Fix those and Bernanke will go back to worrying about inflation.
12 USC Sec.225a -CITE-
01/03/2012 (112-90)
TITLE 12 - BANKS AND BANKING
CHAPTER 3 - FEDERAL RESERVE SYSTEM
SUBCHAPTER I - DEFINITIONS, ORGANIZATION, AND GENERAL PROVISIONS AFFECTING SYSTEM
Sec. 225a. Maintenance of long run growth of monetary and credit aggregates
-STATUTE-
The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.
“...promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”
Seriously, you think this is what QE3 is doing? Get real. It will do little or nothing for employment. If it creates jobs, they will be minimum wage and part time. Commodities are going to soar while salaries remain stagnant or depressed. Interest rates are going to remain artificially low for as “long-term” as they can suppressed, and still have a dollar worth more than the paper they are printed on. Meanwhile, the large banks that are still holding billions in bad mortgage debt get another reprieve for their part in all this corruption. Excuse it anyway you want. Bernanke is a thief, and creating more debt to feed the habit of debt isn’t a cure. It will be the thing that kills us.