Most of the confusion over Federal Reserve monetary policy over the last year and a half has been due to so called experts defending their mistaken analysis rather than confusing cross signals from the Fed.
Most of us in the West know, or should know, that all things being equal it is best for the Federal Reserve not to intervene in the economy. We prefer market forces to work. But of course all things are not equal.
I recently read a Chicago Tribune column by Victor Hanson where he criticized President Obama basically for hypocrisy because in 2006 Obama criticized President Bush's deficit spending. No where in the column did it mention the credit crisis.
It was Milton Friedman, not Ben Bernanke, who first made reference to dropping money from helicopters in order to prevent deflation. Bernanke’s now famous “helicopter speech” in 2002, however, was no less enthusiastically supportive of the concept.