With big banks poised to hand out record bonuses this year, the Presidentâs top economist told me she is hopeful that financial institutions will show some restraint, but with a shake of her head, she indicated sheâs not that hopeful. Dr. Christina Romer, Chair of the White House Council of Economic Advisers said, âWe've provided extraordinary aid, and the -- and the idea that, as the financial system heals, they just go back to business as usual is -- is simply outrageous.â Romer said the administration would redouble its efforts on financial regulatory reform that would give shareholders more say in setting executive compensation. âFor heaven's sakes, compensation should be focused on -- on long term, so that you don't have rewards for short-term risk-taking. And we just simply have to put in place rules of the road so that this system doesn't bring the economy to the edge of collapse like it did a year or so ago.â http://blogs.abcnews.com/george/2010/01/romer-big-bank-bonuses-outrageous.html
I see Dr. Christina Romer talk on TV regularly. I can only comment that everytime she speaks I am amazed at how stupid she is. Her daddy must have had lots of money for her to get where she is.
What's outrageous is her stupidity... look at what she and Jared Bernstein came up with for "the Obama" early last year: <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2696442>
Will this be financed by a "banker tax" ? - as suggested here : http://www.ft.com/cms/s/0/ae7a5ea2-fe29-11de-9340-00144feab49a.html
Actually, she was my econ professor when I was back at Berkeley and has published numerous papers. Being the trader that I am - I would definitely be going long her and short you.