BUSINESS
11/01/2010 05:12 am ET | Updated May 25, 2011

On Economy, Obama Was Cautious When He Should Have Been Bold: Martin Wolf

But, as Larry Summers, Mr Obama's chief economic adviser, had said: "When markets overshoot, policymakers must overshoot too". Unfortunately, the administration failed to follow his excellent advice. This has allowed opponents to claim that policy has been ineffective when it has merely been inadequate.

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