The Federal Reserve is incompetent
“Fed says economy is losing strength, takes no new action” is a headline on WashingtonPost.com today. It is not satire. It is an accurate description of the Federal Reserve Open Market Committee’s disappointing and illogical decision to forgo further monetary stimulus in the face of the economy’s negative outlook.
Many have long since been wondering what the Fed is waiting for to act. After today’s frustrating and puzzling announcement, the answer, as Betsey Stevenson hinted at, is looking more and more like “a Mitt Romney presidency.”
Anyway, here are some snarky tweets from economists: