Posted on 11/28/2007 6:11:30 AM PST by jdm
Top White House economic adviser Allan Hubbard is expected to leave his post at the end of this year, the Wall Street Journal reported on Wednesday in its on-line edition.
The resignation, the latest in a spate of White House departures as President George W Bush's term winds down, could be announced later in the day, the Journal said.
Hubbard, 60, joined the White House as director of the National Economic Council after Bush's re-election in 2004.
His departure would come as the Bush administration is facing a crisis in the mortgage industry that has caused rising housing foreclosures and sparked recession fears.
Hubbard said on Tuesday US recession risks have increased but said "real America" is still doing well.
"Obviously the chances of a recession are higher now than they were a year ago, but we still think it's less than 50:50," Hubbard told CNBC television in an interview.
"We obviously have problems in the housing sector and we have problems in the financial sector, but ... real America is doing just fine," he said.
Other top officials who have left the White House this year include political adviser Karl Rove, communications director Dan Bartlett and budget director Rob Portman.
Well thanks. I was worried that there might be real Americans who own homes. Now I know better....
Thankless job, knowing that whatever you say will be pounced-upon by folks on the ‘net.
“”We obviously have problems in the housing sector and we have problems in the financial sector, but ... real America is doing just fine,” he said.”
Can you imagine if this housing and credit bubble happened say, 50 years ago? We’re fortunate our economy has grown into such a behemoth success that we can weather pretty nasty storms.
Most likely he's just carrying W's water. But it's statements like that tell me we're heading for much worse times ahead.
Also, how long 'til he writes a 400-page book with 2 sentences in it critical of Bush, and is given a 20-minute "guest segment" on the Today show?
If a bunch of bums who are in over their head and can't pay their fraudulently-obtained mortgage is going to cause a recession then God Help Us All....
That's because of all the illegals owning the homes that Americans WON'T own!!
/sarc
Are you even moderately curious what was said behind those ellipsis points, or is your mind made up already?
This resignation is part of the normal and healthy turnover you have when Republicans are in power.
Well, if you own your home then problems for builders, or difficulty in getting a mortgage are moot.
Housing and credit problems will affect those who do NOT yet own a home, or own a home on really bad terms (which is a very small percentage of home owners). It means nothing for those who already own a home.
Much like the police deciding to implement a 0% BAC test, and a 10 MPH speed limit just after you arrived home from the bar. No longer means anything to you...
You bring up a good point and the mystery of the ... can be found here:
http://www.cnbc.com/id/15840232?video=600182018&play=1
In this case it's just meaningless prattle about being in Chicago. And I take back what I said about Hubbard should have known better. He's a former chemical company executive. That's almost as bad as having a former aluminum company executive as Treasury secretary.
In this case the pouncing was well deserved.
We're lucky that we are still living off the fat of the Reagan expansion. W isn't a very good economic president.
And I'm not willing to apply the Bill Clinton standard ("ooh, what he says he says so well!") to some guy whose function is to operate as an Administration egghead. He's not a PR flack.
We’re lucky that we are still living off the fat of the Reagan expansion. W isn’t a very good economic president.
Do you really think we are still in the Reagan economic stuff. I mean that was 25 years ago now. I don’t think that Bush is that bad economically. This is probably a run off from the 90’s expansion to be honest with you. It seems that if a President has two terms the economy is outstanding. Those one termers are the ones with sucky economies Carter and Bush I had horrible economies.
Up until this sub-prime fiasco, the economy’s had a good run roughly since late 2001. Right now, it looks as though it’s trying to make up its mind which way to go.
What Hubbard said was stupid regardless of what the "Legion of Doom" says about it.
I agree, he should just shut up next time. Or mouth platitudes to make everyone happy.
Yes I do. We benefited not only from Reagan's policies, but from the influence he had on people who made policy after him. Clinton and the Class of '94 kept the Reagan expansion alive.
It seems that if a President has two terms the economy is outstanding.
IIRC, security was one of the top issues if not the top issue in 2004. W just barely beat a couple of clowns. Still, had former congressman Bill Thomas not crafted an effective tax cut package in 2003, W would not have won in 2004. W is a one termer who got lucky.
A politician’s popularity is greatest the day he assumes office and slides forever until he leaves office. Same for advisors to politicians.
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