But he was careful not to overstate the case: "The full promise of stem cell research remains unknown, and it should not be overstated" he said.

BBC: Another Bush policy overturned

Lest you think that I overstate the case, consider how the Obama administration already has used the power of the federal government to reward its friends and punish its opponents.

FORBES: Obama's Nixonian Enemies List On Steroids

The Case-Shiller index can sometimes overstate the magnitude of price increases because it includes foreclosures.

WSJ: Home Prices Jump 10.9%, Largest Annual Gain in 7 Years

They probably overstate the danger, but in any case we leave Mr Gray to speak for them.

ECONOMIST: The hubris of the West

Other economists say some aspects of the researchers methodology may have led them to overstate their case.

WSJ: Tech Supply Chain Exposes Limits of Trade Metrics