Irrational Insouciance.(ISSUES & INSIGHTS)(EDITORIALS)

Economy: The market falls to levels not reached since the worst enemy attack ever on U.S. soil, and the Fed keeps rates unchanged. What's wrong with this picture?

Nothing, according to "big league" economists (as we heard them called the other day). The consensus of these experts is that the Fed should be tightening, not loosening, and if not now, then certainly later this year.

We presume that's still where most of them stand following the Fed's decision Wednesday to do nothing about rates -- not even revert to a bias toward easing.

But while the economists' views on the matter may be interesting, in the end they're irrelevant.

If the Fed …