Kevin Drum has a roundup of commentary from many smart commentators I admire. They're hardly alone; everyone hates the Fed! Why won't they get us out of this mess?
Here's one possibility: because many of the people who are now complaining that they are too tight, are the same ones who until very recently were loudly complaining that they were too loose during the last recession. There's been a pretty vibrant cottage industry in placing the blame for the housing bubble squarely on the frail shoulders of one Alan Greenspan. He is a convenient villain for liberals, who hate his politics, and conservatives, who hate the sort of technocratic institution he represents. Blaming Alan Greenspan allows liberals to dodge uncomfortable questions about the unintended consequences of government intervention, and conservatives to dodge uncomfortable questions about whether free markets can produce really, really bad outcomes.
All this Fed blaming puts the political independence of the Fed more at risk, and it makes the Fed folks antsy. Ben Bernanke probably doesn't want to end up having to do the humiliating round of mea culpas that Greenspan had to. That's probably going to give him, and the other members of the open market committee, a slightly deflationary bias. Especially since there are some very smart people making this sort of argument, and hey, what if they're right? Maybe the Fed wasn't serious enough about inflation!