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Yesterday it was Philly Fed's Plossner, today it is Richmond Fed's Jeff Lacker who joins the chorus demanding an end to Bernanke's insane monetary policy of drowning the market with unprecedented liquidity which is not getting to consumers but merely propping Amazon stock at a bubblelicious 100x P/E. In a speech before the Charlotte Chamber of Commerce, Lacker stated: "The perception of inflationrisk could be particularly pertinent to the current recovery, given themassive and unprecedented expansion in bank reserves that has occurred,and the widespread market commentary expressing uncertainty overwhether the Federal Reserve is willing and able to promptly reversethat expansion... If we hope to keep inflation in check, we cannot beparalyzed by patches of lingering weakness, which could persist wellinto the recovery. In assessing when we will need to begin takingmonetary stimulus out, I will be looking for the time at which economicgrowth is strong enough and well-enough established, even if it is notyet especially vigorous. Although it is hard to predict when that willoccur, I can confidently predict that monetary policy will remainparticularly challenging for some time to come." Then again, the stock market does not seem to share Mr. Lacker's concerns.

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