Uncle Ben to the rescue!
He came out guns a'blazin. And he did so for a reason. Congress has dropped the ball since the whole embarassing fiasco over the debt ceiling last year. Congress decided to go "on hold" waiting to see how the election results play out.
I know many hate the whole QE3. I don't. I don't because I have cheered this man since the day he said he wouldn't let the banks fail back in 2009. That comment was the reason why I bought Citibank for one dollar (tho it did drop to 97 cents after I bought it ;p). It had to be done. I know the Schiffites despise him. I know the Kudlowites despise him. But he has been the only person trying to do his darndest to keep this country afloat after the market crash of 2008.
I understand what he is trying to do. He is trying to fight deflation with inflation. Kudlow shouts "strong dollar!" Yet a strong dollar is something only a cash flush person wants. A strong dollar is for when the economy is robust, not when it is tepid.
Kudlowites argue "trickle down" is what we need like the Reagan days. Except Reagan was facing massive inflation, with dramatically different demographics (boomers where entering their prime) and where he INCREASED the budget deficit from $900 billion to $2.8 billion. That's right Reagan engaged in massive deficit spending, which I submit was the right thing to do at that time. But Kudlowites do try to avoid mentioning that fact.
This Country is on hold because we follow a 2 party system that has no term limitations. We are on hold because the career politicians are more interested in campaigning right now for re-election. So I cheer Bernanke, because, whether you agree with him or not, at least he is trying.