A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble

We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.

When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.

I've always believed in expansionary monetary policy and if necessary fiscal policy when the economy is depressed.

Republican candidates had to appeal to their base, which is by and large elderly white people arguing with empty chairs.

Where's that toxic rhetoric coming from? Let's not make a false pretense of balance: it's coming, overwhelmingly, from the right. It's hard to imagine a Democratic member of Congress urging constituents to be "armed and dangerous" without being ostracized; but Representative Michele Bachmann, who did just that, is a rising star in the G.O.P.

But where will the Fed find another bubble?