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An America drowning in red ink is the land of the free no more
Topic - Paul Edelstein
The Federal Reserve on Wednesday pleasantly surprised financial markets by deciding not to start withdrawing the easy money policies it has maintained since the Great Recession of 2007-2009.
Wall Street suffered through its worst day of the year Thursday, bringing investors down from the "sugar high" they have enjoyed this year as the markets topped milestone after milestone.
The Dow Jones industrial average hit a new milestone Tuesday, closing above 15,000 for the first time in its 117-year history.
Wall Street reached yet another milestone Thursday as it continues its impressive streak of gains in 2013, despite mixed economic news.
The Federal Reserve appears to be moving toward announcing some new step to try to energize the troubled U.S. economy. The question is whether it will do so after its policy meeting this week. Probably not, many economists say.
Slumping job growth has alarmed some economists who fear the U.S. economy is in trouble. Ben Bernanke doesn't appear to be one of them.
"The major problem is the fallout on the economy from the fiscal showdown that occurred this month, and could occur again early next year," he said. "The Fed's short-term objective is to protect the economic recovery from Washington headwinds."
Paul Edelstein, economist at IHS Global Insight, said the Fed is on hold until at least March 2014.