It was quite a week, with the Federal Reserve taking center stage.

If there was one thing that this week proved, it was how politically sensitive is this Fed.

I believe that the Fed has heard all of the calls for tightening, and this week was their effort to get out ahead of that sentiment.

Once upon a time, in a faraway land, we'll call America, lived the world's most sophisticated economic planners and prognosticators.

Yet, in spite of their obvious sophistication, they seem unable to recognize even the most obvious.

Once upon a time, in a faraway land, we'll call America, lived the world's most sophisticated economic planners and prognosticators.

Yet, in spite of their obvious sophistication, they seem unable to recognize even the most obvious.

Once upon a time, in a faraway land, we'll call America, lived the world's most sophisticated economic planners and prognosticators.

Yet, in spite of their obvious sophistication, they seem unable to recognize even the most obvious.

Once upon a time, in a faraway land, we'll call America, lived the world's most sophisticated economic planners and prognosticators.

Yet, in spite of their obvious sophistication, they seem unable to recognize even the most obvious.

For a very long time, economists believed that Stagflation could not exist. Either it was one: say high inflation. Or it was the other, low growth. But never, they thought both together.

However, that debate came to a screeching halt in the 1970s. When the American economy suffered from both barrels of the most virulent high inflation, low economic growth that the country had ever seen.

For a very long time, economists believed that Stagflation could not exist. Either it was one: say high inflation. Or it was the other, low growth. But never, they thought both together.

However, that debate came to a screeching halt in the 1970s. When the American economy suffered from both barrels of the most virulent high inflation, low economic growth that the country had ever seen.

For a very long time, economists believed that Stagflation could not exist. Either it was one: say high inflation. Or it was the other, low growth. But never, they thought both together.

However, that debate came to a screeching halt in the 1970s. When the American economy suffered from both barrels of the most virulent high inflation, low economic growth that the country had ever seen.

For a very long time, economists believed that Stagflation could not exist. Either it was one: say high inflation. Or it was the other, low growth. But never, they thought both together.

However, that debate came to a screeching halt in the 1970s. When the American economy suffered from both barrels of the most virulent high inflation, low economic growth that the country had ever seen.

In the 1947 version of the movie Miracle On 34th Street, veteran character actor William Frawley plays one of his best roles.

He's a crusty old Ward Boss. A part I'll bet came naturally. And he's the political adviser to the Judge.

Now in the movie, Santa, or at least the character who plays Santa at Macy's is on trial to determine if he is the real Santa Clause, or not.