Cheap money and credit created from thin air by dear Old Alan is the primary and main force that's responsible for the whole mess.
In 1996, about the same time he coined the phrase "irrational exuberance", the Fed meeitng minutes recorded his speech basically saying: I know raising the required reserve ratio will definitely solve the problem, but I am not sure what else it will bring about...
简单地说，任何一个监管机构，包括FEd， 都不是生活在真空里的， 都是要受各种利益和势力的影响的。
现实是：无论谁在Old Alan d的位子上，利益势力都度要压迫他制造cheap money; 他要抵抗是很难的！！！
