The vigilante stock market
In the 1990s, when the Federal Reserve and the White House's Office of Management and Budget didn't do what the bond market wanted, it exacted painful revenge. Now the stock market is doing the same thing. By falling 294 points this afternoon, the Dow placed a horse's head on the Fed's polished mahogany boardroom table. "Ben, you're our Fed chairman and we love you. But we're very disappointed in your behavior. We expect that next time you'll do better."
