• Sometimes when you keep digging a hole, it's a good idea to just put down the shovel.

    How many times have I told politicians to do that? I'm pretty good at lecturing them, aren't I?

    It's time I take my own advice. Because judging by the surging markets and increasingly improving economic stats... I was wrong. I was plain, old wrong.

    Wrong about stimulus that wouldn't stimulate — when it has.

    Wrong about targeted spending that wouldn't target anything productive — when it clearly is.

    I thought only tax cuts could do that. I was wrong.

    I thought infrastructure projects were a big waste. Turns out they're a big success: people building, people are moving and investors are buying.

    A great month just ended — an encouraging one just started.

    I guess I could cling to the view this is just a bear market rally and hope the data proves me right. But the data is not proving me right. Because my position against spending is wrong. And my position against a bigger government is wrong too.

    I feared what I could not see: Bigger government sometimes is better government. And I'm a better man now for admitting it. Because I'd be a bitter man for denying it.

    So I was wrong. And yes, a lot of liberals were right. Spending works and I was a fool to think otherwise.

    Which reminds me: Happy April fool's.

    Got you!

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