Originally Posted by ADL Colin

The question is what is the alternative? Look at the shocks to the economy in the 1800s after the abolition of the Second Bank of the US.

Recessions have been less shallow and of shorter duration on average with the Federal Reserve in place and post Depression Keynesian economics.

What do you want instead? A Central Bank controlled by congress or the president of the United States? Every president I can remember wanted lower rates even when lower rates were not the best decision for teh economy as a whole.