March 26, 2009
As Barack Obama's economic advisers confront choices that vary from bad to worse in their mission to revive the financial sector and the broader economy, it is worth remembering that those choices were in essence inherited by the president, who is still new to his office. Listening to his critics, especially on the right, it would be easy to believe that the president is personally responsible for ballooning deficits, gigantic bailouts, ridiculous bonuses, nationalized institutions and careening markets. It would be easy to believe but entirely false -- and merely the latest episode in an old political con game that is all too typical of Washington.