Letting politicians run monetary policy has worked out so great in the past that this is a great development.
Considering QE2 is just as political as it is an economic plan, they'll screw up some more, and then it's back to business.
What's your evidence that it's political? Even after QE2, current monetary policy is hardly loose, because the Taylor rule says interest rates should be deeply negative. (Had the Fed followed the Taylor rule in 01-03, the housing bubble would have been much more subdued if at all).
It seems to me they went out of their way to wait until after the election.
