I was struck by an interesting thought yesterday as I watched the CNBC reports. The reporters cited a recent poll of leading economists and investors on the question of whether the Federal Reserve would engage in another round of 'quantitative easing' (basically buying up as much Treasury debt as needed to keep--they hope--this feeble, barely detectable recovery going). The overwhelming majority think that it is a moot question and that the Fed will move on to QE2 as they call it. That isn't the interesting part of the poll. What is interesting to me is that most of the respondents think it won't be effective. My question--why do it if it won't work? These guys remind me of the characters in so many sci fi movies who continue to fire their weapons with abandon though the monsters are impervious to them. They can't think their way out of a wet paper bag much less the ideological box in which they are imprisoned.