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Fed policy suggests panic mode. Will anything it does help?
"History and detailed analyses of the problems underpinning America's prolonged economic malaise suggest these well-intentioned measures will again fail to secure a much better economic situation.""This is also behind the widening gap between economists urging the Fed to do even more and those favoring less."
At the same time, Bernanke said "monetary policy cannot by itself (deliver) what a broader and more balanced set of economic policies might achieve?"
They're absent. Fed bullets haven't worked so far. Increasingly they're delivering less bang for the buck. They're treading water, buying time, and as far as the eye can see "in policy purgatory" until the whole house of cards (Greenspan and Bernanke built) collapses. They've only got themselves to blame.
A Wall Street Journal op-ed piece headlined "Bernanke Unbound," saying:
Bernanke entered a "brave new world of unlimited monetary easing." He offered markets a bottomless punchbowl. At issue is will it help? Don't bet on it. Expect short-term relief at best. Long-term pain is a high price to pay.
His actions contradict his caveat that monetary policy "is no panacea." It can't save the economy by itself.
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