Exception to the rule.

A worthwhile, non-flamethrowing examination of the current economic malaise. The last line says it all.

[T]he slow recovery that we are experiencing from the recession that ended in July 2009 is an exception to the historical pattern. This can largely be attributed to the unprecedented housing bust, a proximate measure of which is the collapse of residential investment, which still is far below its historic pattern during recoveries. Another problem may be uncertainty over changes in fiscal and regulatory policy, or over structural change in the economy.

The legacy of the unprecedented housing bust calls into question whether in the future, expansionary monetary policy could make recoveries more consistent with the depth of recessions. Expansionary monetary policy in the past three years seems to have had only limited traction in stimulating the economy and speeding housing recovery. To catalyze full recovery in housing, we may need policies other than looser monetary policy.

But facts have never stopped the solons at the Fed, whose motto seems to be Print, Baby, Print! With all that entails for your ability to buy food and gasoline.