Revisiting the defiant ones
It was almost like watching a scene in a B-grade monster movie. Just before being attacked by the monster mutant, the victim empties his revolver into the beast and then, in one last futile gesture, throws the gun at the creature before being devoured. That scene captures the plight of Federal Reserve Board Chairman Ben Bernanke as he announced the Fed’s latest attempt to jumpstart the sluggish U.S. economy. The new gambit is far weaker than Bernanke’s previous initiatives, which centered upon maintaining artificially low interest rates for extended periods and “quantitative easing”— the practice of rapidly expanding the money supply in an attempt to bolster the stock market and facilitate lending.