The “hand-off” in football is the action where a quarterback, usually lacking the ability to carry the ball across the goal line, places the football into the hands of teammate with greater ability. Bernanke came up with the hand-off this week. I think, in the long run, this is a positive. And, Bernanke did forcefully point out that the Fed has done about all it can do and that the forces of Congress and the White House need to step up to the plate with credible actions. It was as close to finger pointing as a Fed Chairman can do. Basically, he said the Fed has done what it can do with as easy a monetary policy as is possible and prudent.
Just in case Congress and the White House did not understand that they had just been handed the football, Bernanke continued with this: “most of the economic policies that support robust economic growth in the long run are outside the province of the central bank.”
One problem with that odd shaped football: even the frequently practiced hand-off can result in a fumble.