Things are ugly.

"There Has Not Been a True Home Price Correction"

Absolutely true, and way overdue.
WHen it finally happens, local tax rates will have to skyrocket to support the wasteful local bureaucracy.

I don't completely agree with this quote, but it's the most concise explanation of why some people oppose central banks controlling monetary policy.
"The economy is not a car, and interest rates are not the gas petal. Interest rates play a critical role in aligning output with society’s demand across time. Fiddling with them only creates an ever-growing misalignment between demand and supply across time requiring an ever larger and more painful adjustment."

I'm of the wishy-washy-sounding opinion that central banks with independence and delayed public disclosure of everything they do can be a good thing. In my adult lifetime (starting around 1991) they've kept nominal wages and prices growing at a predictable 1%-3% and have successfully primed the pump putting unused production capacity to good use during recessions. I say it's wishy-washy b/c I'm open to there being a better system. Many critics of central banks start with absurd claims and from there get more absurd until they reach talk of Jewish conspiracies.

I like this quote b/c it criticized central monetary policy without the histrionics.