Anyways, I've been reading "Fleck" for many years. He's one of my biggest investing influences and he wrote a great article for MSN on the current mess we are in. You can subscribe to his newsletter for $100 a year. It's the best $100 I spend every year.
Here is my favorite quote from his MSN article:
The post-Volcker Fed has changed all that. Ever since it bailed out Wall Street during the Long-Term Capital Management crisis in 1998, the financial system has become more leveraged and less transparent. In the ensuing 10 years, not only were interest rates not tightened to prevent a recurrence, the rules were loosened as the Glass-Steagall Act, which had regulated banks since 1935, was repealed. The Alan Greenspan-led Fed fomented a bubble in stocks, then chose to shortcut the aftermath by creating a housing bubble. That has left us far, far worse off today, and I suspect there are no bubbles left with which to temporarily bail us out.