So, we’re already getting the expected punditry: Obama needs to end his leftist policies, which consist of … well, there weren’t any, but he should stop them anyway.

What actually happened, of course, was that Obama failed to do enough to boost the economy, plus totally failing to tap into populist outrage at Wall Street. And now we’re in the trap I worried about from the beginning: by failing to do enough when he had political capital, he lost that capital, and now we’re stuck.

But he did have help in getting it wrong: at every stage there was a faction of Democrats standing in the way of strong action, demanding that Obama do less, avoid spending money, and so on. In so doing, they shot themselves in the face: half of the Blue Dogs lost their seats.

And what are those who are left demanding? Why, that Obama move to the center.