Brad DeLong Vs. Jim Grant on the Need for QE 3 - Will the Tide Turn Before the Next Crisis?

Note that DeLong doesn't at all address the continued problems we are having, despite two-and-a-half volleys of QE (he also can't see "speculative excessess" anywhere -- I guess this is another economist that doesn't consume commodities, or simply ignores the stock market). You decide who's right, though.