I agree with you, and it really is too bad that the Fed dug itself so deep -- there is and always will be another crisis that requires unprecedented Fed interve

I agree with you, and it really is too bad that the Fed dug itself so deep -- there is and always will be another crisis that requires unprecedented Fed intervention. Historical evidence points to innumerable recessions and bank failures even after the advent of the Fed, so it's unclear if they add value above and beyond what the market setting rates would do, but I don't believe that I'll ever get to find out in person.