Passing notes in class

Deep insights into Dick Cheney's...er...process.

Harvard economics professor Martin Feldstein, participating in a panel on current economic conditions, said he believes the country has emerged from the 2001 recession and the prolonged period of weak job growth.

"I'm pleased to say the economy is now in very good shape," Feldstein said. "National income is growing, growing at an above-trend pace, employment is rising, inflation is low. So by all of the key measures, we're in good shape."

"These favorable conditions reflect good policies and also sound economic structure," said Feldstein, a Republican who is a candidate to succeed Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites).

"The weakness of the economy we worried about a few years ago is now essentially all gone thanks to supportive, stimulative Fed policy and the combination of personal tax cuts and the tax incentives for business," he said.

He plugged Bush's top domestic priority: reforming Social Security and including a private retirement account option.

As he spoke, Cheney sipped from a coffee mug and took notes.

"And then he said, like, we totally rule. OMG, we are so totally aceing this test."