President Barack Obama has shown a determination to redistribute wealth by increasing government spending, despite unsustainable deficits. We shouldn’t be surprised if Janet Yellen, the president’s nominee to be Federal Reserve chairman, shares his objective.
Budget woes in Greece, Ireland, Portugal and Spain are “something to worry about” as the U.S. economy continues its climb out of recession, said Christina Romer , former chairman of President Barack Obama ’s Council of Economic Advisers.
On March 9, President Barack Obama flew to Petersburg, Virginia, to tour a Rolls-Royce aircraft engine plant. He’d been to Petersburg before as a candidate, when he stopped his campaign bus to grab lunch at a burger joint. That was in 2008, when he could still blame someone else for the misfortunes of the people he met inside.
President Barack Obama lost a second member of his economic team as economist Christina Romer decided to return to teaching on the eve of an employment report highlighting the administration’s struggle to spur job gains.
At this point, Larry Summers isn’t just the favorite for Federal Reserve chairman. He’s the overwhelming favorite. Unless something truly unexpected shows up in the vetting process (a paid toast at Bashar al-Assad’s birthday party, for example) or the administration comes to believe Senate Democrats will revolt against a Summers nomination, he’s going to get the job.
Federal Reserve officials may be “softening up the ground” for another round of asset purchases or another policy change when they meet tomorrow, said Christina Romer, former chairman of the White House Council of Economic Advisers.