The damage is done during the Boom. That’s when, thanks to the Fed, the malinvestments and other wealth destruction take place. The Bust is when the errors are recognized, and the rebuilding can begin (to the extent that McCain-Obama do not delay it with a Newer Deal). This is a disaster for the State and its pals in banking and on Wall Street, and the military-industrial complex. The dollar could do down as the world reserve currency, which also means the end of the empire. The Fed-financial complex has done a lot of damage to the rest of us too, of course, and we need to defend the market and finger the villains. Start with Greenspan and Bernanke, and the whole Federal Reserve monster. Then the SEC and all the other regulators who warp the market for the benefit of the power elite. Blame fractional reserves and all the academics and think tanks who have promoted them and central banking. We need to hang this disaster around their necks.