When is the Federal Reserve an Enabler?

In two major period over the past fifty years the Federal Reserve has been the great enabler, using low interest rates to temporarily juice the economy, assuaging the President and aggressive interests in Congress and at times the financial services industry. The first time was in the 1970’s; the culprit was Fed Chairman Arthur Burns who capitulated to Democrats and Republicans alike in keeping interest rates lower than advisable and sparking the Great Inflation, only brought under control in the very early 80’s through the intentional imposition of what at the time was the worst…