SO WE HAVEN’T RECOVERED YET? “In her first monetary policy speech as Federal Reserve chair, Janet Yellen said Wednesday that the nation’s economic recovery will be nearly complete within two years, but cautioned that the economy still needs the central bank’s support.” This has to be the slowest “recovery” since the Great Depression.

Related: Points and Figures: It Wasn’t A Financial Crisis, It Was A Systemic Run. “Current policy has guaranteed debt. The US has instituted program after program and the Fed has actively pursued activities that hold interest rates low. All this does is create poor incentives. Banks can game the system and run around any regulation. Regulation has also crushed competition, leaving Goliath banks. Cochrane says it plainly, ‘Too big to fail means too big to lose money, and too big to lose money means too big to compete.’”