... by economists at least. FDR was an experimenter who understood the need for institutional innovation during uncertain times. Here is what he said in May 1932:
The country needs and, unless I mistake its temper, the country demands bold, persistent experimentation. It is common sense to take a method and try it: If it fails, admit it frankly and try another. But above all, try something. The millions who are in want will not stand by silently forever while the things to satisfy their needs are within easy reach.
Repeat after me: "bold, persistent experimentation."
The question for the members of Obama's old-new economic team is whether they will remain true to their fundamentally conservative instincts, or engage in the creative experimentation for which their ample talents render them highly suitable.