It’s become increasingly evident to people that we're on an unsustainable path.

The Fed continues to expand the scope of its operations. A new problem? Here's a new facility to deal with that. This makes the operations more and more complex, which makes the institution and the financial system more fragile.

The Fed's balance sheet is going to continue to get bigger and that will lead to more politicization. And the balance sheet is going to get riskier as these facilities simply transfer the risk from the financial system to the Fed.