“I got a fever, and the only prescription is more cowbell quantitative easing!”
The Wall Street Journal Opinion page made a comparison of the Federal Reserve Chairman Ben Bernanke policy to that of the above Saturday Night Live skit.
In a famous “Saturday Night Live” skit, Christopher Walken plays a legendary rock music impresario whose advice, his only advice, to a young band is “more cowbell.” The actor Will Ferrell furiously pounds away on a cowbell but it’s never enough for Mr. Walken, who ultimately shouts, “I got a fever, and the only prescription is more cowbell!”
Federal Reserve Chairman Ben Bernanke must be a fan of that skit because he is applying the same logic to monetary policy: The economy isn’t growing fast enough, and the only prescription is more money
