counter-parties or who could have taken haircuts, nor do I believe, given Treasury's and the Fed's propensity to cover-up for their actions under TARP that we aill see any data soon. Therefore, assertions that it would have made it worse seem unfounded, and brings to mind the question, worse for who?

          "Intelligence is quickness in seeing things as they are..." George Santayana

          by KJG52 on Fri Aug 06, 2010 at 10:11:41 AM PDT

          [ Parent ]

  •  Obama is not serious about alleviating U/E. (2+ / 0-)
    Recommended by:
    KJG52, icebergslim

    Period. He doesn't give a shit. If he did, he would not be following the stupid fuck econoimic advice of Summers and Geithner.

  •  I'm not so sure... (2+ / 0-)
    Recommended by:
    askew, moonpal

    these multipliers work as well as they did in FDR's time.

    When the government spends on goods and services, surely a greater portion of that outlay goes overseas now than in FDR's time.  Back then we actually had factories that would ramp up, now we seem to just send more ships overseas to pick up what they make.  Perhaps I'll stretch it a bit more and say that largely the stimulus goes into the coffers of corporations that resell items made elsewhere and to those corporations that reap the wall street reward for not producing here.

  •  This isn't inspiring. (1+ / 0-)
    Recommended by:
    Athena

    Warren's appointment is probably a non-starter as well.

    "Education is dangerous - Every educated person is a future enemy" Hermann Goering (NRSC?)

    by irate on Fri Aug 06, 2010 at 08:03:33 AM PDT

  •  Politics trumps doing the right thing (2+ / 0-)
    Recommended by:
    Jim P, KJG52

    And the nation suffers as a result.  It's a theme for this administration.  

    Don't like the data and models?  Sweep it/them under the rug and do something that likely won't work but is politically easier to do.  For heaven's sake don't tell the American people the truth.  No, treat them like idiots...then expect them to vote smarter in November...good luck with that.

    The really telling part of this monumental stupidity is that the Obama team chose the path of doing only the minimum to stave off disaster.  Apparently Obama wasn't sharp enough to realize where this might put the economy in Nov. 2010 or Nov. 2012.  Lack of foresight is another theme that keeps popping up (see BP disaster.)

    When it comes to the election and you are at the helm, the likely result comes down to the following: "It's the economy, Stupid."

    Note to Democratic leadership: I'm all out of carrots, but I still have my stick.

    by Celtic Pugilist on Fri Aug 06, 2010 at 08:09:04 AM PDT

  •  POV (1+ / 0-)
    Recommended by:
    Aeolos

    The people who are always wrong about fucking everything maintain power

    like Obi-wan said "it all depends greatly on our own point of view".  
    From our (aka not mega-rich) pov, they fucked up b/c they didn't do what was quite possible to do to alleviate the economic conditions that affect us directly.  They left us holding the bag while they stole us blind.  IOW, they took a huge shit on us and come out clean as whistle.  Therefore, reason seems to stand that they fucked up.
    From their pov, they did a fantastic job by aveting widespread bankruptcies among their friends and stabilized the economy just above the threat level of "fucked up", so that they could crow about a "recovery", which is ostensibly sustained by some economic data.  Being in a "recovery" gives the executives greater freedom to lavish upon themselves huge bonuses with less risk of uprising against their selfishness.  
    Remember, when things were still going south, these guys were doling out mega-bonuses and public reaction was strong enough that the Prez and others publicly tongue-lashed them and they backed off just a bit.

  •  Enjoy it while it lasts... (6+ / 0-)

    My advice to President Obama is to enjoy his remaining 2 1/2 years in the White House. Because he will be not be reelected.

    The guy is either clueless, or he's been captured by the insiders. If coming into office on heels (back?) of the deepest economic downturn since the Great Depression doesn't tell you it's the economy, stupid, then i cannot imagine what it would take.

    Keeping the perpetually befuddled Geithner, and the unctuous Larry Summers as the face of your economic policy is comforting to only Wall Street. And those f**kers are the last people who deserve any kind of comfort.

    To have a right to do a thing is not at all the same as to be right in doing it

    by meade on Fri Aug 06, 2010 at 08:13:43 AM PDT

    •  If thats the case (3+ / 0-)
      Recommended by:
      askew, barath, virginislandsguy

      the left should also enjoy getting at least some parts of their agenda passed because if the right wins in Nov and 2012 its back and far right dogma for this country.

      "Don't bet against us" -President Barack Obama

      by moonpal on Fri Aug 06, 2010 at 08:24:44 AM PDT

      [ Parent ]

      •  Agenda will be sacrificed to election politics (2+ / 0-)
        Recommended by:
        justmy2, mightymouse

        Not sure even Pelosi, who's done yoeman's (yoewoman?) work in moving Obama's agenda thru the house can keep her people together now. MSM media amplifies the Right's talking points endlessly. So get used to hearing about keeping the Bush tax cuts and reducing the deficit (oxymoronic), even as the unemployment numbers continue to go in the wrong direction.

        To have a right to do a thing is not at all the same as to be right in doing it

        by meade on Fri Aug 06, 2010 at 09:05:18 AM PDT

        [ Parent ]

  •  This is why you start larger than you need (1+ / 0-)
    Recommended by:
    slinkerwink

    In politics and all bargaining you ask for much more than you need and settle on what you really wanted after "compromise".

  •  There are issues of intrinsic aptitude... (1+ / 0-)
    Recommended by:
    Aeolos

    ...among the Wall Streeters and banksters who have plagued the Obama financial advisers.

    Specifically, Summers and Geithner, who are more part of the problem than part of the solution.

    Elizabeth Warren shouldn't be head of the watchdog agency.  She should be Secretary of the Treasury.

    9-11 changed everything? Well, Katrina changed it back.

    by varro on Fri Aug 06, 2010 at 08:19:07 AM PDT

  •  Everyone has been willing to speculate (5+ / 0-)

    about the possibility of Romer as a progressive being thrown under the bus by the corporatist president and his Wall Street "buddies" including Summers and Geithner.

    Well, Romer was FOR the bush Tax cuts; has anyone been willing to consider the possibility that her resignation was about conflicts over the issue? We can speculate about a whole bunch of reasons. And the Bush cuts being allowed to expire is as plausible a reason as any other. So let's speculate then.

    What the Romers found is that exogenous tax increases, such as will occur with the expiration of the Bush tax cuts, "... are highly contractionary.  The effects are strongly significant, highly robust, and much larger than those obtained using broader measures of tax changes."

    Here is a strong argument, based on solid academic research, for extending the Bush tax cuts, and not letting them expire, made by one of President Obama’s top economic advisers.  It will be interesting to see to what extent the insights of Christina Romer, economics professor, have an impact on what that same Christina Romer, adviser to the president, has to say in public about the impending tax rate increases.

    http://www.independent.org/...

    IT's possible that Romer wanted to keep the Bush tax cuts while Obama and Geithner wanted to let them expire. And Obama was absolutely adamant about this and they mutually agreed to let her step down from her current position and serve instead on his Chief economic advisory board.

  •  Summers and Geithner (4+ / 0-)

    have not served our President well with their actions.

    I am currently reading Jonathan Alter's The Promise, and it is clear neither one of them wants a lot of other opinions reaching the President. Leftier views, including Romer's, had to fight like hell to get even considered.

    They haven't saved the economy.  They saved Wall Street.

    One includes the other, but it is not the limit of it.

    Christine Romer, and Elizabeth Warren, are advocates for us Non-Wall Street actors.  And they are getting marginalized still.

    Before you win, you have to fight. Come fight along with us at TexasKaos.

    by boadicea on Fri Aug 06, 2010 at 08:22:21 AM PDT

    •  That sounds like a book I'd pick up this weekend (0+ / 0-)

      I'll check to see if it's at Half-Price Books.

      I work with B2B PAC, and all views and opinions in this account are my own.

      by slinkerwink on Fri Aug 06, 2010 at 08:54:20 AM PDT

      [ Parent ]

      •  It is an illuminating read (2+ / 0-)
        Recommended by:
        slinkerwink, mightymouse

        as to what the hell was going on in the WH during the first year, and yes, a primer on a whole lot of things that did get done.

        Including preventing a much worse depression.

        The problem is that both Geithner and Summers, and by acquiesence, the entire Obama Administration, seemed to be awfully damn comfortable with Main Street drowning in tightened credit and the unemployment tsunami.

        It's the fucking definition of ivory tower blinders on the part of people who have NEVER had to worry about making the mortgage and feeding their families on unemployment payments.

        Before you win, you have to fight. Come fight along with us at TexasKaos.

        by boadicea on Fri Aug 06, 2010 at 09:32:11 AM PDT

        [ Parent ]

  •  Totally agree with this post. (3+ / 0-)
    Recommended by:
    TJ, Wamsutta, puakev

    And anyone who states that the stimulus was large enough is living in a cloud of smoke.  This economy will sink many in the fall and with no really good news to pump, the argument of us vs. them is really not going to get anyone running to the polls, especially when most of the public hate both parties.

