Ultimately the point is that the Fed can, in theory, just do stuff, while Obama can't. For reasons too boring for the margin of this blog post, I don't have much confidence in the expectations fairy. But I have less confidence in massive fiscal expansion being passed by Congress, even if I have great confidence that, if passed, it would work pretty well. So we cheer on the arrival of the expectations fairy even if we don't have too much confidence in it. It might work, and it doesn't cost anything to try.
