It hurts, but it's true. Paul Krugman found this in a column by Martin Wolf in the Financial Times.
Mr Obama wishes to be president of a country that does not exist. In his fantasy US, politicians bury differences in bipartisan harmony. In fact, he faces an opposition that would prefer their country to fail than their president to succeed.
I suspect Obama has taken a cold shower before leaving the Vineyard because it kind of looks like he's letting go of that fantasy. We can but hope.
By the way, the Martin Wolf article in the FT is interesting in many other respects. He believes Angela Merkel, not unlike Obama, is behaving like a "bystander" in a fragile economic situation. Don't just stand there, Merkel and Obama, do something!
...The US and German governments retain substantial fiscal room for manoeuvre – and should use it. But, alas, governments that can spend more will not and those who want to spend more now cannot. Again, the central banks have not used up their ammunition. They too should dare to use it. Much more could also be done to hasten deleveraging of the private sector and strengthen the financial system. Another downturn now would surely be a disaster. The key, surely, is not to approach a situation as dangerous as this one within the boundaries of conventional thinking.
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