Contra Keynes

Some commentators have been attributing the recent signs of economic "bottoming out" to be the effect of aggressive government policy.  The efforts of the Fed and Treasury to inject $1 trillion into the money supply and stabilize the banking sector--both well under way--probably have played at least a little role in this.  But don't let the Keynesian proponents of the Obama stimulus plan claim this as their victory.  At The Times reports, less than 6% of the stimulus money has actually been paid out.  One may be tempted to make the argument that the expectation of stimulus money to be spent is the real cause of stabilization.  But this argument is highly speculative at best.