Christina Romer's True Confessions

Christina Romer, the departing chairman of the President's Council of Economic Advisors, was at a complete loss of words when it came to explaining the state of the economy when she appeared at her valedictory lunch before her returns to her teaching sinecure at Berkley. Dana Milbank of the Washington Post comments:She had no idea how bad the economic collapse would be. She still doesn't understand exactly why it was so bad. The response to the collapse was inadequate. And she doesn't have much of an idea about how to fix things. What she did have was a binder full of scary descriptions and warnings, offered with a perma-smile and singsong delivery: "Terrible recession. . . . Incredibly searing. . . . Dramatically below trend. . . . Suffering terribly. . . . Risk of making high unemployment permanent. . . . Economic nightmare." Recall, this is the expert chosen by Obama to help oversee the economy. Ms. Romer predicted that the Obama stimulus package would keep the...(Read Full Post)