The NYT article is peddling information and commentary based on the wrong premise.
The reason why the economy is STILL not recovering is not because the FED has not done enough. The reason is one simple one that has several implications. The SOLE reason is the uncertainty of the November election. Consumers, citizens, corporations, small business owners, employers aren’t sure the horrible reign of the CES Obama is going to end. With that uncertainty:
1. consumers/citizens – are not seeing a recovery of the economy and thereby their wage earning capability. Depitalism which is still a factor for most households is weighing on them from previous years of bad fiscal policy in the home. Debt STILL needs to be paid down. Common tactics of the past to remedy debt like a second job are difficult to locate and secure. The “let it ride” has come to fruition. This doesn’t even deal with the reality of unemployment or under-employment which is a very real reality of many households. Looking ahead, the skies are gray and citizens don’t know what that means.
2. Corporations/small business owners/employers aren’t sure about the economy and even the short term status. Hence, no new jobs and continued downsizing and realignment and other positive spin words that has the bottomline of wrenching costs lower and lower. Consumers aren’t relying on depitalism to purchase employers’ products like they have for at least ten if not twenty years.
As long as all the parties involved in the economy feel their is the slightest chance of CES Obama finagling a second term, we will continue to see and feel the realities of an economy that will not heal, strengthen and improve.