You are bang on. We have an academic for a Chairman, and not someone in there with a traders mentality. Many of us were screaming, just as you accurately were – that inflation was going to go through the roof. Why weren’t they soaking up USD’s on the Forex market from the international field? I could go on and on here. But you summed it up well with:

As we are now learning, when the bubbles stop blowing the cleanup can be painful.

Precisely the point. Exactly. Sooner or later, the bubbles stop blowing up – because the bubbles cannot be created any longer. If the pain becomes severe enough – we need someone to have the guts to pull a Paul Volcker move. The question is – does anyone have the guts to do that today – or is it necessary? I think time will tell. If they can’t get a handle on inflation? Then it will be absolutely necessary. Painful, but necessary, and can only lead to future growth.