Yesterday, Christina Romer appeared before the Joint Economic Committee to give the assembled congressfolk an update on the administration's economic thinking. So far as these documents go, it's a pretty clear outline of the White House's approach, and it includes an interesting bit on the interaction of Romer's research on the Great Depression and her take on the current crisis. She begins with a jaw-dropping fact: "By one measure, she says, "household wealth has fallen by $13 trillion, or 20%, since its peak." But she argues that economic loss hasn't been the driver of the ensuing pain. Rather, economic volatility has done the most damage: