A strange coalition of conservatives and liberals has joined forces in attacking the independence of the Federal Reserve System. From our elected representatives in Congress, to columnists at Forbes, to consumer advocate Elisabeth Warren, people are mad at the Fed. They want the people at the Fed, indeed the Fed itself, to be held accountable.

Why is everyone so wound up about the Fed right now? With the greater transparency that critics are demanding, what do they hope to learn that they can't already know? It is a mystery to me. In my view, endorsed by many economists and business folks, the actions taken by the Federal Reserve and other central banks are the primary reason the credit crisis didn't turn into the Great Depression of the 21st century. So in that that sense, the Fed has gotten a lot of things right. Not that you'd know it from the commentary.  More here.