Quite a few people on this site love to debate the gold standard and see the Fed as a sort of Rothchild antichrist. And I'm no lover of the Fed. But I can't help but sit back and admire what they're attempting at least. It's fascinating stuff: the fed is now going to guarantee commercial paper. http://biz.yahoo.com/ap/081007/financial_meltdown.html Think of this and the contrast with the Great Depression. There the Fed just sat on its hands and starved the money supply and a heck of a lot of people while they were at it. But this new Super Fed is plugging one hole after another. Another leak pops out and they plug it the next day! What is so interesting is that the Fed is so active, literally making decisions in a matter of days. I've rarely seen a governmental - well, quasi-governmental body - make decisions so fast. Within a month or two, they are literally trying dozens of novel approaches. And they are actually being altruistic: they appear to be doing all they can to help the economy (and the mess that Greenspan created). One argument you read often is that the Fed is now ineffective: they no longer have control over the markets. What do you think? Can they control the contagion?