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"Blackhedd" at Red State makes a much more erudite, yet more approachable, argument about the need for liquidity in "certain asset classes," than the one I made in several posts yesterday. Bottom line? As usual, the Fed gets moving too slowly, and when it does move, it overshoots. Right now the Fed has been too slow to realize that it needed to ease the pressure a little bit. Read the Red State piece for the best explanation. Also, by the way, the Red State piece gives a less hystrionic explanation of why Jim Cramer was probably right in his meltdown on CNBC the other day.