People, looser monetary policy is fine, but the Fed can't simply will the economy to any level of employment and output.
if he had said "one thing" instead of "fine" he'd have had a point, although perhaps not the intended one.we know that human action is the precursor in economic cause and effect. it would seem pertinent to discuss this principle in light of, for example, bankers sitting on excess reserves. or, in this case, the uselessness and counterproductivity of the fed. has cowen enlightened us after all?
Loose monetary policy *is* fine. Fine for George Soros and Jamie Dimon that is. Not so fine for you and me.
It achieves a psychological fix. It's not economics related.