Karl Denninger gets another nod here. His comments on the minutes of the FOMC (Federal Open Market Committee) meeting are a hoot. From the FOMC minutes:
The information reviewed at the August 9  meeting indicated that the pace of the economic recovery remained slow in recent months and that labor market conditions continued to be weak. In addition, revised data for 2008 through 2010 from the Bureau of Economic analysis indicated that the recent recession was deeper than previously thought and that the level of real gross domestic product (GDP) had not yet attained its pre-recession peak by the second quarter of 2011.
Karl Denninger: “Translation: Nothing we did was effective.”
Source: Karen De Coster