The Fed: Our Economy’s Dead Until Congress Creates Jobs

Jobs, rather than debt, is the core problem afflicting the United States. This is what the Federal Reserve declared on Wednesday when it confirmed what many of us have feared: The country’s economy is stuck and without drastic action won’t move for at least two years. As an unprecedented statement by the nation’s central bank, it was a clear signal that the jobs crieis has no end in sight. It also serves as a plain message to elected officials: You are the only ones who can fix this mess.

http://colorlines.com/archives/2011/08/federal_reserve_to_congress_our_economys_dead_until_you_create_jobs.html

Good primer on the history of the Fed and the instruments at it's disposal.

Also: jobs are our biggest problem, not debt

I'm surprised that the debt crisis hasn't caused the media to pontificate more on our Trade Deficit being a "big cause" of our present situation.