christina romer, to you first. the scary roller coaster ride on the stock market continued again today. how do you explain it? well, i think obviously one of the things about the stock market is it's very hard to explain the ups and downs. i think in truth some of the biggest mystery about the stock market was why it was going up as much as it was earlier in the year when we were starting to get some distressing economic statistics. i think part of what we've been seeing in the last couple of days is people really waking up to just how grim the economic numbers have been coming in in the last several months. >> woodruff: matthew slaughter, what would you add to that? >> i would add... i agree with christina that there's a lot of grim statistics out there, but the volatility we've mean? the past couple of days... the other issue is the markets like a lot of business and workers are uncertain. they're uncertain about the looming fiscal crisis in europe. they're uncertain about the possible fiscal crisis in the united

christina romer on friday night. weatherman fail. tough week for a weatherman.a good man, chuck bell, the meteorologist when his green screen took on a mind of its own. >> then overnight tonight, that's the wrong map. i don't know how that got in there. i know what happened. we've gotten into the wrong sequence. so what we'll do is we'll start here at the seven-day foreca forecasten. even that is wrong. the computer is on the wrong days of the week. it starts with monday and everything. that's trouble. u-oh. aaron, can you happening on one brief second. i just need to load this other sequence. >> in the meantime, we're looking into the news 4 weather center. the storm center 4. >> it's good stuff. >> here we go. now we're fired back up. just like that. problem solved. >> chuck bell, everybody, doing some nice work. last thursday nbc 17 down in central north carolina, the chief meteorologist there face-to-face with a moth. >> all right, so here's the weather map. let's pick it up at 6:00 a.m. not a whole lot going on. i swear a moth just flew into my throat. i wa

christina romer is the former chair of the president's council of economic advisers.007, before she joined the administration, while she was a professor the economics at berkeley, she quo wroco-wrote a. your research has been quoted to make the case for raising taxes to lower the deficit and against raising taxes because of the harmful effects on the xhob and jobs. i read the paper, it is rin for somebody smarter than me. tell me what you can about this once and for all. who is right? >> it is clearly a matter of timing. what our paper showed is tax changes, both up and down do have a powerful effect on the economy. if you raise taxes in the short run, it will lower output. that's one of the reasons why i would say, even though i very much support raising taxes to deal with the deficit gradually over time. now is not the time to do it. they're raising taxes or cutting spending now this and would be hard on the economy. that doesn't mean you can't legislate it to kick in which the economy is closer back to normal. >> the congressional super committee is charged with co

and larry summers were good friends they often disagreed on economic policy and christina romer by the way was actually the kind of an economic moderate until until the debates of two thousand and nine and two thousand and ten when suddenly she found herself on the liberal wing of the economic policy debate in the administration about the policies in this morning so the key for him was whether alan krueger it would have a voice within the administration so nice contacts within the industry and are actually telling me that i want to present a great relationship with president obama so i think. i went through this moment in history is as come it has arrived the question for me is how do you move forward in advising the president on a number of key policies as you write and that will happen and that will likely have to wait and see but one thing that came out friday morning and gave them were negative speech he didn't hand it narconon did is in which a lot of people thought that he was going to instead he said that long term unemployment is going to remain a challenge have to be a

former white house economic advisor christina romer does not sound as unny and upbeat as she used tohen working for the obama administration. she was known for her glass half full approach to economic news. but asked on friday she told hbo bill maher it was a sign that the country was pretty darn -- blank. expletive. he attributeed it to tim geithner who says swears like a 7-year-old boy. a new blog featured on the smithsonian's website getk attention for the wrong reasons. the department of innovation describes it as being about people and ideas that will likely shape the way we will live one day. the logo features three interlocking years that could not turn and rotate properly. a user noted that the gears are imminentize # and representative the opposite of innovation. it does accurately reflect the state of our nation's capitol, but that is hardly innovation. i recommend shifting gears. finally hollywood take on the navy seal mission that killed usama bin laden is scheduled to come out in october of next year. less than a month before the presidential election. columnist maureen

summers or national is the national security economic adviser larry summers you know has said this christina romer is chief economic advisers they also they knew it wasn't enough so rather than going out and saying hey great first step we're likely going to be more we have a really big hole and everyone who was in his five point has been off just one month this isn't big enough you instead say no green shoots a recovery we're on the way and he should have known this was the numbers to show that right if you look at when the stimulus went into place and sort of when the money started running out there was you know some signs that the economy was improving right now so it helped i don't think there's any doubt about it when you look at the numbers and some people have done some carefully kind of metric research it definitely an impact they produce to create somewhere in the order of two to three million jobs that seems very much in the ballpark of problems we need someone the order of ten to twelve million so two to three millions are great but when you need ten to twelve it's clearly not enough but

christina romer gone, austin goolsb goolsbee, friday his last day.cretary geithner as the president said when he first appointed him, was uniquely qualified to handle this. he does understand wall street, spent a lot of time at the new york fed and he is truly an important part of this administrationp. symbolically, if nothing else, it makes good sense for him to be able to stay. i'm not sure substantively what it does. i know michele bachmann on the campaign trail is calling for his immediate resignation after he says he's going to stick around, so i guess that this will also wind up playing somehow into the debate this week and also into the ames straw poll this week. >> have a great show. tim farley host of "morning briefing" on sirius xm. >>> london's "daily mail" reported lyndon johnson was behind the assassination of her husband. said to be in secret audiotapes sealed in a vault at the kennedy lie brashry. revelations of affairs. the paper reports it's in an upcoming special on abc. >>> a sex tape supposedly staring a young marilyn monroe went

we're joined which christina romer and one of the president's original economic advisers, and then what from barack obama. >> got to be more careful about what you say. i'll cut him some slack. only at it for a few days now. >>> and a hard truth the american people need to know about the tea party. >> environmental radicals and not people like me. >> doesn't sound like you're interested in listening. >>> pack in grade school we all learned a story about the great depression. usually the same story. it went something like this. in 1929 a bunch of old-timy looking stock brokers screwed up big time and herbert hoover dame along and made it worse, but then we got fdr and fdr, man, he wasn't afraid of anything. wasn't even afraid of fear, fear itself, so he hired a bunch of people to paint murals and build schools and we mobilized and beat hitler and saved the world and that really worked. so america for the win. that's not quite how it wefnlt a still simplified but not quite as wrong version would sound something like

christina romer, other new keynesians look at tax cuts and find multipliers of three to five.ng people's money is a more efficient way of growing the economy than taking the money to washington and giving it back to them. >> we have to wrap it up really soon. we have to get to other folks here. >> there is no evidence. >> without getting too in the weeds about the economic talks and wall street talk and what have you, the jury's still out. no one knows what this deal will do. the one that is on the table. i think is it is fair to say, we are in uncharted territory. >> i think you are right. we don't entirely know. we do know that the boat wasn't sinking. we have now plugged the hole. we shot in the bottom of the boat. i totally accept that this is necessary. i have been saying it's been necessary. i don't understand how anybody can argue that this creates a single job. i don't understand this deal other than that the debt ceiling needed to be increased. >> you're taking my time, alex. >> if you can do it in five to ten seconds, donna, go ahead. >> there is no evidence that tri

christina romer, she was with us last night, she was a top economic adviser, she's back in academia,nd she was replaced by austan goolsbee, he left the white house recently and no replacement yet. peter orszag was with the administration and he stepped down and was replaced by jack lew. and jared bernstein worked in the white house's economic advisory position, and ron bloom, he's the manufacturing czar to advise the president on manufacturing policy. the administration announced he was leaving his position today. at least as of now, no replacement announced. larry summers was a top white house economic adviser early on in the administration, he left as well. gene spurling who was a counselor to tim geithner, moving over to the white house. and you have jack liu, gene spurling and secretary geithner announced he'll stay through the presidential election, this is a smaller team than those there at the beginning of the administration. jack liu as the president plans his next move on the economy, issue number one to you. >>> when we come back, the president left washington today for dov

christina romer. >> you see what's happening on global markets, on a scale of one being no and ten being likely, how likely in your view is another global recession. >> i'm not even going to give you a number. i think what is true is the risks of a recession have clearly gone up substantially. i think one of the things i keep saying is -- people are too much obsessed with the difference between really lousy anemic growth and literally, a decline in the economy. both of those things are terrible. and we should be just as worried about getting our economy and the world economy going with where we are now as if we were falling again. >> and so the president came out today and tried to reassure the markets and reassure the american people and he called on congress to not only get about the business of the super committee and find additional deficit reduction but he wants to extend the payroll tax, infrastructure bank. i'm not criticizing them i'll leave them to the political debate but in terms of commissieconomics are is it fair to say those are the edges and margins and you need something

christina romer, got a little salty. in fairness, she was drawn into it by mr. i didn't expect that there, but -- just before we went on the air, they said our rating got downgraded. >> so pretty darn [ bleep ]ed. i've been hanging around timothy geithner too long. >> does she swear like a sailor? >> oh, like a seventh grade boy. >> there you have christina romer worked in the white house until about a year ago, saying we are pretty darn blanked. >> and she burned tim geithner too. >> just for the language, though. we'll be right back with "morning joe." i'm good about washing my face. but sometimes i wonder... what's left behind? [ female announcer ] introducing purifying facial cleanser from neutrogena® naturals. developed with dermatologists... it's clinically proven to remove 99% of dirt and toxins and purify pores. and with natural willowbark it contains no dyes, parabens or harsh sulfates. dirt and toxins do a vanishing act and my skin feels pure and healthy. [ female announcer ] new purifying facial cleanser from the new line of neutrogena naturals. matte

. >> you can see the entire interview with christina romer here on the weekend. >>> 38 people died in last weekend's attack. 22 were u.s. navy personnel including 17 s.e.a.l.s, five so-called conventional forces who worked regularly with the s.e.a.l.s, three were with the air force and five were with the u.s. army. eight were afghan personnel. >>> they've been raiding homes trying to track down homes to track those responsible for days of violence and looting. more than 16 people have been arrested in connection with the rioting. they say prime minister cameron waited too lodge. >>> casey anthony is responsible for the death of her daughter caylee anthony. that's according to a report released by the department of children & families. that's a month after a jury acquitted anthony of murdering caylee. they say their case is now closed. >>> the financially strapped postal service is asking for the removal of bargaining commit minutes. mounting losses and declining mail volume require drastic measures to cut costs. >> are you ready for this? >> i'm ready for it. >> okay. now's your chanc

you saw christina romer leave, larry summers gone, friday the last day for austin goolsbee the chair on economic advisors and there had been speculation that perhaps secretary geithner would leave and quite frankly the answer that he gave when asked about whether he was staying on he would be here for the foreseeable future, i think was basically his response, didn't really make people think he was in here for the long haul, but yes, the president asked the secretary, we are told by white house press secretary jay carney, and he welcomed the news that the secretary was staying, christine. >> you know, this treasure secretary, apparently we're told there is a treasure secretary who lasted 11 years during the fdr administration equally treacherous time in the economy but he's done more than a few years work in that time and we've had an unprecedented time. we thought maybe he would make it through the midterm elections and try to step back, but he keeps staying. let me ask you about the white house pushing back, tim geithner and others, pushing back, striking back at the s&p downgrade