We have a ways to go before we reach bottom ...

Together with other Fed programs, the aim is to lower borrowing costs for consumers, businesses and the government. More borrowing and spending, in turn, would bolster the impact of the fiscal stimulus package passed in February.

Unfortunately, there is no guarantee that this will work. With unemployment rising, debt loads high and household wealth falling, consumers may be reluctant to resume spending anytime soon, no matter how low rates and prices go. And even if consumers and businesses want to borrow, banks — stung by their own losses — may not be willing to lend.

The Fed Does Battle, Again
The New York Times Editorial
Published: March 20, 2009

Is the Fed crazy? Borrowing and spending what we borrowed got us into this mess. Somehow the financial sector brilliant idiots still think that their pieces of paper actually create wealth ... and not the illusion of wealth ... the bubble.

Until folks are working at jobs that actually create wealth — the goods and services that have value in a transparent and well-regulated market (everyone uses the same weights and measures, for instance) — and are paid a fair return for their labor — the mental and physical effort used in creating that wealth with its historical investment — there is not going to be a turn around.

And as we are still losing jobs faster than we are creating them ... we still have a ways to go before we hit bottom.