No one can accuse the Federal Reserve, and especially its chairman Ben Bernanke, of complacency during the recent economic crisis and recession. The Fed has pushed the envelope aggressively, and its interventionist ways have surprised and fascinated observers of the banking system. Trouble is, it just doesn’t seem to be working for ordinary people, however successful the Fed might have been in propping up Wall Street and the major banks.

Structural, long-term unemployment is worse than it has been in a long, long time. And one of the reasons is that the banking system is not delivering credit to the reliable creators of jobs- entrepreneurs and small businesses. The Fed’s policies may be putting a floor under asset prices, especially real estate. But they are not delivering the goods on the employment front. Catherine Mann, a professor at Brandeis University and a former Federal Reserve economist, highlights this phenomenon on Bloomberg Television.