I've been so busy, the 1 year anniversary of this site came and went without comment.
One of the interesting things about blogging is going back and reading what you wrote a year ago, to assess if your judgment was correct.
It seems, last January the small size of the stimulus had me pretty hot... I ridiculed David Brooks' prediction that, because of the stimulus, "A governor with a few-hundred-million-dollar shortfall will suddenly have to administer an additional $4 billion or $5 billion."
Unfortunately he was wrong.
Of course, conservatives will probably say that I'm "just following Krugman". I also took a shot at Krugman here -- it's just not always the case that I agree with Krugman or DeLong... Not sure I've yet had any major disagreements with Stiglitz, however...
Here was my post from January 27th, 2009. My take on the stimulus was that "Poor Monty Python's arms have been chopped off, and we're treating it as a mere flesh wound..." ( i think i meant the knight from Monty Python...)
In any case, the site was founded because, even before the inauguration, I was worried sick when I learned that Larry Summers would play a substantial role in the administration. I felt that the Democrats, with Obama, had a once-in-a-generation opportunity to make change, and I was concerned that Larry Summers would lead Obama, and the Democrats, into a ditch.
Unfortunately, I was right.
My recommendation for Obama is to fire and replace his entire economic staff. They had their chance to sink or swim. They told him the economy would get better, and that a small stimulus was all that was needed to fix the economy. They were wrong. They sunk.
19 minutes ago