There are two new job openings in Washington, D.C., for anyone interested in deciding the fiscal well being of the nation. On November 6, U.S. Treasury secretary Paul O'Neill and the White House's top economic adviser, Larry Lindsey, resigned from their positions at the request of the White House. Their departure will allow two new people the opportunity to attempt to heal the sluggish economy.
"I think it will have a cleansing effect," says Donald Moine, Ph.D., an expert in business and investor psychology. "Many people were very discouraged, especially by O'Neill." O'Neill's overly positive outlook on the economy, plus his close ties with big business, gave him bad standing among many. Yet the economy's overall inability to recover for more than two years is what led the White House to push for both resignations.
The replacements hired for these positions will inevitably find themselves saddled with a weak economy and high expectations. "The psychological demands are very great," says O'Neill. "It's a position where you are constantly on the firing line. It is going to inflict some incredible demands." As with many constituencies—to include the American public, American business and the White House—it is essentially impossible to please everyone at once.
