Federal Reserve: Powerless

Bernanke spoke to congress today and said more of the same thing he's been saying for years:  "we'll be ready to act...." my question is, "doing what exactly?"

Interest rates are already at record lows and there is growing skepticism that, particularly in economic environments like we are in today, that lower interest rates really do much stimulating.  There certainly are winners and losers though.  From a macro perspective it seems that interest rate policies are a wash.

So there's nothing the Fed can do, and there is nothing congress can do because of our broken politics.   So, let's all cross our fingers that Europe stops digging the ditch of economic destruction any further....