Lockhart on the tapes yesterday (non-voter):

*LOCKHART SAYS MONETARY POLICY CAN’T `BE SEEN AS A PANACEA’

Good start. How about ‘completely ineffective with regards to aggregate demand.’

*LOCKHART SAYS `DOWNSIDE RISKS TO GROWTH HAVE RISEN NOTABLY’

Even with ‘accomodative monetary policy’

*LOCKHART SAYS U.S. MAY FACE `LONG PERIOD OF SLOW GROWTH’
*LOCKHART SAYS `SLACK IN OUR ECONOMY IS RISING’

That is, it’s getting worse, even with 0 rates, QE, and all the other measures the Fed has taken to reduce interest income in the economy.

Not talk yet about being over taxed for the size govt we have.