“The administration’s biggest economic mistake so far was to badly underestimate last January how bad the employment situation would become by fall. As a result, it low-balled the stimulus — settling for a plan that, while avoiding even worse job losses, didn’t go nearly far enough. Obama has to return to Congress, seeking a larger stimulus. Yes, I know. We’re already in the gravitational pull of the midterm elections (look at the bizarre attention given to gubernatorial elections in New Jersey and Virginia, and even to a congressional election in the 23rd district of New York, as supposed harbingers of voter behavior a year from now!) so it will be even harder to round up the needed votes from Blue Dog Dems fretting over the deficit. And you can forget the Republicans.” (11/04/09)