The Cameron government is a very, very special. To get well to Herbert Hoover’s right after seeing the consequences of austerity the first time is really amazing.
Or one can put it this way. The reaction of the Obama administration has been bad, indeed inadequate enough that it could well torpedo his re-election — probably leaving stimulus money on the table, failing to use appropriated funds to assuage the housing crisis, and most importantly letting vacancies at the Fed linger on and on. And yet, compared to his British and European counterparts he looks good. And while on the first and third points Obama faces serious constraints because key veto points are controlled by wingnuts, Cameron was free to do pretty much anything he wanted, and what he wanted to do was to sink the British economy in the name of a policy that doesn’t even make any sense in theory.