delong sez he channels volcker

"Paul Volcker wants to say six things:

1. The Federal Reserve needs to become the single centralized boss regulator of the American financial sector.
2. If the Federal Reserve has a single mandate to maintain price stability, it is highly likely to also be able to conduct effective countercyclical policy to achieve maximum employment.
3. If the Federal Reserve takes its "dual mandate" seriously, it is likely to fail at both parts of the objective.
4. Both Quantitative Easing and forward guidance promising extremely low interest rates need to end soon.
5. The Federal Reserve cannot compensate for failures of policy outside its proper domain and fix the problem that the economy is depressed, and should not try.
6. The fact that the economy is depressed is principally the fault of the Republicans in congress blocking sensible fiscal policies."