    Barack Obama put advisers around him who can not advise him out of a paper bag.

    •  No one has ever stated that the stimulus was (4+ / 0-)
      Recommended by:
      askew, sapper, virginislandsguy, KayCeSF

      large enough or too big, except for the right. The issue is that the house introduced a large bill that was cut down and the Senate cut it down some more. An over 1T bill would not have passed after the bank and auto bailouts with the mood of the country and also with the right-wingers already harping about how expensive HCR would be as well.

      "Don't bet against us" -President Barack Obama

      by moonpal on Fri Aug 06, 2010 at 08:27:30 AM PDT

      [ Parent ]

      •  The left and many economists said UP FRONT, (3+ / 0-)
        Recommended by:
        Wamsutta, justmy2, darrow

        that the package was too small and that 1T minimum was needed.  But to appease Republicans 1/3 of the stimulus was tax breaks and we see how far that got us.  Now in the public's eyes across the board the stimulus was a big fat fail and that is from public polling across the board.  So, now more money is needed and the President spent all his political capital on HCR which is a non-issue for this election because many people don't like it or never understood it.  As you see POTUS is not on the "love the new health insurance tour" because it has not played out the way they expected.

        This economy should have been front and center from the very beginning and as long as we have the jobless numbers, unemployment numbers, extensions being asked for, no consumer confidence, foreclosed homes at a record clip, it is going to be hard in November to sell all this muddled shit.  And YES, it will be left at 1600 PA AVE day after the mid terms if the Democrats go down in flames with many who have held their tongues lashing out at this administration.

        Lastly, what happened to FIGHTING and explaining to the American Public what really was at stake?  That was never done, if so, the public would have rallied behind Obama and pushed for the 1T especially when you are losing 700-800K jobs a month.  Obama still acting like the 61st senator in the senate and not showing leadership which was NEEDED for much of this.

      •  Larry Summers Memo said it was large (1+ / 0-)
        Recommended by:
        icebergslim

        enough...

        and so did the President...

        "Ultimately, we need to move beyond the tired debates of the left and the right, between business leaders and environmentalists" - President Obama, March 31

        by justmy2 on Fri Aug 06, 2010 at 09:24:12 AM PDT

        [ Parent ]

    •  What is right vs. what is right now (1+ / 0-)
      Recommended by:
      virginislandsguy

      It's a tough decision that President Obama has gone through most every day he's been in office.

      What good is putting forth an entirely progressive, probably entirely adequate, stimulus bill at $1.2 trillion or more if the house and senate absolutely, positively will not even consider an expenditure that large?

      I would vote for all the stimuli that are needed. I support pedal-to-the-metal whole-heartedly. But if I were a congressman, I would not only be weighing the party politics, but I would also weigh the constant ringing of the phones from my constituents, as well as seeing sacks of mail delivered from my district/state.

      President Obama consistently goes with realistic. I'm sorry to say this, but I respect his decisions. Note that FDR's pedal-to-the-metal, try-anything strategy in battling the depression happened only because of HUGE democratic majorities in both the house and senate. And even then the "Nine Old Men" of the Supreme Court weighed in in 1935, when the Court declared the National Recovery Administration unconstitutional because it was tantamount to a price-fixing scheme that squeezed small businesses.

      At this time, we have to go with what can pass.

      And Larry Summers is a complete idiot.

      "Half of the American people never read a newspaper. Half never vote for President. One hopes it is the same half." - Gore Vidal

      by sapper on Fri Aug 06, 2010 at 08:43:44 AM PDT

      [ Parent ]

      •  But it is not realistic (0+ / 0-)

        Too small is too small.  Stand on your principles, the economy would have put the pressure on.  Instead the half measures result in failure and discredit progressives.  

        Utter fail.

        Note to Democratic leadership: I'm all out of carrots, but I still have my stick.

        by Celtic Pugilist on Fri Aug 06, 2010 at 10:41:14 AM PDT

        [ Parent ]

  •  Major Loss for Obama (1+ / 0-)
    Recommended by:
    slinkerwink

    Romer's resignation is a big loss in Obama's economic team.  It also indicates that Larry Summers, though brilliant, is a destructive bully, and is interested in his power plays.   Obama needs to make his team work...remember 'Team of Rivals' ?

