Were interest rates held a bit too low a bit too long in the early half of the 2010s? Sure, it's possible. It's hard to know exactly what to do to keep the pric

Were interest rates held a bit too low a bit too long in the early half of the 2010s? Sure, it's possible. It's hard to know exactly what to do to keep the price of money exactly where you want it to be. And you're surely right that political pressures sometimes push things in a bad direction (though the Fed is fairly independent). However if you look back at, say, the 19th century you can see that the swings were much wilder and occurred much more often. We didn't yet know how to properly measure the strength of the economy and how to keep things running properly. Interest rates need to be set at something and we're actually pretty good at it now. The idea that it can be just set at some constant and never adjusted isn't supported by evidence and is believed by essentially no one credible.