Operation Twist was announced yesterday. Interesting back story -- there was a study put out in 2004 by three Fed heads to determine whether the first iteration in the 1960s served any meaningful end. The conclusion:
"Operation Twist is widely viewed today as having been a failure, largely due to classic work by Modigliani and Sutch."
Here's the punch line -- one of the three authors: Ben S. Bernanke.
