ergo sum

No Mr. Greenspan, Conditions Aren't Like 1998

The Fed's irrelevance is a central important point.
Modifying the short-term rate does not have anywhere near
the effect it once had since most global markets work in the
Euro-Dollar Market which is likely more relevant than only the U.S.
market.
Futher the Fed probably exacerbates bubble problems with their erroneous predictions based on nothing. The fed itself has documented that there is not financial statistic that predicts future economic conditions. So if they were realistic and insisted on messing with things they should work looking back over a few months versus blowing wind with fed predictions and actions based on those specious predictions.
Acting as they do using archaic structures the Fed also tampers with inflation with or without effect. And again it is specious economic science. On what basis do they know what a 'correct' level of inflation or unemployment is. And given the general innacuracy of economic statistics which could easily be a percentage point or two off why do they 'fine' tune at low rates of inflation when the greater risk if their actions have an effect beside creating self fulfilling prophesies, endanger the economy by possibly
endgendering a deflation.