Key quote from this interview (must-see!): "If the Fed examiners were set upon the Fed's own documents—unlabeled documents—to pass judgment on the Fed's capacity to survive the difficulties it faces in credit, it would shut this institution down," he said. "The Fed is undercapitalized in a way that Citicorp is undercapitalized." This guy is not a "nobody" either - he's a major force in the bond market, editor of a very well-recognized publication since 1983. Ignore him at your peril. Yeah, I know, The Fed issued some new disclosure today. It of course shows them "well-capitalized". So did Bear Stearns'...