The Fed has taken a number of fairly unprecedented steps to lift the U.S. economy out of its malaise. But there are some economists who think the Fed could go much further. And they may have finally found a willing audience over in England's central bank.
Will Romney make the choice that's most consistent with conservative orthodoxy and the bulk of his rhetoric over the last year? Or will he make the choice that's most consistent with a strong recovery as the deleveraging cycle plays itself out?
I want to explain why everyone is so excited about what the Federal Reserve did yesterday. But I want to do it without using the words "quantitative easing," because those words are almost designed to get you to give up and stop paying attention.
The Federal Reserve's announcement today is a very big deal. Think of it this way: The Fed is like the economy's tough, older friend. And it just said it's going to be there to back the economy up, come what may.