U.S. President Barack Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the economy from participants in the latest Wall Street Journal forecasting survey.
It seems that Krugman is also concerned about the Obama/Geithner performance to date.
I concur with Krugman and the majority of the WSJ economists. The first shots at attacking the recession should have focused on the banks and the credit markets.
I'm still amazed that we are dealing with the after effects of a housing bubble. Housing prices began ticking up from normal under the clinton years and continued to rise through the bush years. Off and on over the last decade some economists would say they were concerned about a housing bubble and the havoc it would wreak as the collapse spread. They were ignored or overruled by more powerful voices, such as Alan Greenspan. I remember reading editorials that said a housing bubble was simply not possible and that even if prices were inflated they could not "burst" like the various stock exchanges.... Remember we learned our lessons during the S&L scandal and that could never happen again.