When Paul Krugman stepped outside this morning

(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at: lawrence@krubner.com

This is good:

There are actually multiple revelations in that article. For one thing, it attacks not just QE2, which was about to commence, but QE1 — the Fed’s intervention during the chaotic post-Lehman period — which is generally considered to have been quite effective. Their evidence to the contrary? “QE1 failed to strengthen the economy, which has remained in a high-unemployment, low-growth slump.” Also, when I stepped outside this morning, it was cold, so I put on a coat — but it didn’t work, because it was still cold.

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