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.