“Quantitative easing has amounted to an audacious experiment in trickle-down economics. Among other things, it has artificially boosted the stock market in the hope that enriching a few — the top 1 percent of American households owned 42 percent of the nation’s financial assets in 2010 — will help the many. Meanwhile, retirees who don’t dare buy stocks have seen their modest bank deposits stagnate with interest rates near zero. Economists hate to admit it, but the profession is as much faith as science.  Counting on monetary policy to secure full employment is like attempting vascular surgery with a dull ax.”

http://www.nytimes.com/2013/08/21/opinion/wanted-a-boring-leader-for-the-fed.html?_r=1&

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