To my mind, the stimulus packages on Capitol Hill fail to strike these balances. They are broad but sloppy, too slow to make a quick difference and too enduring to avoid fiscal damage.

But another part of the administration’s economic strategy is being unveiled today by Treasury Secretary Tim Geithner, and at first blush the news is much happier. Geithner’s plan is huge but also disciplined. It’s designed by someone aware of government’s limitations…

The whole policy is still unfolding. But one gets the sense that it is being designed to fit the crisis, not a prefab agenda. Geithner is proposing a huge intervention, but at least he seems to be running against his natural instincts. If we’re going to have a finance czar, he should at least dislike the role.