President Obama and his army of left-wing sycophants under General Krugman are trying to blame the lack of growth in the US (and the recession that has probably started already) on “contagion” from Europe. Nonsense. The US recession is endogenous and a direct result of the government policies that have rendered the US uncompetitive, compounded by misguided attempts to use fiscal and monetary policies to paper over the income lost as businesses shrink, disappear or migrate to friendlier shores.

Of course, blaming someone else is a time-honored political strategy. First it was President Bush, now it is the EU. I guess the light at the end of the tunnel may be that even the Fed is starting to realize that, perhaps, the economics textbooks are wrong.

Fed officials have been frustrated in the past year that low interest rate policies haven’t reached enough Americans to spur stronger growth, the way economics textbooks say low rates should.

Of course, I’m not getting into the insanity of trying to recover from an excess of debt by adding more… And whatever makes people think that a central bank controls employment, anyway?

So here we are, waiting for the Fed to QE or not to QE, knowing that at best it will pump up the stock market for a little while as the economy continues to roll into the ditch. I guess the sorta good news is, the higher they pump it up, the more room for profit on the way down.

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