From the WSJ: GOP Leaders Urge the Fed Not to Act: Lawmakers Fear New Steps Could Harm Economy; a Rare Bid to Influence Independent Central Bank
How would the “other side” read this? Obviously politically, as saying the Republicans want to “block” any chance for an improving economy in order to “spoil” Obama´s reelection bid.
But you don´t have to read far to see the message Bernanke should heed:
They said Fed officials should avoid further action, “particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people.”
Yes, the GOP just gave Bernanke an opening to establish a NGDP target! Say explicitly and in detail how the Fed plans to take the economy from point A to somewhere like B.
Historinhas 
I hope you’re right. I think you’re wrong, unfortunately.
The opportunity was given, even if that was not the intention. But Bernanke is NOT going to “grab” it, unfortunately.
Marcus,
After Ron Suskind’s book we all owe some apologies to Bernanke, the GOP etc…
On a particularly bad day, a great boxer promoter once said, “We should have stood in bed.”
This is one of those days. Let’s see, we find out Obama dismisses monetary policy, and the GOP regards Bernanke as Satan.
I agree with sentiments that NGDP needs to be presented to the public as a very conservative idea. The more we can wrap NGDP in the mantle of Milton Friedman etc the better.
But basically, the USA is getting Japanned. Get used to it.
BTW, another ally here:
Click to access econtrarian_090711.pdf
This is a great read–almost Nunes-like in clarity.
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