IT’S THE REALITY that rings the loudest. From Matthew Yglesias:
This is a Fed full of Obama appointees pursuing a disastrous policy trajectory that’s creating all kinds of problems for Obama. But I’ve never read any reporting indicating that the Obama economic team is upset about monetary policy, I’ve never heard any discontent with monetary policy from administration officials on or off the recod, and Obama’s allies on Capitol Hill have basically never called publicly or privately for more expansionary monetary policy. Rather than someting as simple as an error, there seems to be a totally comprehensive systematic blunder in which Democrats simply ignore the most powerful tool for bolstering aggregate demand while Republicans call for a disastrous tight money agenda.