This Arvanites guy is totally out to lunch. QE3? Really? You just wrote an article saying how good quantitative easing is? Arvanities - Do you understand what devaluing the dollar means? How has the other rounds of quantitative easing worked out for the American people?

" I support the aggressive steps taken by the Federal Reserve to attack unemployment.
Traditionally, the Fed has been the nation’s guardian against inflation. " those first two sentences make no sense, how can you possibly say the fed traditionally is a guardian against inflation? When the gold standard was nixed and the fed started printing money with nothing to back it, thats when inflation soared and has ever since.. Gold was $50 and oz. look, at the price today...thats litterally the definition of inflation haha the federal reserve is the direct cause of inflation not a gaurdian against it, common sense....when you print money out of thin air you increase inflation no ifs, ands, or buts. The federal Reserve is a private bank with the power to control americas money supply! Central banks are a very dangerous thing! Thomas jefferson is quoted saying "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

John,
If the blue dog Democrats in your party didn't run this state for most of the last 60 years, then perhaps the right steps would have been taken along the way thereby reducing the unemplyment rate of our district and state. Unfortunately, dogs and dead peoople figured out how to vote, and they always vote Democrat in NJ, especially in Hudson County!!! (I can say that because I grew up there.)
QE3 and more jobs in research, infrastructure, and education are not essential right now. Didn't Obama already promise that these types of shovel-ready jobs would boost the economy? Oh, I guess you forgot about Obama's "recovery summer back in 2009 and 2010".
We need free-market, private sector jobs to be created, and that only happens when big government Democrats go away taking with them all of their regulations that restrict businesses from thriving. The pro big-business agenda should be the only agenda given consideration. "We the people" not "we the government" built this country into the most prosperous one on the face of the Earth through freedom and individual liberties. You know....., the reasons why your Greek and my Italian familes came to this great nation in the first place!!

John: If you want more employment how about reducing the size and scope of government so the free enterprize system can generate economic growth and jobs. At this point governmen is in the way of the job makers. We have has about three or four years of goverment masivley "priming the pump" by spending money it does not have and nothing to show for it but more debt.

Robert, you got me completly wrong, its the endless spending promoted by both parties of this country that has lead us too here. i agree with you on many points. In my opinion though the federal reserve is one of the most dangerous and destructive forces we have in our country today.

John Arvanites uses the Patch as a free way to get press. Usually this is just to espouse his partisan positions and say those other guys are really bad.

The Federal Reserve has added more than $2 trillion to the base money supply since 2008 – an unprecedented number that is intended to cover their deep losses and spur lending & investment. Instead, as banks continue their enormous deleveraging, almost all of their new money remains at the Fed in the form of excess reserves. Corporations are holding the largest amounts of cash, relative to assets and net worth, ever recorded. And yet, despite what pundits claim about strong balance sheets, firms’ debt levels, relative to assets and net worth, also remain near record-high levels. The velocity of money (the frequency at which money is spent, or GDP relative to base money) continues to plunge to historic lows this offsets any impact of monetary policy. Federal Reserve manipulation of interest rates, however, does not influence time preference, even though it signals such a change. The resulting inconsistency creates distortions: as with any price control, capital receives an incentive to flow to investment that is inconsistent with actual supply and demand. The Fed, in the long run, simply cannot direct entrepreneurs to lend, borrow, and invest; investment capital will inevitably shrug when faced with oppressive manipulation of free markets. When that happens, we see the true result of loose monetary policy: not the creation of more economic activity, but the destruction of the natural mechanism of economic coordination and adjustment, robbing the system of its resilience