Mark Zandi and Alan Blinder have launched a maximum defense of all the government interventions in the economy since 2008. Without TARP, stimulus, various Fed actions — the who kit and caboodle – their model estimates the following:
President Barack Obama’s “recovery summer” has become a summer swoon. GDP growth has downshifted, as have his poll numbers. And with Democrats likely to suffer big losses in November’s elections, the president will have to rethink his economic agenda or face gridlock in 2011.