With all the furor over the possibility of a high-speed financial meltdown, it’s been easy to forget that we still have the problem of a weak real economy, and a Fed that is having a hard time getting traction. And as I’ve pointed out before, we’re quite close to liquidity trap territory: the point at which open-market purchases of Treasury bills, the normal way monetary policy operates, don’t hav
![Liquidity trap watch](https://cdn-ak-scissors.b.st-hatena.com/image/square/cfb134edf543e94295d229f5224c8a8f1174c76d/height=288;version=1;width=512/https%3A%2F%2Fstatic01.nyt.com%2Fpackages%2Fimages%2Ficons%2Ft_logo_300_black.png)