Richard Alford, formerly a New York Fed economist has a devastating 14 January 2010 critique of Zimbabwe Ben's (ZB) statements at Naked Capitalism, link: http://www.nakedcapitalism.com/2010/01/why-bernankes-defense-of-super-low-interest-rates-does-not-hold-up.html.
JT is a Stanford economics professor. I say ZB knows exactly what he is doing: keeping interest rates low to let the banks "ride the yield curve". I think ZB is a smart guy who produces obfuscatory talk to conceal the aim of current Fed policy. ZB's actions are standard for Fed heads. When monetarism ruled the Fed, the Fed could usually find at least one "M" which was growing within its target range.