Paul Krugman summarizes Ben Bernanke's, uh, action plan.
1. Things are really, really bad.
2. The damage is cumulative; the longer this goes on, the worse the prospects for the future.
The Fed is geared up to do something about all this, but is hesitant.
5. Therefore, what we at the Fed will do is, um, sit on our hands some more, and think very seriously about maybe, someday, doing something.
One commenter on Krugman's post may have hit the bull's-eye. Which is to say that I think he's right.
Have a nice Labor Day weekend. Or are you jobless and homeless still? Well... um...
It's been apparent for quite a while now, at least to me, that Chairman Bernanke is terrified of his board, terrified of Republicans in Congress, and terrified he might be criticized for ... well, anything. ...Charley James