> This presents a problem for populist analyses of the Fed that see the
> central bank as doing WS's bidding. I've always thought the Fed had
> its eye on the broader class struggle and health of capitalism, and
> this only confirms that impression. They seem willing to stop their
> ears to the pained screams of traders and brokerage house economists.
Allan Meltzer thinks that the Fed is "giving in" to WS:
http://www.bloomberg.com/avp/avp.asxx?clip=mms://media2.bloomberg.com/cache/vReRFIdRpaQc.asf