Credit Crunch vs. Central Banks - You Lose

An OK article but seriously confused on the issue of "pumping money" into the markets. We know now (thanks to Lee Adler at the Wall Street Examiner) that the Fed is actually draining money, underneath all the rhetoric and various emergency facilities. The broader money and credit measures gjohnsit points out are only indirectly under the Fed's control, and many of them are likely shrinking now, as loans are called in and derivatives collapse (we know, for example, the commercial paper market has shrunk by 20-30% in the past few months).

That said, the central banks and other monetary authorities are still screwing things up in other ways by artificially lowering interest rates, loosening capital requirements (which helped get us into this mess in the first place), and providing a moral hazard in general (Hank Paulson and Gordon Brown, we're talking to you...)