Christina Romer On Credit Downgrade: "We're Darned F**ked"
Former head of the Council of Economic Advisers under President Obama and chief architect of the stimulus bill Christina Romer reacts to the news that Standard & Poor's downgraded the U.S. credit rating from AAA to AA+.
Romer tells HBO's Bill Maher that she knew the debt problem was an "abysmal" one but felt it was one issue that could be sidelined while the country turned to Keynesian economics to bring the economy, what she hoped, into a recovery.
Romer has since left her White House position but is unapologetic about Keynesian economics. Romer said she felt that the stimulus should have been larger but Congress got in her way and prevented it. "Policy would be better if we listened to the experts," an exasperated Romer told Maher.
Romer is optimistic that another stimulus could be in store, though. One can argue, however, that QE3 was another stimulus. “What I want is more now," Romer said about a bigger and better stimulus.
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