The Fed needs to be sure it does not become a crutch for insolvent financial firms, distorting credit allocation and risk taking.

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At the same time, this exercise in credit allocation (the housing market is getting some help here, too) is depriving small and medium-size businesses of a reliable flow of credit, which, in turn, is having increasingly destructive results on growth, innovation and job creation.

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Nor is monetary policy improved by engaging in fiscal policy and the allocation of credit.

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If not, the Fed should lead by example, championing a smaller Fed, a strong and stable dollar and a market-based allocation of credit, all of which would help the economy grow faster.

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But the Fed has not told us when it will begin to normalize its balance sheet, and the expectation is that it will further expand its asset acquisition and influence the allocation of credit.

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Two others, Credit Suisse and Lehman Brothers, are leaving their model-bond currency allocation untouched Credit Suisse is as much in love with the dollar as ever.

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Managers with the ability to adapt to change, with the ability to manage portfolio risk factors such as yield, duration, allocation weighting, and credit quality, can find success in multiple environments.

FORBES: Buffett Is Right, Bonds Need A Warning Label

In these four periods of rising rates, managers had the acumen to navigate troubled waters by various techniques of managing bond types, sector allocation, duration, maturity, credit quality, country, and currency.

FORBES: Buffett Is Right, Bonds Need A Warning Label

Turns out that two days before the e-mail was forwarded, Quattrone had been told that Credit Suisse was being investigated by federal prosecutors in the IPO allocation matter.

FORBES: Frank's Back!