Excuse me, but Kaufman is out of his mind (full of "it"?) if he think it is the fed's job to also control valuation of assets and equities.... If you take that stand, than it is also the feds job to "control undervaluation" of equities (assets), but since in the current market, some equities are overvalued and other undervalued (and that depends on who you talk to of course), how does the fed control that , a slush fund to short semi equip and buy "undervalued" energy stocks like MRI or CPN? How about buying a lot of WCOM when everyone was saying it is undervalued under $10 just to see it go to "nil"?