Fed Overshooting?

Dave Altig's Macroblog explores some interesting possibilities regarding the Fed's current tightening campaign.

"suppose we find that, following two or three quarters of soft economic activity, GDP expanded at rates between 3 and 4 percent for years after. Would you complain?"

I could live with that as long as vigilance against debauchery of the currency was maintained, real jobs (not McJobs) started re-appearing and a real effort to promote a durable domestic economic base was made.

Is that asking for too much these days??