They point out that recent economic reports show the economic recovery has gotten itself back on track, is not in the danger of a double-dip the Fed saw a couple of months ago, that substantial further quantitative easing is not needed, and will cause more problems than it solves (including further angering nations around the world, and creating a currency war).

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The likeliest outcome is a double-headed regime, with the Fed as a stability regulator for large financial institutions of all types, and the SEC policing investor protection.

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Does this take us out of the double-dip woods, even as the Fed is lowering its forecast?

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Two decades ago, Democratic President Jimmy Carter named Paul Volcker as Fed chairman, ushering in an era of stern interest-rate policies that extinguished double-digit inflation at what was initially a high cost for economic growth.

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