Must read piece from Doug Noland from a speech he gave in my neighborhood a couple days ago (note: the top info is great too, but you need to page down to get his speech). Doug takes on the Fed and the "inflators" offering his opinions of what is taking place with asset prices in the US currently.

The paramount issue is the intractable Credit Bubble – the antithesis of the stability offered by The Way We Were. The old banking system was relatively simple to govern, while today’s complex, expansive Credit system is virtually unmanageable. There are today three interrelated Bubbles. First, the Mortgage Finance Bubble. Second, the Leveraged Speculation Bubble throughout the Credit system. And third, the Risk Intermediation/“Structured Finance” Bubble

There is also the critical dilemma that we Can’t Even Turn These Bubbles Down, Let Alone Turn Them Off. Mortgage Finance is today the horse, while the economy is the cart. The Bubble throughout mortgage finance has become the overriding source for system liquidity and income growth.