Dharma bro, thanks man...I'll not let you down for sure.  And when that sublime day comes about, as per my earlier post, I'd banish foolios such as twelvemonkey (aka Bibas), syanjali, bored and filyly to the Thorongla pass with nothing but Yak skin chaddis on!  hahahha

filyly, once again you prove your ignorance, ya FOB brained bigot.  You are saying that engineers are NEVER wrong?  No wonder we see bridges collapsing all over, bulidings fall and space-flight disasters all the time.  Get some rationale behind that comprehedning ability you have which compares to a grade 5 student.  You say that engineers use the afore mentioned research and talk about them being correct all the time...In the same light, do you think economists predict the economy's direction outta the chor-pocket in their undies??  There is a whole science behind forecasting economic data and lil juvies with no formal basic Economics 101 education would even know about.  You're a riot, son!  Go make a fool of yourself elsewhere! 

Twelvemonkey, LTCM was a hedge-fund and you compare it to Bear Stearns, a MOTHER of Hegde funds?  Bear had nearly 20 different hedge funds within it and it had contracts of more than $13 Trillion dollars in derivatives alone...And you have the ignoracne to compare Bear Stearns, a company built 85 years ago to LTCM, a company that went bust within 4 years of its formation??  What are you?  Stupid?  And you still blame the Fed for all the current woes?  People forget that little igonred aspect called FISCAL pollicy which here has been completely ignored!  Look at how the War and the Fiscal policies since then has affected the economy in general: Downward spiraling dollar (lost 60% agains the EUR in 5 years), Record prices for commodities (oil is $135/barrel whereas it was $32/barrel 5 years ago; Gold was above $1000/oz a couple of months ago whereas 5 years ago it was $290/oz), wheat (food) and other basic essential traded in the financial markets are all 50% or more above its 2003 levels...And what about cuts in other govt. programs benefitting the needy here, etc?  Listen foolio, the Fed has been doing all it can to combat the inflation caused by the Fiscal side of the spectrum.  Look at how inflation has been put on check even though I've shown you inflationary indicators which have been put into check.  As per Volker during the Reganomics era who said something like, "the Fed should look to combating inflation as its Primary step...All other factors would fall in place then."  This is how the Fed has always been and how it shall be.  Inflation first and the other woes could be combatted later! 

Son, you need to come forth and pay me the tution fees as it seems I'm teaching you the Fed Bargaining Theory over and over.  So much for being a pseudo economist!!