Let's be realistic about what the Fed can do for the economy - The Term Sheet: Fortune's deals blog Term Sheet

Let's be realistic about what the Fed can do for the economy - The Term Sheet: Fortune's deals blog Term Sheet: But even if the Fed commits another trillion dollars or so to QE3, what difference will it make? Not enough, I fear. The country needs a sustained boost to demand, an end to the housing bust, and a resolution of the European debt crisis, none of which the Fed is in a position to deliver. While third-quarter growth appears to be picking up a bit -- retail sales jumped in July -- for the year as a whole we will be lucky if the economy expands by 2%, which is pretty pathetic for the third year of a "recovery."