The ARRA was--I thought--supposed to be only one of three big stimulative policy moves that was going to be undertaken in 2009. The ARRA, use of the TARP money to fund a very large risky asset purchase program by the Treasury, and quantitative easing by the Federal Reserve in order to restor confidence that there was no chance of deflation. Only the first of these happened at any scale.

And we were unlucky.

Paul Krugman: