QE2 Shows The Fed Has Failed; Has No Credibility

``While people can argue all day, fruitlessly, about whether the Fed’s interventions are of the right sort or wrong sort, too little or too much, and whether they “worked” or did not, the one thing no one can dispute is that the Fed has failed by its own benchmark–the most important of this economic crisis–whether it can ever exit them and return the financial markets to normalcy.''