The Fed Really Needs Someone Who Can Think Clearly on Bubbles

That's what Neil Irwin tells us in his column today. Irwin says the Fed is divided:

"There has been a long-simmering battle within the central bank over this basic question: Should they still be focused all-out on fixing the economic damage wrought by the last crisis? Or should they worry more about risks building in the financial system that could contribute to a future crisis?"

The idea that the Fed should be worried about bubbles in the price of platinum or Twiiter stock is just silly. In...