Zero interest rates don’t make free market sense and they never did. The correct approach would to have been letting the rates zoom up, killing the deadwood and driving new needed cash into the market.
The Fed is and always was a politicized organization. How do you get on the Fed? What President is going to want to raise interest rates during their term, ever?
It was bad policy from the get go and I and others noted it wouldn’t work. Now here we are.
Reagan.
I agree. When I think FED I think “They are there to rig the game for their connected friends and politicians.” Just look at how their zero rates have screwed Main Street in favor of Wall Street.