Why_RRQ Obama_NP1 Will_VM 'Own'_VVI the_AT Recession_NN1 For_IF eight_MC decades_NNT2 ,_, Democrats_NN2 have_VH0 successfully_RR blamed_VVN Republican_NN1 Herbert_NP1 Hoover_NN1 for_IF the_AT decade-long_JJ Great_JJ Depression_NN1 ._. 
That_DD1 ,_, even_CS21 though_CS22 Franklin_NP1 Roosevelt_NP1 's_GE New_JJ Deal_NN1 failed_VVD to_TO restore_VVI prosperity_NN1 or_CC dramatically_RR lower_JJR unemployment_NN1 ,_, and_CC his_APPGE tax_NN1 increases_VVZ in_II 1937_MC snuffed_VVD out_RP a_AT1 nascent_JJ recovery_NN1 ._. 
Now_RT today_RT 's_GE Obamacrats_NN2 are_VBR apparently_RR going_VVGK to_TO try_VVI and_CC Hooverize_VV0 President_NNB Bush_NP1 in_II an_AT1 effort_NN1 to_TO shield_VVI themselves_PPX2 from_II the_AT potential_JJ political_JJ fallout_NN1 of_IO a_AT1 prolonged_JJ recession_NN1 ._. 
It_PPH1 will_VM take_VVI years_NNT2 to_TO fix_VVI the_AT American_JJ economy_NN1 ,_, Obama_NP1 says_VVZ ,_, and_CC years_NNT2 of_IO trillion-dollar_JJ budget_NN1 deficits_NN2 to_TO do_VDI it_PPH1 ._. 
And_CC everyday_JJ it_PPH1 seems_VVZ that_DD1 Team_NN1 Obama_NP1 tries_VVZ to_TO lower_VVI economic_JJ expectations_NN2 ,_, such_II21 as_II22 bearishly_RR predicting_VVG that_DD1 unemployment_NN1 would_VM hit_VVI double-digits_NN2 ._. 
The_AT not-so-subtle_JJ message_NN1 in_II the_AT middle_NN1 of_IO all_DB these_DD2 pessimistic_JJ prognostications_NN2 :_: When_RRQ ya_PPY 'll_VM go_VVI to_TO vote_VVI in_II 2010_MC and_CC 2012_MC and_CC a_ZZ1 )_) unemployment_NN1 is_VBZ still_RR as_RG high_JJ as_CSA it_PPH1 's_VHZ been_VBN in_II decades_NNT2 ,_, b_ZZ1 )_) income_NN1 growth_NN1 is_VBZ sluggish_JJ at_RR21 best_RR22 ,_, c_ZZ1 )_) the_AT budget_NN1 deficit_NN1 is_VBZ running_VVG at_II a_AT1 trillion_NNO bucks_NN2 a_AT1 year_NNT1 ,_, and_CC d_ZZ1 )_) stock_NN1 prices_NN2 remain_VV0 stubbornly_RR low_JJ --_NN1 hey_UH ,_, do_VD0 n't_XX blame_VVI us_PPIO2 ,_, you_PPY ca_VM n't_XX rebuild_VVI Rome_NP1 in_II a_AT1 day_NNT1 or_CC even_RR in_II a_AT1 first_MD term_NN1 ._. 
Remember_VV0 ,_, Bush_NP1 really_RR left_VVD us_PPIO2 a_AT1 mess_NN1 ._. 
The_AT incoming_JJ administration_NN1 has_VHZ apparently_RR learned_VVN the_AT lesson_NN1 of_IO Bush_NP1 's_GE big_JJ mistake_NN1 when_CS arguing_VVG for_IF the_AT Iraq_NP1 War_NN1 ,_, that_CST when_CS embarking_VVG on_II a_AT1 decision_NN1 that_CST will_VM define_VVI your_APPGE presidency_NN1 ,_, it_PPH1 's_VBZ better_JJR to_TO underpromise_VVI and_CC overdeliver_NN1 ._. 
Of_RR21 course_RR22 ,_, Obama_NP1 has_VHZ every_AT1 reason_NN1 to_TO honestly_RR believe_VVI the_AT economy_NN1 is_VBZ going_VVGK to_TO stay_VVI on_II the_AT mat_NN1 for_IF a_AT1 good_JJ long_JJ time_NNT1 ._. 
