I argued mostly with one person that worked in the financial markets. He told me that oil was not ever going to fall and to get used to it. We now know that the run up to $150 was just a part of the financial bubble that burst. It indeed contributed to the problems. We have done nothing to fix that and while we are closer right now to what is likely a true market, the players that have absolutely nothing to do with oil still have it run up and it's still contributing to our current malaise.
And we expected? Republicans will do what?Obama promised to address the jobs going overseas. He's done absolutely nothing about it.
Again, we vote for them, and answers are not easy or likely forthcoming. At the end of the day, government can only control the economy if they control the economy.
AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.