[groanup]

I think the FED now and forever should keep the expansion of the broad supply of money to the rate of GDP growth, GDP fairly measured with "reasonable" corrections for inflation, but not unreasonable ones

Well that's just what it has done. You can't define "reasonable" any more than you can turn lead into gold.

I also think that the FED should get real tight when bubbles start to appear

It did. Now you have to define "start to appear". Try to hit that moving target.

[AndyJackson]

Try to hit that moving target.

Greenspan said there was no moving target. I suppose one is always entitled to the perspective that central bankers cannot see the trucks that will run them over until it is too late. Why have them then?