That is the buzz. But it is more than just buzz. My sources tell me that serious conversations are being had, though it is not a done deal. Certainly the business folks I have chatted with would be delighted. Forget about Valerie Jarret. When a top CEO had an issue, he or she would be calling Bill Daley from now on, not Jarrett. Daley would be “their guy.” (And I would also call Gene Sperling the frontrunner to replace Larry Summers.) Here is the Reuters take:
Jay Cost thinks Obama, like the economy, is kind of stuck:
The macro trend, I would say, has essentially been flat for the last few months — as Americans have developed fairly stable opinions of the 44th president by this point that probably are not easily dislodged. In the long term, the way the president gets his numbers up will be to convince the country that he is a good steward of the economy, a view most of his fellow citizens do not hold at the moment. This is why the tax cut deal was such a sensible compromise for President Obama to make, despite the criticism he received from his left flank.
Market failure or government failure? The BigGov party is promoting the former narrative, but the latter is more accurate in explaining how government created incentives for disaster. Mark Perry and Robert Dell lay it all out. Here is a sampling, but I urge you to read the whole thing:
Uncle Sam runs his books like he’s operating a hot dog stand rather than a $14 trillion economic superpower. It’s cash in (revenues), cash out (spending), forget about the future costs of Social Security and Medicare. But what if government bean counters acted like they worked for USA Inc., instead? The numbers would come out just a bit differently, accordingly to a little noticed Treasury Department report that didn’t escape the notice of my Reuters colleagues:
Milton Friedman had it right. Business is no friend of free markets. The Federal Communication Commission’s “net neutrality” ruling is more evidence of this. What the FCC should have done is called it a year, went on holiday and left the Internet alone.