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2. Inflation, or the lack thereof: I’ve written about this many times,
but after the bubble burst I was an unwavering advocate of the view
that the Fed’s expansionary policies posed no inflationary risk.
This was again a deeply contentious issue, with the right fully convinced
that inflation was coming and some on the center and left at least wobbly
on the issue.
3. Interest rates: No crowding out under these conditions. I said it
strongly from the start --- and on this subject there was a lot of wavering
among Democrats, all too many of whom bought into stories about deficit
dangers even in a depressed economy.