Bernanke frustrated on "uneven" recovery

Bernanke states that recovery is "uneven" and "frustratingly slow", but "monetary policy cannot be a panacea", yet "accommodative monetary policies are still needed". This sounds like the Fed chairman is not sure what to do. There is no plan B. QE3 may not work. There is no room to lower rates.

There have to be structural changes to the economy so that businesses believe there is a reason to hire and invest. Tax cuts that are temporary will not solve the problem because they are by definition short-termWhat happens if there is less regulation? This could work but it will not change hiring immediately.

Monetary policy is much more complex then written about in textbooks. Money can be created and provided but there still have to be borrowers who think there is a potential gin from going into debt. This is the issue of "animal spirits".