Look, we enter[ed] the government essentially in a hotel that is on fire. We’re throwing people from the windows into the pool to save their lives and this is the evaluation of the Olympic diving committee.[...]
Ezra has the rest. As he quotes Norm Schiebner saying, the grumbling over inflation is a bit maddening given the grave threat of deflation we were staring down not too long ago. Also I think a lot of the inflation hawks are basing their position on an assumption that the administration will simply stand by and watch helplessly as inflation creeps up until its a towering inferno and we're 1930s Germany. Suffice it to say I think the Fed and the Obama administration are significantly more competent than that.
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