That's not fair to Alan Blinder and Laura Tyson. Come to think of it, it's not fair to Joe Stiglitz or Bob Reich either.
Alan and Laura concluded that the Federal Reserve held most of the cards, and that a long high-investment expansion was impossible without using major deficit reduction and Greenspan's fear of an exploding federal debt to induce a relative lowering of interest rates. They didn't morph into un-liberals, they struck the best bargain they could with an Overwhelming Force down on the Mall.
Joe and Bob did get marginalized by Bob Rubin, perhaps the most skillful bureaucratic politician I have ever seen. But they tried...
Brad DeLong