Gabor Steingart via Der Spiegel:

The occupant of the White House may have changed recently. But the amount of ill-advised ideology coming from Washington has remained constant. Obama’s list of economic errors is long — and continues to grow.
The president may have changed, but the excesses of American politics have remained. Barack Obama and George W. Bush, it has become clear, are more similar than they might seem at first glance.
The crisis, Summers intoned last week at a conference of Deutsche Bank’s Alfred Herrhausen Society in Washington, was caused by too much confidence, too much credit and too many debts. It was hard not to nod along in agreement.
But then Summers added that the way to bring about an end to the crisis was — more confidence, more credit and more debt. And the nodding stopped. Experts and non-experts alike were perplexed. Even in an interview following the presentation, Summers was unable to supply an adequate explanation for how a crisis caused by frivolous lending was going to be solved through yet more frivolity.
The Obama Administration’s Five Errors
Mistake number one: It’s not as bad as it seems. The US amassed much more debt during World War II, it is often said. That, though, is not true. According to conservative forecasts, Obama’s policies could end up being three times as expensive as US expenditures during World War II. If one calculates using today’s prices, America spent $3 trillion for the war. Obama’s budgetary calculations for the decade between 2010 and 2020 assume additional debt of $9 trillion.