The fact that a number of prominent Republican economists and political strategists today severely criticized the Federal Reserve for the quantitative easing it announced two weeks ago was anything but a surprise.
Here's what I said would happen in a post from this past August:
Ben Bernanke may have painted a big bullseye on the Federal Reserve when he spoke last week in Jackson, Wyoming, about the Fed providing additional stimulus if the economy needs it.
It’s not at all clear, however, whether Bernanke realizes that the same political pressure that has brought fiscal policy to a standstill in Washington is very likely to be applied to the Fed if it decides to move forward. With Republican policymakers seeing economic hardship as the path to election glory this November, there is every reason to expect that the GOP will be equally as opposed to any actions taken by the Federal Reserve that would make the economy better, and that Republicans will openly and virulently criticize the Fed for even thinking about it. The criticism is likely to come both before any action is taken to try to stop it from happening and afterwards to make the Fed think twice about doing more.
Wait, there's more: Looks like Paul Krugman is thinking along the same lines and Brad DeLong is disgusted.
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