Then St. Louis Fed President James Bullard seemed to speak on both ends when he appeared on Tuesday's "Squawk Box."
"Eighty-five billion dollars is a torrid pace, I will give you that. And a trillion dollars a year is a torrid pace," Bullard said. "I'd rather get out it if we can, but I'd like to meet our goals."
(Read more: Fed's Bullard: $1 trillion a year QE pace 'torrid')
Meet our goals? Did he mean moving inflation up to the 2-percent range and lowering unemployment to below 7 percent? How's that working for you?
"The unemployment rate is down almost a full point from when we started this program in September 2012," he continued. "We've had faster job growth. Every jobs report that continues to show more jobs being created and a tick down in the unemployment rate is going to make the probability of a taper go up."
The unemployment rate is lower because we have had faster job growth? Every jobs report shows more jobs being created? What planet is this guy living on?
Unemployment has not gone down due to faster job growth — job growth is weak and Americans are DROPPING out of the work force, thus they are no longer counted as unemployed, which by default causes the unemployment number to fall. That is Econ 101.
And then, just to prove that the other end was working, he went on to say that despite this "torrid" stimulus, he considered $4 trillion ofquantitative easing a perfectly conventional action from the FED, particularly because interest rates are near zero.
Is this guy on medication? Interest rates are near zero precisely because of this Fed action!
(Read more: Fed taper in 2014? That's just 'wishful thinking')
For Bullard to say that current QE policy is nothing unusual — that it is typical conventional action from the Fed — is an outrage. Four rounds of QE and some $4 trillion later is the most unconventional monetary policy in the history of the Fed. How exactly does Mr. Bullard suggest we begin the withdrawal process? Will he still be a St. Louis Fed President when we do? You just can't make this up.
Is the Fed beginning to feel the pressure over a now failed monetary policy? I mean, when they kicked it off in 2009 it was what the country needed. No doubt. QE1 and then QE2 and maybe even Operation Twist. But current QE policy is proving to be more of disaster. Macro data points continue to weaken, global leaders are now frustrated with U.S. monetary policy and the effects it is having on their countries and the $4 trillion of stimulus is no longer in fact helping the economy. Banks and financial institutions? Yes. But the economy? Not so much.