    It is becoming evident that the stimulus package is falling short of boosting the economy.  Politically, it was a hard sell to get the $1.2 trillion that Romer advised.  

    But now what ? sluggish job and economic growth at best, a Congress that will be less likey to act boldly after the mid-term elections.  

    Americans have a right to feel frustrated

    •  Christina Romer has been the public face of (0+ / 0-)

      green shoots and Be Happy public policy in the face of ongoing theft and financial destruction.
      The bold face of 8 percent UE rates by 2010.  She served her purpose and no, it's no great loss.

  •  "the palace intrigue..?" (2+ / 0-)
    Recommended by:
    virginislandsguy, moonpal

    Whatever the exact details of the palace intrigue might turn out to be...

    Really Jed?  I think you should delete that reference to the White House as being a "palace."

    I'll believe Ms. Romer's own words, not all the conspiracy theories stated here about who did what so therefore Romer was tossed under the bus.  

  •  Expendable: Romer, middle class, progressives (1+ / 0-)
    Recommended by:
    shaharazade

    2010: corporate owned Republicans versus corporate owned Democrats. Vote!

    by anonymous White House source on Fri Aug 06, 2010 at 08:48:51 AM PDT

  •  Losing turf battles to Summers (9+ / 0-)

    ... just shows how Clintonian/DLC this administration is.

    Looking back on the presidential primary, it has become increasingly clear that what we were left with was a Clintonian corporatist versus a Clintonian corporatist.

    So much for driving a stake through the heart of Al From and company.

    This is now posted by a bot.

    by Bob Johnson on Fri Aug 06, 2010 at 08:49:21 AM PDT

  •  The flawed stimulus (3+ / 0-)
    Recommended by:
    meade, Superpole, shaharazade

    Obama decided that several hundred billion dollars of the stimulus should go to tax cuts so that he could get Olympia Snowe's vote and appease David Broder and the Washington Post. The stimulus was doubly underpowered; it wasn't large enough and too much was wasted on a tax cut.  Summers and Geithner are Wall Street and D.C. approved and that is why Obama chose them.   The clue to Obama's mistakes is that he is a conventional thinker whose knowledge of history extends no further than his political career.  Keynes said that a sound banker is one whose bank fails in an utterly conventional way.   Obama is a sound Washington politician who chose to listen to "sound" economists whose failures have been approved by Wall Street and the corporate media.            

  •  there's no 'recovery' to jeopardize (1+ / 0-)
    Recommended by:
    shaharazade

    well, unless you think corporations and the wealthy are the only entities that count.

  •  It's really disappointing, really really difficul (0+ / 0-)

    difficult.  As a woman, I see  the President appointing women to the Supreme Court, and to positions of some responsibility, but not quite trusting them with the really "Important" things that affect our future.  Like money.  With the exception of Hillary Clinton, he is actually surrounded by MEN of influence, just like every other president has been.

    What household would deny that mom's financial sense is often better than dad's?   If there are gender differences, they tend towards women being protective of long-term stability, men hunting for intoxicating gain.

    I know that sounds sexist, I am a woman btw, but in my 68 years that has been my experience within my family and extended (and friends) family.

    I wish her well, can't wait to see what she does next, and hope that she is now actually more free to speak her mind - and at this moment she has a media megaphone to express her views.

    For his daughters' sake, and America's, I hope he notices his blindness in this area, and starts with appointing Elizabeth Warren.

    Let's break our dependence on foreign goods and our multinational masters. May Peace Prevail

    by revgerry on Fri Aug 06, 2010 at 09:04:21 AM PDT

    •  Well I agree (0+ / 0-)

      my husband makes his living doing statistic's for market research. I am the bookkeeper and run the money math as he likes the abstract where as I prefer the concrete that actually hooks up to the market we exist in.  

  •  Still sounds like rumors and conjecture to me. (1+ / 0-)
    Recommended by:
    KayCeSF

    If she feels so wronged.. what does she have to lose by coming out and saying so .. in simple terms.

    The intrigue is so tiring, with everyone guessing about what might have happen, and what didn't happen.

    She is sitting right in front of Obama. It's hard for me to believe she couldn't talk to him or didn't have access.

    "It's impossible to wake a man who is pretending to be asleep." - unknown

    by looking and listening on Fri Aug 06, 2010 at 09:08:34 AM PDT

  •  I've been there before. (3+ / 0-)
    Recommended by:
    KayCeSF, shaharazade, puakev

    Although the White House says Romer resigned because she wants to return to her teaching gig in Berkeley and some reports indicate she could be named head of San Francisco Fed, most accounts of Romer's resignation note that (a) she felt the stimulus needed to be at least 50% larger than it was and was frustrated by the lack of additional spending measures and that (b) Larry Summers blocked her from having direct access to President Obama.

