Matthew O’Brien follows up on the hedge-fund-guys-who-hate Bernanke question, and points out that hedge funds have actually done quite badly for a decade, and especially since the crisis began. He also suggests that what the hedgies really hate isn’t Bernanke so much as the IS-LM framework he (and I) basically work in, and hate it all the more because it has worked so well.

This makes a lot of sense. It’s also worth noting that the named Bernanke-haters — Druckenmiller, Singer — are “bond bubble” guys who we can guess, though without knowing for sure, have spent years shorting Treasuries; and what they have found out is that it’s the equivalent of the “widow maker” trade in Japanese bonds. In fact, some of them may have been making the widow maker trade in Japan too.

So these may well be guys who were absolutely sure that their fiscal-doom investments were going to pay off big, and ended up losing money instead. They could respond to this setback by rethinking, considering the possibility that the academic macro types at the Fed and elsewhere actually had a point. Instead, however, they’re yelling that it’s a rigged market, and that the Fed is destroying Western civilization.