New Economic Order

"EPA Cuts Size of Loan on Tappan Zee Bridge" brings a thought that needs fleshing out as I read Martin Wolf's The Shifts and the Shocks. I believe that Ben Bernanke's Fed bond buying spree has been effective and that it should continue in the years ahead even as interest rates are pushed up.  The bonds to be bought are newly issued municipal bonds such as the one for the Tappan Zee Bridge, but these new issues are sold exclusively to the Fed at one quarter of one percent coupon rates that subsidize needed infrastructure investment for ports, roads and rail  and thus help the economy and fulfill the Fed's mandate to increase employment.