It exaggerates the cycles for sure. If the Fed let interest rates be set by the market after the next bubble collapse, the recovery would be slower, less bubbl

It exaggerates the cycles for sure. If the Fed let interest rates be set by the market after the next bubble collapse, the recovery would be slower, less bubbly and growth would be based on the value of things, rather than how easily a sector is stoked by interest rates. And it would be more likely to be sustainable and stable.