In a November 28th 2008 opinion piece, Karl Rove praised the Obama economic team, and may have really meant it. I have been impressed: Geithner, Romer, Summers, and Volcker are all-stars either academically or in economic policymaking. Plus there are other excellent economists at the next level down. The market seems also to have been impressed, as the S&P rose from its close of 752.44 on November 20 to 896.24 on November 28, a 19% gain. That gain may simply reflect a rebound from its lowest level in over eleven years, but the case can be made that it reflects what is happening in the political world.
Update 4-13-09: The Obama administration seems to have wanted to use only the Volcker brand name, not the actual Volcker product.
On liberalism and democracy
24 minutes ago