It’s quite unsettling to talk to members of Barack Obama’s transition teams these days, especially those who are helping with the economics portfolio. Without going into details, the sense I get from them is that they are very worried that the economy will get a lot worse before it gets better. Not just worse… a lot worse. As in — double digit unemployment without the wiggle factors. Huge declines in aggregate demand. Significant, persistent deficits. [Emphasis Ambinder's]
Wait until the credit card crisis hits. It won’t be the final scene from Fight Club, but it’ll be very bad. And they’ll try to blame the Obama administration for all of it.