Attention Ben and other Federal Reserve officials.
Here are the instructions for your 'actions' after the end of your two day meeting.
1. Do nothing.
2. Claim victory in your QE2 effort - you succeeded in reducing long term interest rates to levels not seen since the 1950s or prior to the 1930s when America was on the gold standard. The dollar is stable and emerging market currencies that were too low have risen in value. Inflation is well under control, being in the rough target range.
3. Issue a statement that correctly blames Congress and the President for the current stagnation: (A) they utterly failed in doing anything to help the housing markets or the job prospects for Americans or aid small business in getting simple loans; (B) they have utterly failed in real tax reform; (C) they utterly failed in spending reform; (D) they utterly failed in financial reform; and (E) they squandered the 2009 "stimulus" money on worthless pork and bailouts of profligate states.
4. As a coda, tell the Republican leaders to keep their snouts out of your job until they show a modicum of success in doing their own jobs.
5. Urge all 'leaders' in the Dark City to read this blog to find truly new ideas and solutions for America's problems.
The pamphlet goes to the printer today; planning a distribution by mid October.
Word of the Day
"Subjoin" - verb, transitive [$10] from Marshal's "Life of Washington". Also used by Dickens in "David Copperfield".
Subjoin means to add or append (an illustration, anecdote, etc.) at the end.
Sentence: Bunkerman subjoined a small blurb for his booklet to today's blog post.