The wrist bleeding is a poor analogy, but you're right the Fed is pretty ckufing stupid.

The Forest Service used to do the same thing with forest fires. They were considered an anathema and each fire was put out the second it started until the fuel (dry brush, etc.) would accumulate to the point that a single match would give you an unprecedented, unnatural, monstrous firestorm.

We've become so afraid of an economic downturn that rates are slashed at the first chance, etc. At some point, it won't work anymore -- there's just too much fuel waiting to burn.

Put on your asbestos, kids. This one's going to get hot.