Larry Summers, former director of the White House National Economic Council, stepped down at the end of last year to return to his teaching job at Harvard University.
Christina Romer, his predecessor as CEA chair, left last August, also to return to academia, and Peter Orszag resigned as White House budget director last July.
While Goolsbee was better than others, unfortunately he stayed in denial on the trade deficit. He also denied the jobs crisis to the point of proclaiming this month as a bump in the road to recovery. Literally the BLS commissioner had to correct him as well as others echoing such feel good don't worry sentiment, indirectly. Sorry folks, the BLS says the pathetic jobs data is not due to weather. The jobs crisis is clearly not a blip, not a bump in the road.
Most interesting Goolsbee hits the road back to the University of Chicago immediately after that fumble play.
No replacement was announced although, we'll probably get yet another corporate lobbyist wet dream as the next Council of Economic Advisers chair, complete with bad trade agendas, offshore outsourcing and labor arbitrage. After all, that's the puppet suit which comes with the job.
The Presidential Council of Economic Advisers Chair replacement needs Senate confirmation though, but don't worry, assuredly Goldman Sachs has someone on stand-by.