[The Fed's new round of quantitative easing] feels like an ominous replay of recent Federal Reserve emergency actions, which led to bigger and bigger bubbles. The Fed brokered the rescue of Long-Term Capital Management, bailing out the investment banks that had lent to the collapsing hedge fund. The Fed pumped money into the economy to save us from the Y2K computer bug. The Fed tried to rescue the economy from the bursting of the Nasdaq bubble, helping to create the housing bubble. It’s like the exhausted “Saw” movie franchise. This isn’t just a sequel. It’s more like the third iteration of the second reboot—harder core, baser and for serious liquidity heads only.