The Fed is being put on the spot to show it's not all talk.

Excess liquidity will absorb subprime's problems -- a Fed bailout would only add to inflation.

We got the correction we expected -- but is that really all it is?

Solid growth statistics trump the long-expected closing of Japan's free money spigot.

The market price of risk isn't zero anymore -- that's no threat to growth.

The inflation plays are the winners in the market's recent turbulence.

We're certain the 19th century economic prophet would be unperturbed by the current panic in subprime lending.

Superabundant liquidity is buffering the economy from problems in subprime.

The Fed may be on pause longer now, but nothing in yesterday's FOMC statement justifies the fantasy that rate cuts are coming.

After Wednesday's knee-jerk reaction to the FOMC statement, a clearer appraisal.