Former WSJ Fed-watcher Greg Ip in The Economist:
Mr Bernanke also seemed intrigued by a programme announced last week by Britain’s treasury and the Bank of England under which the latter would make low-cost long-term loans to banks provided they then lent to business and individuals.
The plot may need help from Congress but Operation Twist doesn’t end until after the election so that’s a possibility. QE is clearly not the silver bullet the Fed hoped because it has done almost nothing for the lower rungs of the economy where people have no access to credit.
