Another Rat Leaves the Sinking Ship: Obama White House Economic Advisor Romer Resigns

From Bloomberg News. She wants to return to teaching in Berkeley--what makes her think there'll be a JOB for her?

"Romer, chair of the Council of Economic Advisers, is returning to a post at the University of California at Berkeley, the White House said yesterday. She is interested in heading the Federal Reserve’s regional bank in San Francisco, according to a person familiar with her plans who requested anonymity.

The resignation follows the July departure of Peter Orszag as director of the Office of Management and Budget in July. It creates another opening at a time when Obama is seeking to highlight the administration’s record on restarting growth ahead of November congressional elections."

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“What Obama’s team has been doing so far has not worked and voters are going to be going to the polls very unhappy, even distressed, with the economic situation,” said L. Randall Wray, research director for the Center for Full Employment and Price Stability, a nonpartisan institute at the University of Missouri in Kansas City studies macroeconomic and monetary policy."

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"The news came as a surprise to Gerard Roland, chair of the economics department at Berkeley.

“I thought it was a rumor,” Roland said in an interview. Because Romer has been on leave from the university, “she doesn’t have to clear it with anybody,” he said.

If selected for the San Francisco position, Romer would succeed Janet Yellen, who is awaiting confirmation by the U.S. Senate as the Fed’s next vice chairman."

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"Should she become San Francisco Fed president, Romer would participate in the central bank’s policy discussions, and would vote on the interest-rate setting Federal Open Market Committee once every three years, taking her next turn in 2012."