"..The Obama administration erred in asking for too small a stimulus, especially after making political compromises that caused it to be less effective than it could have been. It made another mistake in designing a bank bailout that gave too much money with too few restrictions on too favorable terms to those who caused the economic mess in the first place – a policy that has dampened taxpayers’ appetite for more spending.
But that is politics. The economics is clear: the world needs all the advanced industrial countries to commit to another big round of real stimulus spending. This should be one of the central themes of the next G-20 meeting in Pittsburgh."