I think that the "economic theory" and social theory the fed are following is that a bubble can be unwound gradually without dislocations, and that social dislocations have a human and economic cost which cannot be foreseen, including social unrest and major loss of lives and property associated therewith. Watch Europe in the next few years (you see signs of "national" discontent in France, not only with a major muslim minority, but also with bussing neo national movements like the Basques, the Corsicans and in Alsace Loraine. Economic pressures are a fertile ground for various demagogues coming on the scene and promising panacea for the population's soul, but i digress into politics.... (g)
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