That the economy is languishing is no big surprise. The longer the debate goes on, the longer the economy will stall. But this is less than half our potential to grow. Yet it appears that the Central Bank has no clear gameplan to replenish the deflation of liquidity that it itself undertook last year. In fact, the Central Bank is still unwilling to acknowledge its primary roll in the economic downturn.
Bureaucrats never do.
It's called covering your kiester. But senators sitting around the horseshoe refused to grill the Fed chairman on his role in the downturn. As a result, market prices fell on news of the content-free hearing, sending a Bronx cheer to Washington. Commodity prices are falling almost everywhere. Ditto for most interest rates.