I'm sorry, I can't make it any more plain than that. To argue that financial bubbles aren't dangerous, and that the Fed shouldn't try to combat them -- which is what ex-Fed governor Frederic Mishkin just did in the Financial Times
-- is monumentally stupid. Can this guy be serious? Haven't we seen what a huge disaster the Fed's "Don't fight bubbles when they're inflating -- just 'mop up' when they pop" approach has been? I seriously hope sitting members of the Fed don't believe this claptrap.