Obama Develops His Own View of the Jobless Recovery
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In Which Barack Obama Flunks Bureaucratic Process 1...

From Ron Suskind's Confidence Men:

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Not a good thing to do. Not a good thing at all.

In the spring of 2009, any such memo to the president should begin:

Back under the George H.W. Bush administration the ten-year Treasury bond rate was 9%/year. Now it is 3%/year. The possibility of a run on the Treasury bond is not one of the ten biggest and most urgent problems we face now.

But if you ask for a memo from Peter Orszag of OMB, not only is that sentence not the first sentence of the memo, that sentence is not in the memo at all.

FRED Graph  St Louis Fed 3

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