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Christina Romer, chair of Obama's Council of Economic Advisers, to resign

Washington Post Staff Writer
Friday, August 6, 2010

 

Christina Romer, chair of the White House Council of Economic Advisers, has resigned her post to return to her old job as an economics professor at the University of California at Berkeley, the White House said Thursday. Her resignation is effective Sept. 3.

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Romer is also considered a serious candidate to replace Janet Yellen as president of the Federal Reserve Bank of San Francisco, one of the most important jobs in the Fed system. Yellen was recently named vice chairman of the Federal Reserve.

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Romer was instrumental in crafting the $862 billion economic stimulus package that Obama signed shortly after being sworn into office. She co-wrote a paper that predicted the stimulus would prevent unemployment rates from rising above 8 percent, a stance that has come under attack by Republicans who call the package a failure. Though most economists say the stimulus helped prevent a more severe economic crisis, the jobless rate has hovered near 10 percent and Romer's most recent forecast predicts that it will not drop below 8 percent until the end of 2012.

Full article @ WashingtonPost.com

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Well, the past two years' economic policy have really been more like an academic experimentation at grand scale. The fault is more of the POTUS in appointing an academician to that job at such a critical time. 

And, after such a grand "success" she is going to be with the Federal Reserve in San Francisco? Sheesh!