It strikes me Rick that the Fed in substance, if not in name, is engaged in a massive experiment in price control. They don't call it that, but they fix the funds rate, they manipulate the yield curve, they, through this two dollar phrase called the portfolio balance channel, talk up the stock market. They have their fingers, their thumbs on the scale of finance. To change the metaphor, we all live to a degree in kind of a valuation hall of mirrors. Who knows what value is when the Fed fixes the determining interest rate at zero. I said experiment in price control, but there is no really suspense about how price control turns out. It turns out invariably badly.