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Dear Mister President...
Niall Ferguson adds his thoughts to a mini-symposium in today's Guardian:
I started out as an adviser to your rival; you won me over. It wasn't so much your rhetorical skills, though they are second to none. It was the substance of what you had to say, from talks with Iran to taxation. It was also your extraordinary composure under pressure. Well, you are going to need that quality in the four years that lie ahead, and especially in your first 100 days. Because I have some bad news for you. You've talked of tax cuts and spending increases that could cost around a trillion dollars. Unfortunately, that money has already been spent by your predecessor in bailing out the banking system. You won't easily be able to spend it again. So watch out for the bond market; it's getting nervous. And tell your fellow Democrats to try to copy your composure. Winning this election was a phenomenal achievement. But now the really hard work begins - of governing in a recession.
I can't seem to find the link for some reason, but I'll keep trying.
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