Let me see if I understand this correctly. QE4 is announced and it was declared that bonds will be purchased for as long as the eye can see or until we achieve an unemployment rate of 6.5%. Several weeks later, the majority of Federal Reserve officials announced that it would be “appropriate” to end QE4 prior to the end of 2013 or by the end of 2013. So, what the heck happened to 6.5% unemployment? The Fed, for almost 100-years, has operated with two mandated objectives, namely stable prices and full employment. In order to achieve those goals, they can...