    I know exactly what's it's like to be locked out of the room because you're a woman with the right answer.

    Oba-MA bumaye! Oba-MA bumaye!

    by fou on Fri Aug 06, 2010 at 09:09:22 AM PDT

  •  Who cares? Is every damn person in the admin (3+ / 0-)
    Recommended by:
    virginislandsguy, KayCeSF, Hawkjt

    irreplaceable?  She thought the stimulus should have been bigger? and? so? who wasn't saying that? the votes weren't there for 1.4 trillion, or 1.2 trillion, or 1 trillion, but we still got a shit load of money. and please no one give me that we should have started bigger and gone from there. Only thing that would change is that now we would be saying Obama asked for 1.4 Trillion and got 900 billion instead - that's it.  And is it just me? we got 900 (approx.) billion and people are saying we should have gotten 1.4 T - from what I'm seeing/hearing an additional 500 billion STILL wouldn't have been enough.  

    In any case - stop getting attached or getting outraged when people resign (don't bring up Sherrod, this is not the same thing). People clash, personalities clash, people have resigned, more  people will resign. What? didn't think this would happen in the Obama administration? it happens in every administration.

    And speaking of being right. Larry Summers and Timothy Geithner have said some things about taxes and the economy that not a single soul on this site would disagree with. And may I remind you all that it was a just a few weeks ago that the left was slamming Obama for an article in the NYT that claimed he might be listening to his political team instead of his economic team. So now we are slamming his economic team?

  •  For what it's worth, my e-mail to Obama (0+ / 0-)

    We need a LOT more stimulus.
    What the first 750 billion did was improve what could have been a second great depression into what looks like it'll be a long, painful, great recession:

    http://calculatedriskimages.blogspot...

    You should have listened to Christy Romer and done 1.2 trillion or more as the first stimulus package, but it would be better late than never to add another half trillion now.

    Widen your circle of advisers.  Don't retreat into a bubble like your predecessor did.

    We're all pretty strange one way or another; some of us just hide it better. "Normal" is a dryer setting.

    by david78209 on Fri Aug 06, 2010 at 09:22:21 AM PDT

  •  I sense a lot of anger in this thread (0+ / 0-)

    Maybe Blackwaterdog should post one of those warm and fuzzy picture diaries to remind people of what BO's all about: looking cool

  •  So much for the team of rivals. (1+ / 0-)
    Recommended by:
    Aeolos

    Obama always ends up siding with the corporate Dems like Rahm/Summers/Geithner/Axelrod, and ignores and is openly hostile to anything progressive.

    The "team of rivals" is just a smokescreen to give the impression that Obama listens to all opinions.  The only opinion he really listens to is that of the DLC and their cohorts.

  •  Oh well... (0+ / 0-)

    if Obama and the Dems do hand the country back to the RWNJ, hopefully it won't take Americans 8 years to figure out they're being screwed.

    To have a right to do a thing is not at all the same as to be right in doing it

    by meade on Fri Aug 06, 2010 at 10:26:29 AM PDT

  •  More EV of Obama kind sucking. (0+ / 0-)

    And we all knew Summers sucked from the beginning.

    Of course, except for Barry.

  •  Obama's Protecting/Listening to the Wrong (0+ / 0-)

    people.

    two of his top econ advisers are out now... and the ones (Larry, Timmeh, and Bennny) that should be leaving are apparently there forever.

    A WHOPPING 71,000 private sector jobs added in July.. with an actual net loss in jobs due to temporary census jobs ending?

    Hellooooooooooooooooooooooo?

    http://money.cnn.com/...

    "It's pretty clear human beings aren't improving". Spencer Greenberg - Rebellion Research

    by Superpole on Fri Aug 06, 2010 at 10:42:15 AM PDT

  •  Original stim was biased toward Wall St bailouts (0+ / 0-)

    Most of the original economic team from Summers and Geithner on down needs to be pink-slipped.  Sounds like Romer may have had the right idea, and should be put in charge rather than told to take a hike.

    On the other hand, the general shape of the First Stim was already cast in cement, and more of the same would not have made it better.  It seems a good thing that the extra money Romer budgeted wasn't in the original stimulus package.  Far too much of that went to Wall St, multinationals, and big federal construction projects, not nearly enough to Main St areas such as small business loans, mortgage relief, and help to states and municipalities.

