While we should try to improve mortgage standards and deal with the specific problems that the crisis has brought to light, the wholesale regulation of the financial system, based on the false premise that the core of the system is flawed, would give us the worst of both worlds: no growth and no stability.

ECONOMIST: An alternative history lesson

As it stands the current policy of engaging in large asset purchases but then signaling that the Fed will keep core inflation below 2% seems to have a bit of the worst of both worlds.

FORBES: Miles Kimball on QE