Charles Lane Is Unhappy That the Fed Is Taking Steps to Create Jobs

People are used to strange statements on the economy in the Washington Post, hence we have Charles Lane's column complaining about the Fed's "trickle down" economics. Lane somehow has the idea that the main way in which the Fed expects its latest commitment to low interest rates and quantitative easing to create jobs is by raising stock prices. He would know better even if he just read the Post's business section.

The main ways in which the action is supposed to boost demand is by reducing mo...