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The Case Against the Fed’s $600 Billion ‘Stimulus’

In a famous “Saturday Night Live” skit, Christopher Walken plays a legendary rock music impresario whose advice, his only advice, to a young band is “more cowbell.” The actor Will Ferrell furiously pounds away on a cowbell but it’s never enough for Mr. Walken, who ultimately shouts, “I got a fever, and the only prescription is more cowbell!”

Federal Reserve Chairman Ben Bernanke must be a fan of that skit because he is applying the same logic to monetary policy

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