"You are engaged on a double task, Recovery and Reform;--recovery from the slump and the passage of those business and social reforms which are long overdue. For the first, speed and quick results are essential. The second may be urgent too; but haste will be injurious, and wisdom of long-range purpose is more necessary than immediate achievement. It will be through raising high the prestige of your administration by success in short-range Recovery, that you will have the driving force to accomplish long-range Reform. On the other hand, even wise and necessary Reform may, in some respects, impede and complicate Recovery. For it will upset the confidence of the business world and weaken their existing motives to action, before you have had time to put other motives in their place."Guided by an arrogant, visionless and possibly corrupt economic team and an arrogant, visionless chief of staff, Obama chose a weak, watered down stimulus that promised a double dip recession. Now we're on the cusp of a second downturn.
Barack Obama and Nancy Pelosi are still the greatest team the United States has had in 40 years. The Republican Party is hellbent on keeping enough Americans jobless for political gain. Progressive legislation will falter no matter which party actually runs Congress from 2011-2012 (the filibuster-proof majority, already gone, will be further reduced in the Senate, and Blue Dogs will join the "America Must Fail Under A Black President" party on any votes that matter). It is, therefore, hard to see reform or recovery any time soon. Thanks, Larry Summers, Tim Geithner and Rahm Emmanuel!