Jim Quinn at The Burning Platform (LINK) has produced an outstanding article. The less I say about it the better as it will take away from your time reading it. My one sentence synopsis is that; "government intervention to force down interest rates distorts the economy by removing the "let badly performing firms go to the wall so better ones can provide better service" normal economic mechanisms-this is why communism fails in the end and should be a salutory lesson (but it isn't).
Mr. Quinn's article was reproduced at The Market Oracle where I also found another author's post-a must read too,
which, rightly, showed that the Fed's actions are the biggest theft i.e. transfer of wealth from the elderly savers to young people in history. The government, apart from a fair safety net, should get out of the market as much as possible.
But, enough from me-here's the facts and figures from an expert.