While the stock market is cheering easy money, the cheering is very short-sighted. I wouldn’t buck the tape, but I regard the Fed’s policy as a storm cloud over stocks and the future economy.

President Obama and Nancy Pelosi got their ears pounded back over big spending, taxes, the health-care takeover, cap-and-trade, and well, the fact that government is getting too darned big under this crowd in Washington.

Against the backdrop of high unemployment and a public revolt against a Democratic health-care bill — which would significantly increase taxes, slash Medicare spending, and massively raise health-care spending elsewhere in a government takeover of our leading growth sector —a three-race sweep by Republicans is very much in play this Election Day.

As the economy recovers, where’s the exit strategy for all this stimulus? To protect the dollar, the Fed should be raising its target rate, or at the very least hint at raising it by changing the wording of next week’s policy statement.

It must be something in the water. The ruling Democrats know their tax-hiking, re-regulating, and big-spending policies have failed to rejuvenate job-creation or reduce the unemployment rate. And yet they persist in trying more of the same.