While admitting that the Fed "doesn't fully understand" all the reasons behind the slower pace of growth (though it could be due to "bad luck"), the following 10 statements from Ben Bernanke's final press conference seemed to sum up perfectly the message he wants everyone to understand (and perhaps some he doesn't)...
*BERNANKE REPEATS TAPERING DATA-DEPENDENT (we can always come back)
*BERNANKE INFLATION CANNOT BE PICKED UP AND MOVED WHERE WANTED (hhmm)
*BERNANKE SAYS MONETARY POLICY ISN'T A PANACEA (wait what?)
*BERNANKE SAYS ACTION TODAY INTENDED TO MAINTAIN ACCOMMODATION (ok great)
*BERNANKE SEES CONCERNS OF QE IMPACT ON ASSET PRICES (but no bubbles right?)
*BERNANKE REITERATES HE WAS 'SLOW TO RECOGNIZE THE CRISIS' (but you got it this time right?)
*BERNANKE SEES FED FUNDS RATE BETTER TOOL THAN QE (not for the equity markets it would seem)
*BERNANKE SAYS BIGGER BALANCE SHEET INCREASES POTENTIAL QE COSTS (indeed)
*BERNANKE FED CAN'T IGNORE FINANCIAL STABILITY IN MAKING POLICY (but chooses to)
And the money shot for success...
"It requires, obviously, some luck and some good policy."