Jackson Hole, that is.

My quick summary:

1. Things are really, really bad.

2. The damage is cumulative; the longer this goes on, the worse the prospects for the future.

3. The Fed has the power to do a lot to help the economy.

4. While you can argue that there are costs to action, the case for major costs is quite weak, and in particular much weaker than the case for major benefits.

5. Therefore, what we at the Fed will do is, um, sit on our hands some more, and think very seriously about maybe, someday, doing something.