In his inaugural address in January, Barack Obama warned of the "gathering clouds and raging storms" around him. His observation was unexceptional. Barely a commentator in the land overlooked the parallels between Mr Obama's impending presidency and that of Franklin Delano Roosevelt in 1933 - each inheriting vertiginous situations.

That was only 11 months ago. Mr Obama began his term in the midst of the biggest economic maelstrom in two generations and a climate of panic. He ends his first year on the calm seas of an economy that has returned to moderate growth and a financial system returned to solvency (in the case of bonus pools, too much solvency for most people's liking). No longer in a panic, right and left are now merely complaining. Situation normal.

It is worth remembering this turnround as critics on both sides pour cold water on a presidency so many have written off. On the left, liberals believe Mr Obama has betrayed the liberal cause. On the right, they believe a big government liberal now rules the roost.