As a former subscriber to his newsletter, I'm glad to see Doug Henwood is back to serious blogging with this great post. He takes a swipe at the technocratic left (economist Brad DeLong was offended) and calls for real spending jobs programs, not just more monetary easing (or actaully, he seems to expressly oppose those sorts of things).
Actually, though, Henwood swipes too much his spade. The center of his criticism, Yglesias, also calls for infrastructure jobs programs, as do DeLong and others on the technocratic left. And sadly Henwood often makes mistakes like that, it seems to be part of his basic schtick, as with Green Partyiers who refuse to see any differences at all between Republicans and Democrats. But if you ignore his personal attacks on those infidels who are only slightly (if at all) less left than he is, much of what Henwood says is good.
In fact, it may be Henwood who is the conservative populist at heart, and more conservative than the others, by opposing monetary easing.