The Fed's $2.8 trillion "quantitative easing" program has, among other things, lifted stock prices to record highs, driven interest rates to record lows and put a floor under what had been a reeling housing market.Sadder still to see the results of Pew's research on the public's general science knowledge and general news knowledge, two topics that little old yours truly, nearly 20 years out of college and fully engaged in a full-time-and-then-some job, scored better than 93% and 99%, respectively, of the US population.
Yet barely a quarter of Americans even know what it is.
A poll leading up to the Fed's pivotal decision, expected Wednesday afternoon, found just 27 percent of U.S. adults could correctly pick the correct definition of quantitative easing from among five possible answers.
Twelve percent of respondents thought QE was a computer-assisted program that the Fed uses to manipulate the dollar. Another 11 percent thought it was part of the Dodd-Frank Wall Street reform legislation enacted following the crisis.
To be sure, two of the more popular incorrect answers - "a way the Fed makes it easier for commercial banks to borrow money from Fed and relend it to consumers," and "when the Fed repeatedly lowers its official interest rate" - were in the right ballpark.
Friday, September 20, 2013
Keep in mind that each of us share one vote (not counting Democrats, felons, and dead people, but I repeat myself) with these "low information voters":