[based on my comment on Brad Delong's journal]
I think US national policy has returned to its habitual deadlock. It's not clear to me that this deadlock will be broken in less than a decade. Obama is not likely to be succeeded by someone more liberal, after all, and, while there are some promising new liberal Senators, it will take years before they develop real power.
I am trying to imagine a ten-year depression. It is hard even to think about it. And yet--what will prevent it?
Blogging has been sparse lately. I have started a new job and have far less time to spend on amateur political science. I have several longer pieces I am interested in writing, but I have little heart for it. If we are, as seems to me likely, entering a ten-year period of political deadlock and economic stagnation, then I am writing for the long-term, and it seems to me I can make more difference doing other things.