Fine Tuning

I have to laugh. Bernanke, with a straight face, claims that he is going to fine tune the “recovery” by adjusting the amount of QE, dynamically, based on the employment numbers and other economic data he receives. I can’t believe that people can sit there and listen to this crap without breaking out in laughter – or tears, perhaps – as this guy is obviously delusional. Even if the economy were responsive to QE – which it clearly isn’t – to try to control it based on lagging data with a policy mechanism that takes months or years to have effect is clearly nuts, as any engineer who was awake in control theory will tell you.

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