In Washington, the Obama economic team has sprung a leak. First, Budget Director Peter Orszag, the calculating numbers savant, bailed. And now, “distinguished” economist Christina Romer, the only woman in that inner circle boys club has quit too. (Would you want to be around Larry Summers all day long?)
Why this crew of losers wasn’t fired eludes me despite their claims of having prevented a worst collapse. No doubt, they know more than they are saying, and, perhaps, now that they are no longer selling, they may be willing to do some telling on just how bad it is and what went wrong.
Who’s next? Could Ben Bernanke be leaving the Fed for Fed-Ex?
Economist Max Wolfe has none of the political restraints of power. At the news of another 131, 000 jobs gone, at all the talk of permanent unemployment as the “new normal,” he sighed with a tinge of optimism:
“We have been in the present labor market swoon since December 2007.… Read the rest