The permanent crisis?
Mike Whitney observes:
Policymakers at the Fed, the Treasury, the White House and the Congress now look on as the foundations of the so-called recovery crack before their very eyes. Many of their careers will undoubtedly follow the economy down the drain. As the stimulus runs out, unemployment will rise, deleveraging and debt liquidation will gain momentum, and the economy will succumb to a second vicious contraction. Digging out will not be easy.
Obama and his people cannot say they had not been warned about the likely effects of their stimulus. Forewarned or not, will the return of the Great Recession trigger the end of DLC-style foolishness? Let us hope so.