If you think Ben Bernanke is going to improve things, don't hold your breath.

The Federal Reserve is un-American. Its independence is a sham or irrelevant - take your pick.

Alan Reynolds of Townhall.com puts the problem succinctly.

Central banking is the last refuge of central planning -- the notion that a group of experts can meet in secret and plan the economy from the top down. But this is a game played without any rules. We speak of the "art of central banking," as though it is akin to a magic show. So long as a central bank doesn't mess up too badly, we tend to almost deify central bankers. When they do mess up, many then argue that we must have deserved the pain and suffering as penance for the good times.

One well-known problem with this magic show is called "recognition lag," and it often results in "overshooting" -- pushing interest rates too high or too low for too long...

The bottom line?

To avoid lurching back and forth between brake and accelerator requires great caution and foresight. Rules would be better, but there are none. Monetary policy is a euphemism for whim and caprice.