The Federal Reserve‘s handling of monetary policy during the past five years will be the subject of critical reviews for years to come. Was the massive increase in the Fed’s securities holdings necessary? Did the Fed’s purchase of $2.75 trillion of mortgage-backed securities create an artificial and disruptive bubble in the housing market? Did the Fed stoke the inflationary fires for far too long? Was it behind the curve in trying to put out the fire? How responsible is the Fed for the highest inflation rate in 40 years?