Breaking news: officials in our U.S. Federal Government do not know how to solve all our woes.
This actually shouldn’t be “news.” Leaders from none other than the Federal Reserve, itself, have repeatedly admitted this in recent months.
Fed Chairman Ben Bernanke has admitted this multiple times, and in a variety of different contexts (a point I’ll review momentarily). But last Wednesday, the President and C.E.O. of the Federal Reserve Bank of Dallas reiterated this point himself, and his announcements have largely been ignored.
In a Speech before the Harvard Club of New York City, bank President Richard Foster publicly...