If every economic decision coming out of the Obama economic team seems ad hoc and feeble, this might explain why. The one member of Obama's economic team who has a firm grasp of the issues, it would appear, has been squeezed out. The Summers/Rubin/Geithner crew never saw this mess coming, and actually worked to compound the problems (viz., Rubin at Citibank), so it shouldn't be a surprise that they would have no clue how to deal with it now that they're in charge.
Volcker was one of the few who anticipated the problem. But, since he's not a politician by nature, he's been ousted from the inner circle. Ick.
In Volcker we can trust. With Summers and his sycophants we shall languish.
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