FED MESS: YES OR NO?

Here's a quote for article today posted on MarketWatch from Jeremy Grantham, head of GMO investments.

“She will not use interest rates to head off or curtail any asset bubbles encouraged by the extremely low rates that might appear. And history is clear: very low rates absolutely will encourage extreme speculation. But Yellen will, as Greenspan and Bernanke before her, attempt to limit only the damage any breaking bubbles might cause.”

Grantham is critical of Yellen and her predecessors for essentially what we posted in two or our articles earlier, Complacency By Any Other Name and Fed Policy Dangers. 

Now to be sure, the Fed has its apologists and defenders, that ought not to surprise you. One of the most outspoken is CNBC commentator Ron Insana who recently wrote a long piece claiming  people who had not entirely drudged through recent voluminous pablum from the Fed didn't really understand what a good job the Fed had done and is doing.

With all due respect, we would suggest just the opposite.Those voluminous tombs are proof positive of analysis paralysis, a characteristic of this and the previous two Fed chairs. Furthermore, indirectly it's an indictment of what we the public deserve and get when we turn an institution over to bureaucrats and academics.   

Here's the link. We'd like to know your view.
http://blogs.marketwatch.com/thetell/2014/07/21/yellen-encourages-fully-fledged-equity-bubble-says-jeremy-grantham/ 
t. man hatter