has an interesting piece in the WSJ entitled, "Obama's Rhetoric is the Real 'Catastrophe.'" Mr. Schiller compares this recession with the Great Depression and finds that our economic woes don't come close to the 1930s. He states:Mr. Obama's analogies to the Great Depression are not only historically inaccurate, they're also dangerous. Repeated warnings from the White House about a coming economic apocalypse aren't likely to raise consumer and investor expectations for the future. In fact, they have contributed to the continuing decline in consumer confidence that is restraining a spending pickup. Beyond that, fearmongering can trigger a political stampede to embrace a "recovery" package that delivers a lot less than it promises. A more cool-headed assessment of the economy's woes might produce better policies.
But would better policies pay off the supporters who voted for him?