Taylor Versus Bernanke

Stanford's John Taylor, for whom the Taylor Rule on interest rates is named, really nails Ben Bernanke in this brief blog post. Well worth reading, even if it gets a little abstruse: "This implies an interest rate of 1.5 X1.4 + .5X(-4.4) + 1 = 2.1 + -2.2 +1 = 0.9 percent."