If you recall, they raised rates 1/4 point at a time, many, many times, even though the economy basically sucked except homebuilding and associated housing/credit bubble. IMO, the mistake was creating the bubbles, not popping them... But, given all the nasty news late 07 into 08, why did commodities peak in June/July of 08? Then crash. Thats the one that I can't understand. CRB index dropped from high 400's to 100's in the deleveraging panic. I'm trying to figure out why that happened or what tells preceded it that I can see if it were to start again.