Saturday, September 4, 2010

Economy - #2100 - Romer: We Had No Clue......and Still Don't - Hot Air

Christina Romer exits the administration this month, and perhaps she felt compelled to engage in a little truth telling. If so, that may have been a little more truth than the people at the National Press Club, who had gathered to hear her valediction as chair of the White House Council of Economic Advisers, had prepared themselves to handle. Dana Milbank describes how depressing it was to the gathered media to have someone on the inside of the Obama administration tell them that the emperor and his staff have no clothes when it comes to the economy: 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.” Anybody want dessert?  Read more........  I guess you have to really believe no one in this administration really understands basic economic principles, there needs to be room for the belief many in the administration aren't really trying to improve our economy to what Americans want or need.  They are trying to implement the economic principles they believe we need, and we are just too stupid to get it, Cloward-Piven anyone??? Link to American Thinker article, Cloward/Piven Strategy of Economic Recovery.........

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