Alan Blinder on QE2

With all the hysteria surrounding recent Fed actions, it's refreshing to read--in the WSJ, no less--a reasoned assessment of the context and likely effects of QE2. Alan Blinder, in a column in the WSJ, takes on the critics (some of whom ought to be embarrassed by their comments--they are in positions of responsibility within the Fed no less--demonstrating as they do a complete lack of economic comprehension on the level of Econ 101). The irony is that Blinder does not even completely agree with the Fed's policy, but at least he understands it and its intended effects. (To read this column, Google "In Defense of Ben Bernanke Alan Blinder" and select the first hit--otherwise you need to be a subscriber to the WSJ)