The Fed's announcement of QE Unlimited was a clear departure from past strategy. And the economist who deserves the most credit for promulgating the wonky principle behind Bernanke's policy is a professor and blogger named Scott Sumner.
The stock market staged a huge rally after investors got the aggressive economic help they wanted from the Fed. The Dow finished up more than 200 points at 13,540, its highest level since December 2007, the start of the Great Recession.
The number of Americans lining up for new jobless benefits fell last week by 12,000, dropping for the first time since April and hinting that last month's slowdown in hiring may have been temporary.