The Fed stated in documents released from it closed-door meeting held earlier this month that in its efforts to fuel the recovery it is holding to its bank lending rate at basically zero. It acknowledged that there is the possibility, although "relatively low" in their estimation, that it "could lead to excessive risk-taking in financial markets" causing another speculative bubble.

The Fed anticipates that it could be five or six years before employment levels and the economy return to consistent health.

The Fed also announced that it has tightened its regulations regarding conflict of interest rules governing the boards of directors of its 12 regional banks.

Unlike pre-crisis days, I take it as a positive sign that there is some movement from public officials towards a more realistic and forthcoming attitude about dealing with our current state of affairs.