The Fed has by no means done all it could, partly because it was more concerned with hypothetical inflation than with real unemployment, partly because it let itself be intimidated by the Ron Paul types.Time to get out of your ivory tower, dude. Have you been to the gas station or grocery store, looked at your electric bill, or even been out of the house lately?
I don't know about this guy, but ever time I turn around, something is more expensive than it was last week, last month, or last year.
The problem with Krugman is that too many people take his word as gospel, when it should be relegated to just another left-wing nut trying to form a economic theory through liberal filters. Doesn't work.
And don't defend him because of his Nobel Prize. These prizes are now not worth the paper they are printed on (even though the recipient gets a huge amount of cash.)