According_II21 to_II22 the_AT just-released_JJ minutes_NNT2 from_II the_AT Federal_JJ Reserve_NN1 's_VBZ December_NPM1 meeting_NN1 ,_, the_AT central_JJ bank_NN1 now_RT thinks_VVZ the_AT economy_NN1 will_NN1 "_" decline_NN1 for_IF 2009_MC as_II a_AT1 whole_NN1 "_" and_CC that_CST the_AT jobless_JJ rate_NN1 is_VBZ "_" likely_JJ to_TO rise_VVI significantly_RR into_II 2010_MC ._. "_" 
And_CC in_II its_APPGE new_JJ forecast_NN1 ,_, the_AT Congressional_JJ Budget_NN1 Office_NN1 said_VVD the_AT U.S._NP1 economy_NN1 is_VBZ now_RT in_II a_AT1 recession_NN1 that_CST "_" will_VM probably_RR be_VBI the_AT longest_JJT and_CC the_AT deepest_JJT since_CS World_NN1 War_NN1 II_MC ._. "_" 
What_DDQ 's_VBZ more_RRR ,_, the_AT CBO_NN1 says_VVZ ,_, the_AT economy_NN1 will_VM shrink_VVI 2.2._MC percent_NNU this_DD1 year_NNT1 and_CC grow_VVI a_AT1 wimpy_JJ 1.5_MC percent_NNU next_MD year_NNT1 as_CSA unemployment_NN1 exceeds_VVZ 9_MC percent_NNU ._. 
Finally_RR ,_, respected_VVD Harvard_NP1 University_NN1 economist_NN1 Kenneth_NP1 Rogoff_NP1 just_RR released_VVN a_AT1 paper_NN1 demonstrating_VVG that_CST the_AT aftermaths_NN2 of_IO financial_JJ crises_NN2 are_VBR usually_RR marked_VVN by_II "_" deep_JJ and_CC lasting_JJ effects_NN2 on_II asset_NN1 prices_NN2 ,_, output_NN1 and_CC employment_NN1 ._. 
Unemployment_NN1 rises_NN2 and_CC housing_VVG price_NN1 declines_VVZ extend_VV0 out_RP for_IF five_MC and_CC six_MC years_NNT2 ,_, respectively_RR ._. "_" 
So_RR the_AT consenus_NN1 is_VBZ gloomy_JJ ._. 
But_CCB can_VV0 a_AT1 repetitive_JJ "_" Blame_NN1 Bush_NP1 "_" mantra_NN1 allow_VV0 Democrats_NN2 to_TO hold_VVI their_APPGE huge_JJ Congressional_JJ majorities_NN2 in_II 2010_MC and_CC get_VV0 Obama_NP1 reelected_VVD in_II 2012_MC if_CS they_PPHS2 economy_NN1 is_VBZ as_RG bad_JJ they_PPHS2 think_VV0 it_PPH1 will_VM be_VBI ?_? 
The_AT latest_JJT iteration_NN1 of_IO Obama_NP1 's_GE stimulus_NN1 --_NN1 I_PPIS1 mean_VV0 "_" economic_JJ recovery_NN1 "_" --_NN1 package_NN1 indicates_VVZ that_DD1 Team_NN1 Obama_NP1 has_VHZ its_APPGE doubts_NN2 about_II voter_NN1 patience_NN1 and_CC the_AT economy_NN1 ._. 
The_AT larger-than-expected_JJR tax_NN1 cuts_NN2 ,_, even_CS21 if_CS22 they_PPHS2 are_VBR really_RR just_RR disguised_JJ government_NN1 spending_NN1 ,_, are_VBR an_AT1 effort_NN1 to_TO rejigger_VVI the_AT plan_NN1 to_TO provide_VVI more_RGR economic_JJ oomph_NN1 this_DD1 year_NNT1 ._. 
Indeed_RR ,_, as_CSA the_AT CBO_NP1 said_VVD when_RRQ Obama_NP1 adviser_NN1 Peter_NP1 Orszag_NP1 ran_VVD the_AT joint_JJ ,_, using_VVG infrastructure_NN1 spending_VVG to_II juice_NN1 the_AT economy_NN1 is_VBZ "_" totally_RR impractical_JJ ._. "_" 
There_RL just_RR are_VBR n't_XX enough_RR "_" shovel-ready_JJ projects_NN2 "_" to_TO make_VVI effective_JJ use_NN1 of_IO the_AT hundreds_NNO2 of_IO billions_NNO2 Obama_NP1 wants_VVZ to_TO throw_VVI at_II the_AT recession_NN1 ._. 
