Street's Finger Points at Fed, But Perhaps It's Misdirected

--Wall Street is abound with complaints that the central bank didn't do enough to rein in risky lending practices during the run-up to the housing bubble, and that it isn't doing enough now to help clean up the mess. --"It's the Fed this, the Fed that," says Tony Richards, managing principal at money manager Stairway Partners. "It's getting a little obnoxious." --Some of the criticism is understandable. By the end of 2004 there was plenty of evidence that speculation had run amok in many housing markets. Media reports were regularly referring to a bubble when the housing market crested in the summer of 2005. The Fed seemed slow on the uptake. --