but, don luskin was the fed too easy? do you think they kept rates too low for too long?i admire both combatants in your debate. taylor nailed it hands down. there's no question about it. the evidence speaks for itself. we had a credit orgy at the same time the fed kept the fed rates pinned to 1% for what it called a considerable period. bernanke himself has actually already weighed in. he gave a speech where he confessed no we didn't cause the bubble but here's the mistake we made that made us cause the bubble that i'm claiming we didn't cause. what it was they thought inflation was too low. they thought there was a risk of deflation. this is when he gave his helicopter speech. all the data that they used and bernanke admits this in his speech all the data they used to get worried about low inflafgs revised away. it was 1%. so they had a good reason to make the mistake they made but for the sask fighting a non-existent deflation it's self evident they created a credit bubble. >> that's why i like to use market indicators as well as the gdp data. look, john taylor, i'll j