Walking Papers

"They want what every first-term administration wants...a second term."
--Robert Ritter (Clear and Present Danger)

CEA chair Christina Romer announced her resignation last wk. The official reason was 'family' or 'personal' but this move can be interpreted as an Obama administration response to ineffective economic policies that Dr Romer spearheaded.

Dr Romer is often hailed as an 'expert' on the Great Depression and her policy stances (and her published research) reflect the Keynesian notion that more government intervention can divert Depressionary pain. Thus, we've seen mammouth stimulus et al over the past couple of yrs.

The feeble outcomes of this moves are not only sad but were totally predictable. And we're a few more $trillion in the hole because of them.

The really sad (scary) thing is that the next person that the administration puts in the chair will likely take the same approach--only to a more extreme level.