If you still have any doubts of Fed's bias towards sustaining bubbles and being late on fighting inflation, the latest release of 2005 Fed meeting minutes should help you see it more clearly. There's some good humor and cynicism there, which certainly deserves respect. It's also obvious that many Fed officials and economists, including Greenspan and Geithner, had by 2005 at the latest realized the bubble in housing and the systemic risks posed by big banks (and Lehman and Bear Stearns in particular). Impressive foresight. But the good news stops there. Were the bubble and risks just a goddamned joke to them? They saw it quite well, made some smartass jokes and had some good laughs, and did NOTHING. When Bernanke said it takes 15 minutes to raise rates, he was being too modest. The final tally to vote on the decision, I'm sure, takes at most one minute. But this is an insult to the questioner and the audience, isn't it? The real question is how long it would take from rising inflation to them seeing it, then making the decision to act on it, then to inflation being tamed.