Thought of the Day

Important thought of the day, from Brad DeLong:


"The United States economy is, right now, in significantly better shape than the Japanese economy, the British economy, or the European economy. To do best of four major industrial powers in dealing with the Lesser Depression is a significant accomplishment, even though things are much much worse than I would wish--and even though I think Obama's buying of a premature turn to long-run budget balance and of a policy of appeasing the banks at all hazards lest he provoke a full-scale capital strike were bad mistakes."