I don’t know–does every day that passes seem to you to bring even more bizarre behavior? Republicans write to the Federal Reserve Board and say, don’t you dare do shit to help the people. Ok, not quite in those words:

“We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy,” said the letter, signed by four of the top Republicans in Congress: Mitch McConnell of Kentucky, the Senate Republican leader; Jon Kyl of Arizona, the Senate Republican whip; House Speaker John Boehner of Ohio and House Majority Leader Eric Cantor of Virginia.

  To which the Fed said, screw you. OK, not exactly that way:

The Federal Reserve Wednesday took another unconventional step to boost an economy flirting with recession, saying it would increase its share of longer-term Treasurys by $400 billion by June 2012 in an effort to make credit cheaper and spur spending and investment.

To help keep mortgage rates low, the Fed also said it would reinvest the proceeds from maturing agency debt and mortgage-backed securities into mortgage-related debt.

Seven out of 10 voting officials supported the action at the conclusion of a two-day meeting of the Fed’s policy making body – the Federal Open Market Committee — highlighting continued divisions within the central bank as it tries unorthodox new ways to provide support to the economy.

….

Fed officials said in a statement that "recent indicators point to continuing weakness in overall labor market conditions" and that the unemployment rate is expected to decline only gradually. No jobs were created in August and the unemployment rate was stuck at 9.1%.

  Quite honestly, I do not know if the Fed actions will help much–we have such such deep, deep problems and a lack of demand (translation=people are in debt up to, and beyond, their eyeballs and have no money to spend). But, it’s a sad, but eye-opening, lesson to watch the "leadership" (I use the word very loosely) be so craven.