"It's the Uncertainty, Stupid"

Tom Blumer, writing about Ben Barnanke:

But there’s only so much Ben and the Fed can do. In Congressional testimony, Bernanke essentially admitted that he has done virtually all he can:

[E}ven as the Federal Reserve continues prudent planning for the ultimate withdrawal of extraordinary monetary policy accommodation, we also recognize that the economic outlook remains unusually uncertain.

The key task for Obama and the Congress is to smooth the path for business hiring by reducing regulatory uncertainty.

This isn't rocket science. It's very basic political economics.

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