While Walker laughs himself silly up there in the great white north, the news reaction down here to the Fed action was enthusiastic. The local news played up the move for all of its economic benefits to average folks. You can spend more, you can afford a new house, etc., and all this will come pretty soon. Only in passing was the market's disappointment noted. I'm curious as the the reaction elsewhere, outside the business pages, where a little more sobriety prevails. The silver lining in the hype is that people are getting information about the potential benefits of monetary ease, even if they don't have a clue as to the quantitative dimensions of policy. Their expectations thus raised, they are better prepared for a political message on how much ease is really enough. Ever-optimistic, MBS Fed-Bashing Central
