[Perry Winkle]

Nonetheless, Fed watchers should resist the tendency to put all events into a simple or a morally plausible narrative. Monetary policy is a largely technical subject, and its ups and downs don’t usually fit into the kinds of emotion-laden stories that human beings apply to daily life. The “us versus them” tag registers in human memory, but monetary policy is not always or even usually about moral issues. As Freud famously noted, sometimes a cigar is just a cigar.

Financial market news, which is by nature unpredictable, suffers from distortion when it is crammed into the form of a simple story. Unlike most well-structured narratives, the zigs and zags of daily profit and loss defy simple categorization in terms of moral precepts.

In the case of subprime mortgages, many investors did not foresee the risk of collateralized debt securities. In response to this crisis, the Fed has been trying to keep a steady hand and prevent a credit crunch. We don’t yet know how well the Fed has succeeded, or how well it could have done in the first place. And the storm has not yet fully passed.

Of course, such an account of recent financial history sounds mundane and offers less human conflict. It’s less like the stories that people have gossiped about for thousands of years and thus will have less traction, even if it is a better guide to monetary policy issues.

That's from this MR post by Tyler Cowen.

Basically your moral outrage doesn't matter to policy-makers. At least that's what I get from "smart people."