My alternate title for this piece was “And Then There Was One.” When White House economic “guru” Larry Summers announced that he would be resigning from Obama’s economic team leaving only Tim Giethner from the original dream team. Summers exit was preceded by Peter Orszag and more recently Christina Romer abandoning the sinking Bad Ship Obama. I remember that these folks were touted as the best and brightest and best suited to lead us out of our recession.
Recent news that the recession is over left many of us in awe of sheer stupidity of such a statement by the National Bureau of Economic Research. My guess is that it looks that way on paper. This announcement made me think of a famous quote by Mark Twain upon reading his obituary in a news paper:
“the rumors of my death have been greatly exaggerated”
Just substitute “recession” for Mark Twain and you get the idea.
Summers is planning to;
a) spend more time with his family,
b) do more research on why women do worse in math/science,
c) gettin out of Dodge before the spit really hits the fan,
d) going back to teaching.
The official answer is “d” as he is planning on going back to the drawing board at Harvard since his economic theories work much better in the classroom than the boardroom. Perhaps he will write a paper about Obama’s (and his) failed economic policies that have actually made our recession worse. Perhaps he is looking to distance himself from the looming inflation in our future due to the massive increase in printing of money by the Treasury. Figuring if he gets out soon enough he’ll avoid the blame.
Harvard must be proud to have such an esteemed economist back amonst its faculty. Maybe they should remove some of the ivy to shed some light on the campus.