April 10, 2011
Frustrated by “the suffering of real families,” President Obama’s former top economic adviser recently called for action: “If I have a complaint about policy these days, it’s that we’re not doing enough,” Christina Romer said in a speech last month at Vanderbilt University. “I think there are tools we have tools we have that we can use, and I think it’s shameful that we’re not using them.”
Romer also wants more action from the Fed, which has already taken extraordinary measures to boost the economy and financial markets.
“What I’d like is for the Fed to come at the unemployment problem with the same passion as when the financial system was in such distress,” she says.
It’s a “mistake” for the Fed to end QE2 in June as planned, Romer continues. “The evidence is it’s been very effective. I don’t understand why we’d be dialing back that tool.”
And This Year’s Nobel Prize in Doublethink Goes To…
April 10, 2011
General Tommy Franks, the rather straight-talking former commander of the war in Afghanistan way back in 2001, once described US defense policy wonk Doug Feith as “the dumbest f***ing guy on the planet.”
Feith, a bumbling architect of the failed Bush Doctrine, now has an intellectual match in Christina Romer, the former Chairwoman of Barack Obama’s Council of Economic Advisors.
Romer appeared Thursday on the Daily Ticker, leaving no doubt that she should be the undisputed frontrunner for the Nobel Committee’s much anticipated Doublethink Prize. Warning, do not watch this video while eating: food projectile WILL permanently damage your computer.
- A d v e r t i s e m e n t
Romer begins her remarks to the interviewer Aaron Task: “There are tools that we can use, and I think it’s shameful that we’re not using them.” Trillions of dollars of government spending, debt monetization, and money creation isn’t enough. Romer wants us digging ditches with teaspoons.
“If I have a complaint about policy, it’s that we’re not doing enough.” Clearly, from the bank bailouts, to the systematic dismantling of GM in favor of the union, to programs that incentivize home and auto purchases, to stamping out all means of financial privacy, to trillion dollar deficit spending, the government isn’t involved enough.
Romer goes on to say that the Federal Reserve’s plans to end the second round of quantitative easing (QE2) in June “is a mistake. The evidence is that it’s been very effective, and certainly QE1 was very effective. I don’t understand why we’d be dialing back that tool because I think it is certainly very helpful.”
$1.5 trillion dollars later and what do we have to show? 50,000 minimum wage workers flipping Big Macs. I’m lovin’ it.
Next, Romer explains that “[quantitative easing] tends to lower long-term interest rates, it tends to lower the price of the dollar… both of those things are good for ordinary families.”
So, completely screwing the people who have worked hard and are trying to save their money with sub-par interest rates that don’t keep up with inflation is good for America. Paying more for food, fuel, healthcare, insurance, state and local taxes, airfare, rent, building materials, household chemicals, etc. is good for America.
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