From the Guardian (UK) on the Fed lowering interest rates:
" But hang on a minute, I hear you say: isn't there a risk that making borrowing cheaper will get us back in the same dreary speculative cycle that got us into this mess? Without the credit controls that buttressed the system in the 1930s, the answer is yes. There is a risk that the Fed's manipulation merely substitutes a bubble in the bond market for a bubble in the housing market, and that like all the previous bubbles, this will collapse disastrously. And there's a risk that printing money leads to an inflationary surge in two or three years. The Fed knows all about these risks but thinks they are worth taking: that's a measure of how serious things are."