Will the real Bullard please stand up? They know NOTHING!!!

He is a voting Fed member....be afraid, be very afraid.  My Golden Retrievers have more sense than these guys have; at least my dogs know where their next meal is coming from.

June 2010,  Fed President (St. Louis) Bullard:

"As of the first quarter of 2010, real GDP stands just shy of the 2008 second quarter level, so that growth of about 1.25 percent would be sufficient to allow real GDP to surpass the previous peak. At that point, the U.S. economy would be fully "recovered" from the very sharp downturn of late 2008 and early 2009. To be clear, the 1.25 percent is a quarterly number, and would be 5.0 percent at an annual rate. Although I think that 5.0 percent at an annual rate is too much to expect for current quarter real GDP growth, it seems like a reasonable possibility over the next two quarters combined. Given these conditions, I expect the U.S. recovery in GDP to be complete in the third quarter of this year."

From the WSJ TODAY:

Mr. Bullard said the "appropriate tool" for tackling a deflation threat when interest rates are zero is to expand "quantitative easing," a policy of buying longer-dated debt, including government debt. The U.S. and the U.K. both applied variations of this policy amid the recent financial crisis, and Japan has tried to do the same at different times. In the past year and a half, the Fed bought roughly $1.7 trillion of government and mortgage debt.