Karl Smith is encouraged.
This is the minority view.
David Beckworth feels a bit let down.
Krugman is either damning the speech with faint praise, or praising it with faint damnation.
Delong minces no words: “This is very bad”
What we seem most likely to get is QE2. James Hamilton calculates that $800 Billion of it will get us 13 basis points on long bonds. Why bother? (Same vid I linked to yesterday.)
I see no reason for optimism.
I remain sceptical. What do you think?