Stiglitz on easier money

Nobel Laureate Joe Stiglitz writes in this weekend's WSJ about the Federal Reserve's plan to pump more money into the economy.  Stiglitz is quite skeptical that this will do any good.  The most interesting part of this op-ed is his description of the lending market for small and medium size firms who are starved for cash and have seen their main form of collateral (real estate) drop in value.  Hard to see how lower interest rates will help out firms that cannot get a loan in the first place.  Stiglitz also appears concerned that interest rates might actually rise as greater money growth spurs fears of inflation.