(2)The following is a statement from a major US newspaper during the great recession. Evaluate the statement. Be specific. Don't be shallow. I expect to see the discussions on both short run and long run, policy effectiveness and policy ineffectiveness. Make your assumptions clearly for the discussion.

"This pedal-to-the-metal quantitative easing the Fed is doing is absolutely disastrous. Never in US history has the money supply increased this fast for this long. History is filled with examples of where this ends - post-war Germany for one. We need to end the monetary extravagance immediately."