Whentheirelected representativessubsequentlycannot mustertwo-thirds to raise taxes orcutanother part of thebudget, votersthen profess shock attheir incompetence.
To me, it appears that the best case that the Fed can muster for QE2 is that options markets suggest that investors cut their expectations of the odds of deflation from 40% before QE2 to 10% now.