I posted this on the Facebook page but had to post it here for wider distribution.
Ben "Chubby Checker" Benrnake says, "Let's twist again, like we did last summer."
Seriously, how does this help? 10-year rates are already 1.6%. Will 1.2% get banks to lend money? Not if the Fed Funds rate is zero.
Here's an idea - raise the funds rate and force the banks to work for a living.