Economic Principalsサイトを運営して経済コラムを書いているDavid Warshが、オバマとサマーズは危機当時に金融不安という本質を理解せずに財政政策に走った、という考察を示している

Obama ... could have explained that, while a decline in home prices was the proximate cause of the crisis, it was better understood as an increasingly frenzied search for safe assets coming near the end of a thirty-year global boom that had begun in the late 1970s.
Therefore, he might have said, there was no reason to take the crisis out on homeowners. His administration, he would have told listeners, had begun an urgent search for a way of freezing subprime mortgages at their teaser rate for however long was required to avoid mass foreclosures.
Only then would he have moved on to the difficult topic of stimulus – the deficit spending he was asking Congress to authorize to counteract the rapidly deepening recession, which has been aggravated by a breathtaking if quickly reversed decline in world trade. And he would have warned that similar difficult choices lay ahead for members of the European Union.
True, the leaders who halted the stampede — Bernanke, Geithner, Paulson, and their respective teams—didn’t understand themselves at first what they were up against. No one had seen a banking panic in the US for seventy-five years. They were thought to have become impossible. Four days were required to get government departments on the same page; another two weeks to persuade Congress it had no choice but to act.
But by Inauguration Day, those who had battled the panic had a pretty good idea OF what had happened and why. Bernanke, Paulson and Geithner told their stories last week at the Brookings Institution in a remarkable two-day conference on the tenth anniversary of the panic.
Obama, on the other hand, either did not have a good grasp of the situation, or he did and chose to ignore it. Obama had hired Hillary Clinton’s campaign economic advisor, Jason Furman, after he defeated her in the spring; he signed former Treasury Secretary Lawrence Summers as his chief advisor on the Friday after Lehman.
That’s not to say that Summers is a bad economist. But he clearly does not share the Bernanke-Paulson-Geithner view of what was distinctive about the crisis. Summers helped persuade Obama to support the gauzy Troubled Asset Relief Program appropriation known as TARP that President Bush requested that Friday morning. And Obama never reversed himself on the campaign trail. But he had little or nothing to say about the rescue of the financial system
Instead, “stimulus” had become the mantra of the Obama team even before the election. The only question was how much could Congress be expected to approve? The Congressional Republicans, who had no better version of what had happened to take to voters than did the Obama team, hit the warpath.