The Fed’s announcement of a third round of quantitative easing — QE3 — was one of the topics over lunch today. There’s a broad range of opinion about the impact of monetary policy, in general and in current circumstances, but most of us here think the effects of quantitative easing are likely to be modest. Stan Zin put it best: ”It reminds me of that old carpenters’ joke: I cut the board twice and it’s still too short.”
