Let me remind readers that, according to the Federal Reserve, the Federal Reserve's chief policy mission is:
[C]onducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates.
Emphasis mine. Clearly something here is badly amiss. The Fed has given up on easing further despite the fact that unemployment is approaching its highest level in 80 years, and despite the fact that prices are not stable but are declining.
Every Fed challenge team in the country better be arguing for more monetary easing. We're still looking at zero/negative inflation (deflation), and rising unemployment, and it's clear that fiscal policy won't step in (because people think the Treasury department should be run like a family budget, or something). Therefore, more aggressive monetary policy, please.
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