If it gets us off Oil, I'm all in favor of more "embedded taxes" being imposed. Imagine not having to give a flying carpet ride about the Middle East and the tax savings / spending that would provide... Wot.
It can and has been argued that the Fed's "printing" of money is simply replacing the money that was lost in the economy. This additional cash has a negligible impact on the total availability of money in the economy, therefore has caused little inflationary pressure and at least in the near term will not.
The egregious aspect is that the average Joe lost a bundle in 401K's and other investments, but only a little bit of the Tarp, or the extra cash being printed is being trickled down to them. By and large it's going to the banks and Wall Street entities, to keep them solvent. They were the main culprits, guided by greed, that lead to the economic melt down, and they got a bail out and the average person is financing it through their economic losses.
The decision doesn't have to be logical; it was unanimous.