I took Pete's recommendation and read David Wessel's book, In Fed We Trust, last weekend.  Pete's right: The book is exceptionally well-written and a very easy read.

(Full disclosure: I've known Wessel since he first came to Washington about a million years ago to cover the federal budget for the Wall Street Journal.)

But I was struck but several things that Pete did not mention in his post.  The most important by far is that the policymakers at the Fed and Treasury were largely flying by the seat of their pants as the credit crisis that led to the economic downturn unfolded.

It may only be the first of January, but after more than a week out of the office and a very successful effort during that time to catch up on some sleep, the year ahead is starting to come into better much better focus as far as Washington and economic policy is concerned.

So what will Washington do between now and Election Day when it comes to the economy?  If we’re talking about the White House and Congress, the answer is “not much.”