Blindsided by the crisis of 2007-2008, the Fed has compounded its original misdiagnosis of the problem by repeatedly doubling down on tactical responses, with two rounds of QE preceding the current, open-ended iteration. The FOMC, drawing a false sense of comfort from the success of QE1 – a massive liquidity injection in the depths of a horrific crisis – mistakenly came to believe that it had found the right template for subsequent policy actions.
无论担忧情绪多么严重，它们都忽略了美联储这项史无前例策略中最大的弱点：那就是强调短期战术甚于长期战略。在2007-2008年危机面前目瞪口呆的美联储一而再、再而三地压注于战略对策，先是推出两轮量化宽松又继之以目前开放式的重复操作，并因此不断加深对问题的误判。联邦公开市场委员会从第一轮量化宽松（在危机恐怖情绪达到顶峰时大规模注入流动性）的成功中感受到虚假的安全感，从而错误地相信已经找到了后续政策行动的正确模式。