Originally Posted by Rohirrim
My guess would be that he never studied economics, knew very little about it (like the majority of politicians), and assumed this recession would be like all other recessions. No doubt he had guys like Larry Summers feeding him those figures.
got this stuff wrong. For example, even the best and the brightest at the big banks massively underestimated how bad the housing crisis was. Do you think BofA would've bought Countrywide if they know how bad things would get and that it would cost them over $20 billion before all was said and done? People want to keep pinning all this on Obama, and pointing out how his administration underestimated how bad things were and were overly optimistic about the recovery. But they fail to notice that almost everybody else did, too. And then of course nobody will acknowledge how much worse things might be if not for the bailouts and stimulus, regardless of how badly they may or may not have been handled.
(also want to point out that I know I'm preaching to the choir in responding to your post, Roh...)