In its way, this is the most radical paragraph in the speech. Rather than the conventional diagnosis of: long recovery from the shocks of 9/11, then unfortunate excesses showing up later on, Obama says: the whole approach was illusory and wrong. This is a familiar observation for market-analysts who note the flat returns through the decades as a whole, and for economists who point out the polarization of the economy and loss of jobs through the 2000s. But you don't often hear presidents state something this firmly.

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