"This is going to be almost inconceivably ugly"

I’m finding it hard to read about politics these days. I still don’t think people in the administration understand the magnitude of the catastrophe their excessive caution has created. I keep waiting for Obama to do something, something, to shake things up; but it never seems to happen.

Here’s what I wrote in February 2009. It’s pretty rich that now the usual suspects are accusing me of having shared the administration’s optimism. But that’s a trivial point; the important thing is that all signs are that the next few years will be a combination of economic stagnation and political witch-hunt.

This is going to be almost inconceivably ugly.

-- Paul Krugman.

The stimulus was underpowered and destined to falter right when it has, before the mid-terms. The Fed is delusional (if not actually conspiring to hurt the Dems in the elections, as TBA is not above suspecting). Failure to aid state governments sufficiently has put our public-sector consumption behind even Germany's.

Krugman's blog has been one of the best pol-econ sites on the internet. Bookmark it. Unless, like Krugman, you too have an understandable reluctance to read about politics these days.