Let's get real and fire the Fed!
Is the word "gutless" too harsh a description of the FOMC members? Or maybe I have it completely wrong, as it takes guts to take such a haphazard leap into monetary experimentation at such a critical time for the US and global economy. I think there is arguable evidence to suggest QE1 made some sense. But the evidence trail flowing from QE2 is increasingly confirming it has been a dismal failure for most of us.