Jack Reed actually said...

The labor market is very weak but the declines might be tempered a bit because of the availability of extended unemployment benefits.

Many economists indicate that that is a very wise investment, since for every dollar of benefits, you get roughly $1.60 in GDP growth.

In fact, the Open Market Committee indicates that it could reach 9.2 percent in 2009 and 2010.

I think what my colleagues have said is that despite the first step by the Federal Reserve, we have to be very, very sensitive to the capaci...