Lauren Lyster gets this right!
Romer deserves props for arguing for a larger stimulus, but she backed up her arguments with economic projections which suggested the downturn would be short and one of the lightest recessions in the post-war period, despite this being the worst financial crisis. The moment that projection was made, we here at the Economists for Firing Larry Summers pointed out that her forecasts were nonsense.
Secondly, I suspect she supported the reconfirmation of Ben Bernanke, which was a horrendous mistake. If she disagreed with it, she should have resigned then.
Thirdly, the administration waited over a year to make a Fed Board appointment. I suspect that had she really been pushing this as a priority, it would have gotten done sooner. This was a clear administration mistake, and its importance is not to be understated. The more I think about it, the more foolish I think it was.
Fourthly, she didn't "work the refs" at all. I don't get the sense that she's been out there persuading reporters and economists to attack Bernanke's patently wrong policies like we have here at "Economists for Firing Larry Summers". I suspect the reason is she doesn't grasp what the Fed's been doing (or hasn't been doing), and that she actually believes Ben Bernanke is doing just fine.
But, alas, I suspect the voters this fall will send a message to the Democrats how well they think Ben Bernanke is doing.
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