We are live in the Financial Times:

FT.com / Comment & analysis / Comment - Fiscal stability should be Fed's new mantra : Many -- including myself -- will spend the next three months praising the monetary stewardship of the Greenspan Fed.... Mr Greenspan... and his team managed the extraordinary feat of monetary policy fine-tuning: their policies proved superb at preserving macroeconomic stability and at nurturing rapid long-run economic growth.... [T]here is no doubt the Greenspan Fed hit a grand slam.... But...

[T]he Greenspan Fed has fallen down on part of its job. It did warn that effective budget balance is necessary to controlling inflation in the long run, but its warnings were too soft. Mr Bernanke thus faces a difficult problem. In the absence of other institutions that will do so, the Fed itself needs to preach the gospel that monetary stability ultimately rests on fiscal balance. This is not how the Fed usually perceives its role, but it is difficult to see how it can avoid taking on this burden while ensuring effective price stability.