Well, it looks like the Fed finally got a clue last week and slashed short-term interest rates. They must have bought a "u" or an "e." Their 75-basis-point fed funds rate cut now has them less behind the curve. After this week's 25- or 50-basis-point cut, they will be close to, or at, my expected 3% level. It's about time.Now many are criticizing this Fed move as irresponsible or pandering to shareholders. They note the sloppy but hardly collapsing economic data and claim "bailout." Poppycock. The Fed has been behind the curve since the financial crisis began. All they are doing is following the fixed-income market lower. The more appropriate criticism of the Fed should be their tardiness.