Yglesias!

Yglesias is bitching because the Fed missed inflation expectations in the latter half of 2008, see the blue line dip?
.The fast action he wants  requires a three month reaction time for the Fed to act.  If the Fed could act that fast they would be breaking the law, many laws in fact put in their by... Yglesias and crowd, limiting the ability of the Fed to act fast.  If Yglesias wants a fast acting central bank, then Yglesias is going to get a Goldman Sachs type of bank.  Yglesias would be up in arms!

Go back and look at Fed actions, they were desperate Jan  2008:
http://stockcharts.com/freecharts/yieldcurve.html
Go look at when the Fed begin the Yglesias panic run.  There is no way the Fed could keep up, the oil tanker lines had cell phones for christ sake,  and were instructing oil captains, on the water and en route, to skip this round of oil purchases. Who was making the calls to stop the oil purchases? Goldman Sachs, banker for the oil traders.  They were the central bank at the moment.