The Federal Reserve did the right thing and said it would continue to keep credit, and the costs of credit, quite low for an extended period. Though the Fed admitted that the pace of economic growth is slowing down unexpectedly, it also said it will keep a lid on rates until the economy recovers, if one reads between the lines.

To me, this means the Fed has only begun again to make money cheaper and more available, in the hope that spending and hiring will be prompted, somewhere down the road.

The language of the Fed's statement is arcane but this is welcome news to someone like me, who thinks that, not only should the Fed be doing more to get the economy going, but that the Federal Government should be keeping taxes low and giving all earners a break on withholding taxes, as well.

The stock market reacted well, at least initially, to the Fed's decision and rates have fallen sharply. Look for mortgage rates to follow suit and hit new record lows, late this week and next.

It is time for "Kitchen Sink II," where everything gets thrown at this economy until it is out of the woods.

That is my short take for now. More later.