[quote=harvey]Any the many Fed critics here want to suggest what the Fed should be doing now?
[/quote]

1. Attain time machine
2. Kill Baby Hitler
3. Start slowly normalizing policy once the crisis had past (2010-11 range)

As for the rest, I mostly agree… I am so tired of hearing about the Fed and whether they will raise a fraction of a percent in this month or that. It’s just obsessing about something that doesn’t matter much, and removing people’s focus from what does matter.

But I am also tired of the Bernanke hero worship, which I find to be premature at best.

And while I agree that the Fed’s importance in some things is overstated by many, I do think they have played a role, and maybe a big one, in the patterns of huge asset booms and busts that have become so prominent in the past 20 years.