The Corner

Uh Oh

At The New Republic, William Galston writes: “The key analogy between today and 1933 is the centrality of the financial crisis, which makes it hard to understand why the administration has not yet moved as decisively to fix it as FDR did on the first day of his presidency. This issue could not have come as a surprise to Obama and his chief financial advisors. Their failure thus far to restore financial confidence raises two equally depressing possibilities: Either they do not know what to do, or they do not believe they can muster the political support to do what they know needs to be done.”

Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

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