Allan Meltzer Comment On "What Should the Federal Reserve Do Next?"

On September 9 The Wall Street Journal had various people respond to the question of "What Should the Federal Reserve Do Next?"

Among the various responses, I found this excerpt from Allan Meltzer's response to be most interesting:
"In "A History of the Federal Reserve," I concluded that the principal mistakes the Fed has made have resulted from giving excessive attention to current events and forecasts of highly uncertain near-term developments. By focusing on the short-term, the Fed neglects the longer-term consequences of its actions. The transcripts of FOMC show that the members are paying little attention to medium- and longer-term consequences."

SPX at 1109.55 as this post is written