...Rather than admitting they are wrong, this group, who failed to predict the current economic malaise, have constructed this theory to explain why ever more stimulus is required. In particular Warsh warned that the Fed had become the slave of the S&P (I think the cartoon below from the fine folks at Hedgeye sums up the situation nicely). Warshs views were indeed a breath of fresh air for someone so close to policy . I have recently seen his name mooted as a future Fed Chair, and should a vacancy (unexpectedly) arise, he would definitely be my choice.