Irwin Yamamoto writing in Guru's Corner on marketwatch.com agrees that the Federal Reserve did indeed "blink."
See:
http://www.marketwatch.com/news/story/have-you-gone-paul-volcker/story.aspx?guid=%7BFC39F929%2DB835%2D431D%2D90E7%2DC48585790133%7D
Added 8/25/07
The credit contraction is deflationary. The Fed's tinkering so far does nothing to increase the risk of inflation.
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