Steve's barking; unintended consequences

Life is full of unintended consequences. We helped lessen disease by burning garbage only to discover burning garbage is bad for our lungs.
We did quantities easing to money into the monitary system but at the same time we demand that banks have high reserves. The good news is that the Federal reserve has 4.5 Trillion in our debt. If one wants to be deep in thought, that person can say hay we reduced the deficit by 4.5 Trillion.
The bad news is if people started believing that we can reduce our deficit any time we want to by having the Federal Reserve print money and buy all our debt.
Another unintended consequence is that we set up higher reserves for our banks, of cause that takes money out of the system that can be lent. Unintended consequence, deflation (maybe).
If we realize what the unintended consequences are we must make decisions if the planned action are for the better, or the consequences make lives worse.

*Better to have deflation, and a slower increase in economic growth then have a banking meltdown.
** If the Federal Reseve charter doesn't say that it must sell the bonds that it has on the open market, we have great breathing room.