Say, remember the great success of the first and second rounds of quantitative easing, the technical term for printing money? If all you recall is increased inflation and a continuation of the economic stagnation of Obamanomics, well, you’re ahead of the Federal Reserve. According to CNBC, the Fed will probably approve QE3, thanks in part to the high unemployment that the White House insists isn’t all that high:
Federal Reserve officials are seriously considering giving the US economy—and especially the housing market—an added jolt with more quantitative easing. …
Two of the new voting members this year on the Federal Open Market Committee, which sets interest-rate policy, have recently suggested they would support more assets purchases.
San Francisco Fed President John Williams said that sustained high levels of unemployment, as forecast by many Fed members, “does make an argument that we should have more stimulus.”
Another new voter, Cleveland Fed President Sandra Pianalto, said in a recent speech that economic models indicate the Fed “should be even more accommodative than it is today.”
Double down on failure …
