They're described in the news media and viewed by those in their circles as being brilliant: skeptical sexist and sometimes-napping Lawrence "Larry" Summers, tax-code-challenged treasury secretary Timothy F. Geithner, Council of Economic Advisers chairwoman and Obama economic recovery plan author Christina M. Romer, and so many other beautiful people.These gifted people are steering this nation's, and even the world's, economic recovery from the depths of a recession that, according to President Obama, has been years in the making.
The nation's economic health is on the rebound. Only 345, 000 jobs disappeared in May, which is a signal we should continue to trust in the hope-and-change rearrangers. After all, it far less than the 504,000 jobs lost in April. Even though the unemployment rate has climbed to 9.4 percent and more than 6 million jobs have been lost since December 2007 when the Obama administration says the recession began, we're in good hands. The stimulus plan is working. It's going to be kicked into overdrive. And President Obama, who today promised he would make 600,000 new jobs this summer, isn't going to let its money to be wasted despite what Vice President Biden says.
Summers minus Diet CokeI'm glad the president thinks there's still rich people out there who can be taxed to pay for my health care reform. There is an economic pump that can be primed by spending money that's created out of thin air--the president and his brilliant New Keynesian economic advisers believe it and therefore so should I.
Sticky prices and wages, menu costs, dynamic stochastic general equilibrium models, credit market imperfections--it's all very stimulating. No wonder Larry Summers is famous for fueling with Diet Coke and Ms. Romer urges the president to swat Larry instead of an insect.
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I had to take my Chevy Truck in yesterday, the regulator for the door window crapped out. It was under warranty to I took it to the dealership. The first dealership I went to, my small town one that employs a few of the locals couldn't get me in. They're being closed and were down to one mechanic. I felt badly, you could see on their faces how bad this was and they had a small but thriving little business before, some of the mechanics belonging to our little local ham radio club.
They referred me to a big dealership about 15 miles away. They were happy for the business and appreciated the referral from the local dealer who sent me to them.
Work went quickly, but that's not the reason for the comment. While there, I overheard the manager discussing with another worker the Democrats "buy back" plan, widely touted in the media where you can turn in your gas guzzler for $4500 credit towards a new vehicle that gets better mileage. A few things the media missed when proclaiming this great new plan to help the environment and sales. You can only turn in a vehicle that's 15 years old or more. It has to get less than 18 mpg highway. It has to have been licensed and insured continuously in the last year. How many people do you know that have a registered and insured 15 year old gas guzzler that are using it as their primary vehicle and could afford to go buy a brand new vehicle to replace it, even with the $4500. None I know. The manager said the number of sales they'd make off this plan would be perhaps nil to 1 or 2. He said the 650,000 cars touted to be sold by the President was complete and utter(expletive deleted).
Another overheard item. Leases are to be no more. They only have 2 places that will lease and he said those will be gone within a year. No one is making money off the leases. So the people that used to come in and lease a $35,000 big SUV or fully equipped truck for the monthly equivalenet of a modest car payment can't do that any more at those prices. Those people are buying, and smaller. With that the price of the dealers used trucks are actually going UP as production is down of those vehicles. I had two salesman stare longingly at me as I drove in, and it wasn't my long red hair, it was the absolutely pristine 32,000 mile 2 year old 4 x 4 with a big lined truck bed.
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