November 7, 2010 Leave a comment
1) Pretty damn clear the stimulus really needed to be larger. Yes, there were most definitely very serious constraints in terms of what he could have pulled off in the Senate, but he certainly didn’t go to the mat for the bigger stimulus that the economy clearly needed (and that might have been able to save him his House majority).
2) Pretty clear he made a mistake by re-appointing Ben Bernanke– a conservative Republican– to head the federal reserve and also in being so lax about getting his own appointments on to the federal reserve board. I haven’t followed that whole Fed thing all that closely, but both Drum and Yglesias have been on top of it and pointing out that its a very serious problem since the beginning. So, what got me to actually blog about the issue. This Dave Leonhardt column. Short version: those who wanted more aggressive Fed intervention have been proven almost exactly correct in their analysis and predictions. We certainly would have been a lot better off now if we listened to them 6 months or a year ago, instead of now (though, definitely better late than never).