Inflated...

For those folks looking for a laugh (or a bad history lesson), check out this video from the conservative PAC, American Crossroads.

It would be hilarious...if it wasn't so sad.

Are they talking to each other...

...or past each other?

Careless whispers?: Treasury Sec. Timothy Geithner (left) and Federal Reserve Chairman Ben Bernanke.

Last week, Treasury Sec. Timothy “TurboTax” Geithner “expressed confidence Wednesday that the world economy can absorb oil-price spikes.”

Of course, that was before American gas pumps started ringing-up the gallons at an even faster rate than had been experienced in sometime. Now, almost a week after Geithner's “expert” prediction, worries over inflation and a backsliding economy are rising along with the average price-per-gallon cost of gasoline (which threatens to top $5, soon).

Contradicting Sec. Geithner today was Federal Reserve Chairman Ben Bernanke, who told Congress that a prolonged rise in oil prices would pose a danger to the U.S. economy. “The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in U.S. consumer price inflation," Bernanke said.

According to a story in the Los Angeles Times, however, “If gasoline prices rise to $3.75 a gallon and stay there for a year, it could mitigate the benefit of the Social Security tax cut, economists said. The economy would still grow, but it wouldn't get a boost from people spending more on goods and services. If gasoline prices went as high as $5 a gallon, spending cuts by consumers and businesses could push the U.S. economy into a recession, analysts say. (Food prices in January rose at the fastest since the fall of 2008.)”

Of course, Mr. Geithner is right. I mean, I’m sure this is just a hiccup. Right? Right?

Summer(s) wind(ed)...

Larry, we hardly knew ye...

From the Washington Post: "Larry Summers, the director of the National Economic Council, will return to a teaching position at Harvard University at the end of the year. 'I will always be grateful that at a time of great peril for our country, a man of Larry's brilliance, experience and judgment was willing to answer the call and lead our economic team,' said President Obama of Summer's impending departure."

"Summers leaves as the economic recovery limps along with unemployment stuck near 10 percent. He would be the third high-level member of the Obama economic team to leave this year, following the departures of budget director Peter Orszag and Christina Romer, head of the Council of Economic Advisers." (Fox)

The Economic (bad) Dream Team (left to right): Summers, Peter Orszag, Timothy Geithner and Christina Romer...

And then there was one: Geithner - last man standing...

At least I think he's standing...