No they haven't. They have drastically failed to meet even the projections of the politicians trying to ram them through. Just as the New Deal expanded the Depression, this will expand this recession. Adding to that, that fiscal spending has increased the decline of the dollar, which along with QE1 and QE2 (which will end up totaling over $2 trillion) might just take the USD out as a reserve currency- if that happens, then things are going to get even worse, not better. It is easy to buy into the utopian delusions of politicians, but the market knows what is happening.
Germany has actually bashed us twice in the past week for too much stimulus. They have spent less to "boost" the economy as a percentage of GDP and at the same time, they have one of the stronger recoveries. The idea that government can create prosperity is quickly dying. If we don't kill it and turn things around, then the market will do it for us and it won't be nearly as pretty. Wait and watch is all I can say if you still think the stimulus and QE is helping.
Have you been paying attention the last two weeks? Everyone is yelling inflation- potentially hyperinflation and I'm not talking just the Austrians- you have people like Bill Gross saying the USD can fall 20% in the next few years and even people like Warren Buffet, Joseph Stiglitz (a Keynesian nobel winner), and tons of others saying QE2 won't work.
And we don't have deflation. What measure are you using to say that? I am assuming the Federal Reserve spoon-fed one- the core CPI? The "core CPI" does not account for any of the things that actually matter such as food, energy, etc.- the things we use everyday because the people behind the core CPI believe they are "too volatile." Well volatile or not, the everyday person buys those things the most and certainly before all of the luxury b.s. we don't need. Factor in the prices counting the things that matter and we don't have deflation. Furthermore, consider the fact that certain prices have stayed similar simply due to competitive devaluations by China, etc. and it becomes apparent that even in those few markets, monetary inflation is still there- it is just there on both ends and obviously, that can't last.
Tell me it's misplaced after you address the concerns I just gave you. At the end of the day, the big Wall St. players- I'm talking Goldman, etc.- know what is happening and they will make smart moves to save themselves. The poor man and the middle class will get screwed once more and some idiot politicians will blame the big banks again even though Fed policy and the government drove markets in the wrong way and the banks just realized it and saved themselves.
