Double, Double, Toil and Trouble
In the beginning of Act IV of Macbeth, Shakespeare presents the reader with the image of three witches creating a mysterious brew by combining all sorts of strange ingredients.
It reminds us of today’s economic policy making as the administration, the Fed and the Congress are attempting to brew an economic recovery by throwing together all sorts of measures. They are doubling down on policies, which to date have not proven effective. Instead of the witch’s eye of newt, lizard’s leg and gall of goat, we have stimulus, QE, healthcare regulation and tax increases.