The fed needs to go back to having just a single mandate
of keeping inflation low.Clearly the 2nd manadate of maximum employment is far beyond their capability as evidenced by this massive,reckless money printing scheme that is clearly ill advised and not working.
Bernanke is between a rock and a hard ground. He said just after the election that Obama has no policies to support a recovery. This 8% payroll tax is going to really kill job growth, but for the short run looks good on the books. If Bernanke stops selling debt the market will crash. Now approaching 17T in debt, when will policy support job growth? and what will this debt do to the next two generations. Looking at the wastful spending by this administration Obama certainly doesn't care.
Bernanke and his coherts have no business manipulating asset prices as a means to achieve their mandates.It was a major mistake to give the fed the 2nd mandate of full employment since they don't have the capability to do so and are now attempting to use unconventional reckless methods that don't work.