Krugman has the blues.

The stimpack:

So what do we have to counter this scary prospect? We have the Obama stimulus plan, which aims to create 3 ½ million jobs by late next year. That’s much better than nothing, but it’s not remotely enough.

The administration:

Do you remember the administration’s plan to sharply reduce the rate of foreclosures, or its plan to get the banks lending again by taking toxic assets off their balance sheets? Neither do I.

"So many" economists:

It has been a rude shock to see so many economists with good reputations recycling old fallacies — like the claim that any rise in government spending automatically displaces an equal amount of private spending, even when there is mass unemployment — and lending their names to grossly exaggerated claims about the evils of short-run budget deficits. (Right now the risks associated with additional debt are much less than the risks associated with failing to give the economy adequate support.)

Also, as in the 1930s, the opponents of action are peddling scare stories about inflation even as deflation looms.

Bottom line: The Big FAIL -- at least if you're a peasant, like me.

Then again, you can flip the record over and play the other side. What Krugman doesn't know, and there's not a whole lot he doesn't know, is this:

What I don’t know is whether the administration has faced up to the inadequacy of what it has done so far.

What do you mean, "inadequate?" Inadequate for whom?

The banksters are happy. The health insurance parasites are about to be happy. The military has a new war. And nobody in Versailles is being held accountable for anything. Every cloud has a silver lining, eh?

NOTE Yeah, I left out the Republicans. I left out the Republicans because the Democrats are the party of FAIL. They should have started hearings and prosecutions in 2006, and if they had, the Republican brand wouldn't even exist, and a lot of Republican movers and shakers would be in jail. Oh well.