How did discord in the Obama White House affect the economy?
The debates couldn’t have been more significant. [After] the $800M stimulus package, there was no more money to do anything dramatic about deficient aggregate demand. With the deficit growing, they ended up in gridlock. The economy sagged.
Does Obama have a realistic view of how the economy works?
I think so. He seems to get it. He seems to understand everything. The question is, what then? Can he act decisively when the choice is imperfect options on either side? The president [told me], ‘I have the policy wonk’s disease, and I want to get rid of it.’
Is the president anti-business?
Definitely not. Has an administration ever done more to support business? It brought the entire force of the government to rescue many American industries, notably Wall Street. It’s tried to bring regulation to an area that created an implosion.
Why did you need time to ‘see him as a man’?
I was in Manassas for the rally with 100,000 people. I was in Grant Park. It was an emotional time for Americans, with Obama arriving in Washington as the country faced crisis. Over time, it started to burn off. Parts of the book were hard to report.
What parts of the book were hard to report?
After months of debate over a jobs plan in fall ‘09 and winter ‘10, he told the economic team, ‘If you guys can’t decide, I guess we don’t have to do anything.’ He was exhausted. Nothing was working. Now, I think he’s energized. He’s at his best when the odds are longest.