In response to:

Even The Fed Doesn’t Believe It’ll Work

John_Selden Wrote: Sep 23, 2012 9:53 AM
The federal government wasn't intended to "solve all our woes", that's our job. Their job is far narrower than that and the Fed's only job should be to maintain a stable dollar.

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...