There’s not much juice in these minutes from the last FOMC meeting aside from the fact that these maniacs are still discussing the various ways in which monetary policy (largely impotent during a balance sheet recession) can boost the economy. They said:
“Participants also discussed the medium-term outlook for monetary policy. Some participants noted that if economic growth remained too slow to make satisfactory progress toward reducing the unemployment rate and if inflation returned to relatively low levels after the effects of recent transitory shocks dissipated, it would be appropriate to provide additional monetary policy accommodation.”
You can essentially read this as saying:
“QE3 is very much an option at this point”
I guess if we keep throwing enough sh*t at the wall we’ll eventually just knock the wall down. And between the debt ceiling fiasco, the withdrawal of fiscal stimulus and the ridiculous obsession with failing monetary policy, that appears to be the goal here. Maybe if we actually knock the wall down this time we can actually start building it back from the ground up. WITHOUT THE HELP OF THE PEOPLE WHO CAUSED THE CRISIS IN THE FIRST PLACE!