Fiscal stimulus fails to create jobs and the US continues to ignore its own advice

This NYT story suggests that the fiscal stimulus may not be very effective.  Note that one of the economists interviewed is my colleague, Aaron Jackson.

In this post I argued that we are making all the same monetary policy mistakes that we warned the Japanese not to make.  Now Simon Johnson points out that as far as bank regulation is concerned, we are disregarding all the advice we gave the Koreans under similar circumstances.