Federal Reserve admits failure...But we knew that already, didn't we?

Federal Reserve: Continued High Unemployment Threatens Fed Policy Of Pursuing 'Maximum Employment'

Members of the Federal Reserve lowered their expectations for economic growth and raised their projections of the nation's unemployment rate, cautioning for the first time in recent memory that the low employment rate "over the next several years... would likely be below levels they consider to be consistent" with their mandate to maximize employment, according to meeting minutes released Wednesday.

Link:
http://www.huffingtonpost.com/2010/07/14/federal-reserve-continued_n_645745.html