a case against qe3?

Atlanta Fed President Dennis Lockhart appeared to be headed for a QE3 vote. A "yes" vote at first, but now he may have released the "no" vote initiative.

He feels the output gap ..... the amount of slack in the economy - is not as sizable as high-end estimates and is not zero either. Slowing growth has still been here and there has been no real progress toward unemployment.

Balance sheet expansion should be done with much caution, according to Lockhart. Such a step takes us into uncharted territory. Lockhart does not see QE as a miracle cure.

Is unemployment an economic disease or a symptom?

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