Since the 1980s this nation has deregulated, expanded "free trade", reduced capital gains and corporate taxes to historic lows and weakened labor laws. The industry and the nation are reaping the results of it all right now: income stagnation for 20 years, historic concentrations of wealth and a near collapse of the financial services industry. Without massive government (and Fed) intervention, the industry would have imploded and we would be in Great Depression #2.
The Fed's actions on QE2 are debatable, but Eric Grover is espousing a political theology. It’s irresponsible and contradictory to the actual facts laid before us in devastating fashion.