In it, but not of it. TPM DC

In New Study, Two Economists Argue That Bush And Obama's Intervention Prevented Depression

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Newscom

From the Times report:

In a new paper, the economists argue that without the Wall Street bailout, the bank stress tests, the emergency lending and asset purchases by the Federal Reserve, and the Obama administration's fiscal stimulus program, the nation's gross domestic product would be about 6.5 percent lower this year.

In addition, there would be about 8.5 million fewer jobs, on top of the more than 8 million already lost; and the economy would be experiencing deflation, instead of low inflation.

...

"While the effectiveness of any individual element certainly can be debated, there is little doubt that in total, the policy response was highly effective," they write.