Isn’t QE3 just the Fed equivalent of the Congressional and FHA/HUD/Freddie/Fannie policy that got us into trouble in the first place? Samuelson alludes to the equivalence. Will makes the connection more strongly.
The meddlers will meddle, it’s their job. Or, as Joseph Ivy says of Sheila Beal, if you want to be a player you have to play. This is why the beast must be shackled (take its power away and then even if it “plays” it can do nothing).