FED lowers rates to nothing

Over at the MarketBeat blog on the Wall Street Journal, the news is the FED, for the first time in history, has a zero-interest rate policy. The first line of the article is some what disconcerting. "No more messing around". Certainly they weren't messing around prior to the drop to zero. "The Fed’s efforts include lots of purchases of agency debt, mortgage-backed securities and other types of debt as well" , well that doesn't seem good. All of that debt is bad debt, insolvent and toxic, can the FED absorb those kinds of losses. Oh, yeah, forgot, they can just invent more money to take care of any losses. "But investors are likely to pile into more esoteric debt securities following the unexpected aggressiveness from the central bank." Cause that worked last time around, when the housing market imploded. I have heard calls for the abolishing of the FED on grounds that it might not even be a legal operation constitutionally, I think I'll call for it's demise on grounds of idiocy at this point. They are going to pump shitloads of money into the system and further erode my buying power just so Wall Street can be comfortable taking risks again. I don't know enough about economics and the FED to be truly righteous in my anger, but damn, between the bailouts and stock market collapse and foreclosures and automaker implosions and whatever else decides to hit the shitfan, I feel like we're being taken for a ride here, and it's not much fun.