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He said "no" to QE3

Bernanke's Skeptics

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Richmond Fed President Jeffrey Lacker

Charlie Rose with Richmond Fed President Jeffrey Lacker - Aug. 24.

Lacker has voted against Bernanke at all 6 FOMC meetings so far this year. He reporters, ďMy sense is that monetary policy isnít capable of having a material effect on growth, or employment, or unemployment at this point." He added, "Iím in the camp of being a bit of a skeptic about more monetary stimulus at this time."

The Fed is encouraging large financial institutions to live dangerously. And the rest of us, not them, are going to pay.