The Mortgage Lender Implode-O-Meter News Pick-ups: Is the Fed Serious, or Are They Simply Trying to Scare Speculators?

The big question in my mind is whether this is "real" dissention, or simply the flip side of a coin we've seen from this Fed before. For the past several years, when we've been in-between QE programs, the public-relations strategy was clearly to "keep hope alive" for new QE programs. Of course we don't need to talk hope anymore, because now we have QE-Infinity, which (in its current form, anyway) is effectively a huge green light for bulls, screaming that the market is endlessly back-stopped. The message has been: "Buy risk assets at any price, and we'll make sure there's always liquidity flowing in to cover them."
As a result, the present problem faced by the Fed is no longer "how do we keep hope alive?" Instead, the problem faced by the Fed is how to gain control of the monster they've created, and how to put the brakes on rampant speculation. We've travelled 180 degrees, from "Let's talk up QE and keep the market hopeful," to: "Let's talk down QE and keep the market grounded."

Relevant:

Is the Fed Serious, or Are They Simply Trying to Scare Speculators? - Wall Street Examiner