Why excessive? What exactly was the Fed error that made the spending "excessive?" And was it (or all of it) an error? Was not some of the spending that the Fed allowed just what was necessary to permit the over-target inflation that it needed to engineer to allow relative prices to adjust to COID shocks?
Why excessive? What exactly was the Fed error that made the spending "excessive?" And was it (or all of it) an error? Was not some of the spending that the Fed allowed just what was necessary to permit the over-target inflation that it needed to engineer to allow relative prices to adjust to COID shocks?