What's funny about the CBO director

From the bio of the new director of the Congressional Budget Office:

Among Doug Elmendorf’s publications are these: "Can Financial Innovation Help to Explain the Reduced Volatility of Economic Activity?" in the Journal of Monetary Economics (January 2006), with Karen Dynan and Daniel Sichel.

Maybe there should be a follow-up called "Can Financial Innovation Help to Explain the Increased Volatility of Economic Activity?" It could be a one-word paper: "Yes."

PS. Another gem (sorry for picking on you, Doug):

"Social Security Reform and National Saving in an Era of Budget Surpluses," in Brookings Papers on Economic Activity (Fall 2000), with Jeffrey Liebman.