And_CC Obama_NP1 has_VHZ good_JJ reason_NN1 to_TO doubt_VVI the_AT patience_NN1 of_IO voters_NN2 ._. 
Recall_VV0 that_CST bad_JJ economies_NN2 propelled_VVD Ronald_NP1 Regan_NP1 and_CC Bill_NP1 Clinton_NP1 to_II the_AT White_NP1 House_NN1 --_NN1 and_CC both_DB2 gentlemen_NN2 saw_VVD their_APPGE respective_JJ parties_NN2 suffer_VV0 badly_RR in_II the_AT very_RG next_MD midterm_NN1 election_NN1 because_II21 of_II22 voter_NN1 economic_JJ anxiety_NN1 ._. 
To_TO quote_VVI Oscar_NP1 Rogers_NP1 ,_, the_AT impatient_JJ "_" financial_JJ consultant_NN1 "_" on_II Saturday_NPD1 Night_NNT1 Live_VV0 ,_, American_JJ voters_NN2 want_VV0 Washington_NP1 to_TO "_" Fix_VV0 it_PPH1 !_! "_" and_CC fix_VV0 it_PPH1 fast_RR ._. 
And_CC ,_, really_RR ,_, how_RRQ can_VM Obama_NP1 avoid_VVI taking_VVG responsibility_NN1 when_CS he_PPHS1 will_VM be_VBI so_RG actively_RR meddling_VVG in_II the_AT economy_NN1 ?_? 
It_PPH1 will_VM be_VBI his_APPGE decision_NN1 to_TO forego_VVI deep_JJ and_CC permanent_JJ new_JJ tax_NN1 cuts_NN2 ,_, his_APPGE decision_NN1 to_TO not_XX extend_VVI the_AT Bush_NP1 tax_NN1 cuts_NN2 ,_, his_APPGE decision_NN1 on_II how_RRQ to_TO spend_VVI the_AT remaining_JJ $350_NNU billion_NNO in_II TARP_NP1 money_NN1 ,_, his_APPGE decision_NN1 to_TO quasi-nationalize_VVI healthcare_NN1 ,_, his_APPGE decision_NN1 to_TO push_VVI a_AT1 cap-and-trade_JJ carbon_NN1 emission_NN1 program_NN1 and_CC his_APPGE decision_NN1 to_TO spend_VVI hundreds_NNO2 of_IO billions_NNO2 on_II a_AT1 "_" green_JJ "_" industrial_JJ policy_NN1 ._. 
It_PPH1 might_VM even_RR be_VBI his_APPGE decision_NN1 to_TO try_VVI and_CC reunionize_VVI the_AT American_JJ laborforce_NN1 ._. 
Obama_NN1 will_VM "_" own_VV0 "_" the_AT battered_JJ economy_NN1 ,_, perhaps_RR almost_RR literally_RR ,_, given_VVN Uncle_NNB Sam_NP1 's_GE bailout_NN1 binge_NN1 ._. 
So_RR what_DDQ standard_NN1 should_VM voters_NN2 hold_VVI Obama_NP1 to_II ?_? 
How_RRQ about_II this_DD1 one_PN1 :_: The_AT 1981-82_MCMC recession_NN1 last_MD lasted_VVD 16_MC months_NNT2 and_CC was_VBDZ followed_VVN by_II an_AT1 explosive_JJ recovery_NN1 thanks_NN2 largely_RR to_II the_AT Reagan_NP1 tax_NN1 cuts_NN2 (_( even_CS21 though_CS22 they_PPHS2 were_VBDR slowly_RR implemented_VVN )_) ._. 
The_AT current_JJ downturn_NN1 ,_, according_II21 to_II22 the_AT National_JJ Bureau_NN1 of_IO Economic_JJ Research_NN1 ,_, started_VVD in_II December_NPM1 2007_MC ._. 
Mr._NNB Obama_NP1 better_RRR hurry_VVI ._. 
