When Will Wall Street Call for More Federal Spending?

Juicing the economy back to health (notice I didn't use the "s" word Republicans have now vilified) will require at least $700 billion in additional federal spending this year and next. (This number takes account of state and local government cutbacks as well as well as the current shortfall between current economic activity and the economy's productive capacity at or near full employment.)

But this magnitude of additional spending isn't feasible in the face of Tea Party Republican intransigence. Hell, Republicans won't even spend additional money on flood and hurricane relief. The Tea Party obsession about the federal deficit and the size of the government is prevailing.

Not only is this obsession keeping millions of Americans out of work, it's also starting to bring down the Street.