It's funny how Reddy is apparently so worried about the Fed's credibility when it comes to its mandate to keep inflation low and stable, but does not mention the Fed's other principal monetary mission - namely to pursue policies for maximum employment[1]. "Unemployment" is mentioned once in that piece, and "employment" not at all.

[1] - http://www.federalre...hefed/mission.htm

"OMG!!!! The Fed might lose credibility!!!! In the mean time, cut my taxes."

:-/

Cheers,
Scott.