It's a tough job.
The Purpose of the Fed as per wikipedia is to stop financial panics. 1907 was a big one and the Fed was created in response to this. So let us see if the Fed is doing what it should be doing
To address the problem of banking panics
...from what is happening in the markets the Fed is causing a banking panic
To serve as the central bank for the United States
...seems to serving China more than the USA
To strike a balance between private interests of banks and the centralized responsibility of government
...the fed bailed out the banks so they could pay bonuses and so served the private interests of a few bankers
To supervise and regulate banking institutions
...regulation is getting worse and supervision is about the same; thank goodness UBS isn't US based
To protect the credit rights of consumers
...the foreclosure debacle indicates anyone who has debt should be saved so yes they are helping out the indebted
To manage the nation's money supply through monetary policy to achieve the sometimes-conflicting goals of
...given anyone out of work more than 12 months is excluded from the stats, the Fed is way off full employment. The only people who have jobs are bankers.
stable prices, including prevention of either inflation or deflation
...inflation pumping away at 5% this is a big failure
moderate long-term interest rates
...what rates are those? Twist and shout
To maintain the stability of the financial system and contain systemic risk in financial markets
...the most volatile markets for years (VIX) so a big flop there
To provide financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation's payments system
To facilitate the exchange of payments among regions
...a big tick
To respond to local liquidity needs
...a big QE tick
To strengthen U.S. standing in the world economy
...mmmm, not looking good from where we are
2/10 is a poor showing.
Bernanke is useless. He should be the CEO of UBS where he would feel at home.
Anything to do with poker.
Anything that is hard to the touch.
Operation Punk Rock is just around the corner.