Update: The San Fran Fed Asks What People Think Of QE3: The People Respond
On Friday, the San Francisco Fed, best known for such cutting edge research as "Why Is Unemployment Duration So Long?" (turns out it was Bernanke's fault), "US Household Deleveraging" which concluded incorrectly that "Going forward, it seems probable that many U.S. households will reduce their debt" (turns out completely wrong as consumer debt is now at a new all time record), and "This Time It Really Is Different" (turns out it wasn't), asked a simple question on its FacePlant page: "What effect do you think QE3 will have on the U.S. economy?" The people have now responded in a fashion that leaves little to the imagination. Actually, one thing is left to the imagination, namely whether the name of the one person responding that the $85 billion in monthly flow in perpetuity associated with QE3 is "not big enough" begins with Paul and ends with Krugman. Aside from that, in typical SF Fed fashion, no surprises at all.
From the San Fran Fed:
Incidentally, the poll is still open. Interested readers are welcome to share their thoughts with the house of doves that John Williams built (not that John Williams).
Update: Looks like quite a few people have shared their thoughts in the past 30 minutes. Compare before (above) and after.
Update 2: just gets better and better:
This is probably not what the Fed had in mind...