I pick on the Grant piece not for its main point about the Fed. Indeed, he offers wise counsel:
In any case, to all of us, rich and poor alike, the Fed owes a pledge that it will do what it can and not do what it can’t. High on the list of things that no human agency can, or should, attempt is manipulating prices to achieve a more stable and prosperous economy. Jiggling its interest rate, the Fed can impose the appearance of stability today, but only at the cost of instability tomorrow. By the looks of things, tomorrow is upon us already.
I take issue, however, with the assumptions that Grant uses to get us there, and how they let the business press, too, off the hook.