Sad to say, this isn't shocking news. The pesident's first official, post-vacation act on Monday was nominating Alan Krueger, a Princeton academic, to head his council of economic advisers (a herd of other academics.)
And who wouldn't? It might have altered history, if only a few economists had been aboard the Titanic. Or a few more helicoptered in. If you ever need call 911, rest easy; they'll send over a Princeton economist.
The president is a marvel of consistency. He inherited a bad economy. He and his team of academic theorists have managed to make it worse on an epic scale, in every regard, and multiply - not add to, multiply - the debt doing it. So, gee, what might be a smart corrective, remedial action? Let's add another clone of the pinhead chefs already worsening the stew to the kitchen crew.
Let us assume for a moment that, oddly, you have permitted a herd of smelly, filthy, unruly goats to occupy your house. The goats are merrily munching on the furniture, crapping on the carpets, stinking up your home. It's increasingly apparent that, if left to continue, they will soon render the place entirely uninhabitable and worthless. You and your suffering wife agree that something must be done. You take a two week vacation on Martha's Vineyard to ponder the situation. You return to announce to your wife that you have come up with a truly brilliant solution: another goat.
Governor Perry's characterization of Texans' likely reaction to Bernanke firing up the printing presses will do: your wife just might treat you ugly.
It is unfortunately going to be quite some time before we all get to deliver our response to the president incessantly adding to the goat herd. Between now and then, he'll undoubtedly add more. You can smell more politically directed stimulus spending coming, and you can count on this new Princeton goat to champion it.
There'll be more debt piled on debt, more stifling regulation piled on regulation, more socialist schemes and government programs doomed to fail right behind the ones already failing. He is a marvel of consistency.
It's gonna take some time to get the goat stench out of the White House.
