I was wrong about quantitative easing.

Back in 2009 when the Federal Reserve began its operation of creating new money to buy government bonds and mortgage-backed securities, I worried that the unconventional measure would lead to excessive inflation.

After getting the housing bubble so dramatically wrong — Fed chair Ben Bernanke claimed throughout 2005 and into 2006 that there wasn't a housing bubble — I worried that the Fed was now making another severe error, and that a nasty bout of '70s-style inflation (or worse) was coming.