Yes Lee, those were factors to be sure. But if it wasn't for the ones you mentioned, all that excess liquidity would have puddled up somewhere else (whether it be real estate more so than now, tulip frenzie, gerbil mania or whatever else). I'm of the opinion that if monetary policy were nearly non existent, the economic peaks and valleys would be closer together, not further away as we have now; which allows some to believe that intervention for the purpose of a soft landing to be for the better. Finding that natural mean (the least interference) is best for future generations and would cause less economic gyration. At least that's how I understand it to be...
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