>I have no problem with "controlled" growth - so from that standpoint - I understand what the fed is doing. On the other hand - higher interest rates are not real thrilling for me ....

Well, the point I was trying to make, in this rather circular manner, is that one should not argue that dollars that have a more stimulative effect (you say building a mall) are necessarily better than dollars with less stimulative effect (you say food, etc.). Depending on where we are in the business cycle (and the mind of Alan Greenspan), less stimulation may be what's needed.

And since one should never base micro-economic decisions (individual spending decisions, etc.) on macro-economic considerations, it just comes down to a wash. In other words we should give money to the poor if we think that is the moral thing to do. Or the mall developer, or whomever. But you cannot justify the decision on presumed economic effects.

Peter