I am disappointed the Federal Reserve did not change their interest rate target. I have mentioned the length of financial repression that is taking place is unwarranted, but reading reports of the level of mal-investment caused by near zero interest rates means they are well out of bounds. There were extraordinary circumstances in 2008 that required an unusually low interest rate. Those circumstances were resolved by 2010. It’s time to get the productive part of the economy rewarded for doing the right thing. If the economy is so fragile that it cannot handle a change of 0.25%, then all of the QE in the world cannot make a difference either.