Paul Krugman is depressed and he's right to be depressed. He and other economists who have been right all along are watching as a slow-mo plays out before their eyes. Unless we get very, very lucky...
Krugman, Galbraith, and others thought the stimulus package was too modest. Turns out they nailed it. No surprise. Krugman writes today:
There was a lot of talk about health care being Obama’s Waterloo. It won’t, I think and hope. But stimulus is starting to look like Obama’s Anzio — the battle in which the American commander got himself into terrible trouble by being too cautious.
And right now Obama is pinned down in his too-small beachhead, taking heavy casualties.
