David Brooks quotes Christina Romer out of context--taking her 1994 argument that monetary policy is more flexible and effective at ending small recessions and misinterpreting it to apply to big recessions like today, which are too big to end via monetary policy alone.
I also found this comment weird:
All the administrations, Democratic and Republican, resisted large-scale fiscal stimulus plans. They didn’t believe they could time a stimulus correctly. They didn’t trust Congress to pass the bills quickly or cleanly. They decided they shouldn’t be making policy in what Kennedy administration economists called “an atmosphere of haste and panic brought on by recession.”
But we did have tax cuts in 1964, 1975, 1981, and 2001. Those weren’t fiscal stimulus plans?
Update: The source for the “haste and panic” quote appears to be the 1963 Economic Report of the President on page XIII. And guess what? Brooks has misrepresented the context of this as well.