Paul Einzig Was Wrong!
Very Smart Guy, Very Big Loss...

The Federal Reserve Does Nothing

Greg Robb:

Fed Stands Pat: The Federal Reserve on Wednesday left its target for the federal funds rate at a range of zero to 0.25% and maintained its pledge to keep rates at this historic low level for an "extended period" to support the recovery. In a statement after their two-day meeting, the Fed downgraded the outlook. They said financial conditions "have become less supportive of economic growth" largely as a result of the European debt crisis.