    An extra $800 bil would have meant $60 or $70 bil additional in Goldman's pocket, and that much less available for later Bills that have been more oriented to middle-class relief.

    Now's the time to spend two to three times the original amount, but not a penny more for the banksters.  The Olde Regime has to go.

  •  You betcha! (0+ / 0-)

    "I certainly hoped it would be lower," she said. "The world deteriorated between November 2008 when I started" and the initial estimates were made "and when we took office January 21. Do I wake up every morning and wish it were 8% instead of 9.5%? You bet."

    "I never anticipated the amount of the contact I'd have with the president," she added. "If anyone had told me that I'd meet the president of the free world every day, I never would have believed it."

    But on Thursday, she said, "If anyone had told me that I'd come to view Larry Summers as one of my dearest friends, I never would have believed it. But I do."
    Wall Street Journal

    One word.  Insipid.

  •  Romer: Summers is one of my "dearest friends" (1+ / 0-)
    Recommended by:
    virginislandsguy

    Saw this from Marc Abinder  http://www.theatlantic.com/...

    Aides then had Romer correspond directly with influential economic writers who were chasing Victor's scoop. Two points she made: yes, of course she's frustrated at the pace of the economy--and who isn't? Also: far from being her antagonist, Larry Summers has become one of her "dearest friends."

    Say Huh?! So I went looking and found this on Crooks and Liars  http://crooksandliars.com/...

    This version, of course, is contradicted on several points by the Wall Street Journal story:

       "I never anticipated the amount of the contact I'd have with the president," she added. "If anyone had told me that I'd meet the president of the free world every day, I never would have believed it."

       Among her challenges was explaining why her prediction that the Obama-backed fiscal stimulus would keep the unemployment rate below 8% proved overly optimistic. The unemployment rate is now at 9.5%.

       "I certainly hoped it would be lower," she said. "The world deteriorated between November 2008 when I started" and the initial estimates were made "and when we took office January 21. Do I wake up every morning and wish it were 8% instead of 9.5%? You bet."

       In internal White House circles, Ms. Romer occasionally clashed with Lawrence Summers, the Obama adviser and former Harvard University president and Treasury secretary. But on Thursday, she said, "If anyone had told me that I'd come to view Larry Summers as one of my dearest friends, I never would have believed it. But I do."

    Jigga What?!

    As for this 'those who get it right are kicked out' narrative?:

    One thing she says she hadn't realized previously: "The degree to which you often only get one shot at something like the Recovery Act."

    "An economist's natural instant is to do things in stages. You take one action, see what it does and see if you need more," she explained. But with the Bush administration Troubled Asset Relief Program to shore up the banks or the Obama fiscal stimulus, that proved wrong. "I didn't realize the degree to which you have only one shot."

    uhm, okay.

    HOWEVER, instead of taking her at her word, crooks and liars, like the rest of you here, seem to think she's just covering.

    Either she's not too swift, or she's taking the fall for Summers

    Why would she take the fall for Summers while he is supposedly forcing her out?

    My point? stop making a martyr or a hero out of everyone that leaves the administration. Stop thinking that they are all victims of summers and geithner when they are all probably having a beer right now at romer's private home. Stop assuming that everyone that opposes summer's and geithner is a progressive or fire breathing liberal. Stop putting so much importance on anonymous quotes from aides while completely dismissing direct quotes from the people involved.

  •  If you have learned anything about Obama (0+ / 0-)

    at all, it should be that he plods on until he gets it right.

    Everyone thought he was making a mistake about the Gulf and the people he picked to oversee it, yet they got the job done.

    He got a 20 Billion dollar deal for the residents and has cleaned up the Gulf itself tremendously.

    Yet the news does NOT show us the clean water, they try in INSTILL DOUBT AND FEAR BYT CLAIMING THAT PEOPLE SAY THE OIL IS STILL WAITING BELOW THE SURFACE OF THE WATER.

    There is always one alarmist news broadcast after the other, NEVER ANYTHING GOOD.

    The same here, some people NEVER give him his props for anything accomplished, they just want more and faster. Obama is NOT a miracle worker but he is a good leader.

    I do not believe for an instant that anyone could have done better. The only difference would be that the NEWS WOULD NEVER LIE ON THEM AND DISRESPECT ANOTHER PRESIDENT AS THEY DO OBAMA.

    They do it because Democrats dont have the guts to call them out for it and defend our President. We dont fight back hard enough.

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