Real higher wages can't be created with a government fiat. Worker productivity must first be increased through greater investment.

With each passing recession, the Fed finds it harder to refuel the last bubble, but the market moves on to the new bubble as the Fed keeps interest rates artificially low.

Over the years a chorus of critics has alleged that the textbook view of how a central banks buys government debt in "open market operations" is backwards. They argue that in reality commercial banks take the lead in making loans without regard to their reserves.