Word: lindseyism
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Within hours, chief economic adviser Lawrence Lindsey, stranded in the snow at his suburban Virginia home, got a call from chief of staff Andrew Card. He wanted to meet the next day. In a time-honored Washington version of hara-kiri, Lindsey offered his resignation before he was fired. The next one expected to go, probably next month, is the head of Bush's Council of Economic Advisers, Glenn Hubbard, who wants to return to teaching. His departure would complete the housecleaning that began when Securities and Exchange Commission chairman Harvey Pitt resigned on election night. Though the abruptness...
...didn't help that long-simmering policy feuds between O'Neill and Lindsey--at bottom reflecting the mutual distrust between a corporate honcho and an intellectual--were getting increasingly personal. Lindsey was fingered for leaking damaging criticism of O'Neill and Hubbard. At strategy sessions with Bush, O'Neill frequently interrupted Lindsey to disagree with him. "There was no creative tension," says a senior aide, "just tension." After the bloodletting last week, staff members for each man blamed the other for their boss's misfortune. For a White House that prides itself on unity and order, it was an exceptional...
Better sandbox skills are all the more critical as the economy keeps producing nasty surprises such as last week's report that 40,000 more Americans were out of work (not counting O'Neill and Lindsey) and that the unemployment rate had risen to 6%, up from 5.7% the previous month. With the next presidential election less than two years away, "we recognize that we can no longer blame this on our predecessor," says a senior White House adviser. Nor can the Administration afford to prolong domestic turmoil as it seeks to rally public support for a possible war with...
Whatever the final shape of the package, the White House is looking to put together a new team that is camera ready. O'Neill and Lindsey not only were unskilled at presenting the President's plan but often made news with wayward public comments. Lindsey once called the Enron debacle a "tribute to American capitalism." He speculated on the cost of going into battle with Iraq when the rest of the Administration was downplaying war talk and the President was preaching fiscal discipline. O'Neill repeatedly made pronouncements that were far too candid for the markets' delicate constitution...
Over the past few days President Bush has sacked the vast majority of his economic team, including Treasury Secretary Paul H. O’Neill and chief economic policy adviser Lawrence B. Lindsey. Though this should have been an opportunity to bring in new ideas that could help jump-start the economy, Bush has instead appointed more big-business cronies who will act as a mouthpiece for the same old tax-cutting nonsense that has been spewing from the White House since Bush took office...