The US economy is a seriously ill patient and needs more Fed medicine.

This is the latest from Fed policy-maker Dennis Lockhart, president of the Atlanta Fed, according to a report by Reuters.

“It’s clear the economy is in a slowdown that resembles past periods that were the leading edge of a recession,” Lockhart said at a Rotary Club meeting in Chattanooga, Tennessee. “I believe that an important policy objective at this juncture is to ensure that this slowdown is short and shallow.”

“The government can’t control spending,” says Charles Delvalle in Investor’s Daily Edge.

“It’s just ridiculous. It’s one thing to avert economic catastrophe. It’s quite another to put taxpayers on the hook because of a greedy bank’s bad bets (say that five times fast!). And we’ll pay for this for a long time, too.

“As spending continues to go out of control (due to bailouts or needless tax rebates), our dollar drops in value. As our dollars sink, foreign governments will be less likely to buy them. After all, why buy a dying investment?”