Given the role the Fed played in fueling the nearly zero cost of speculative capital (not to mention back stopping the losses and paying for the bailouts via ba

Given the role the Fed played in fueling the nearly zero cost of speculative capital (not to mention back stopping the losses and paying for the bailouts via backing the Treasury) - that's probably the place to start making changes. Of course, the real problem is our deficits. We can't pay for them any longer. The Fed is buying 91% of all long term government debt now. So they have to keep rates low or the US Government will become insolvent. Keeping rates low causes a huge surge in liquidity. And if you a reduction in slack in the real economy, zooooom there goes a bubble somewhere.