I thought I'd plug the one bit of punditry that I do really enjoy reading. It's well written, lucid and insightful, IMHO. I am referring to Jeremy Grantham's quarterly letters. The latest can be found here: http://www.gmo.com/websitecontent/JGLetter_ALL_4Q09.pdf
thanks for posting. i agree with him almost 100% - fed will fuck it up once again and this time with the biggest fireworks. i do not believe that low rates (especially short term) support economic activity significantly - they are rather corollary of it. fed should promote a "good", "responsible" behavior - nothing else. that would reduce the likelihood of bubbles at the same time.
So these arrogant idiots (Summers and Geithner) are "finally" listening to the voice of reason a la Volcker after the house is leveled. Pathetic.