Three parallels stand out between the Hoover 1932 campaign and the one Obama is set to run.

First, Obama consistently deflects blame. He talks regularly of the problems he “inherited” from George W. Bush, for instance. Hoover had the same kind of argument, only he blamed Europe…

Second, Obama talks only about inputs, never about outputs. Watch for this next time he holds a press conference or some kind of public forum. Whenever somebody asks him about the unemployment rate and why it is so high, he will inevitably get back to all of the programs and initiatives he has launched to deal with the problem. That’s a deflection because, of course, the programs and initiatives clearly haven’t worked…

Team Obama has not fully deployed the third Hooveresque argument, but as Ruth Marcus noted this week, it is coming:

“Forget hope and change. President Obama’s re-election campaign is going to be based on fear and loathing: fear of what a Republican takeover would mean, and loathing of whomever the Republican nominee turns out to be.”