No surprises from the Bernanke FED today as the U.S. central bank held to its previous policy as it awaits further developments on the U.S. economy and possible stresses from Europe. Chairman Bernanke held true to his form and did NOT BAIL OUT THE CONGRESS BY FULFILLING SENATOR SCHUMER’S FANTASY OF BEING THE ONLY GAME IN TOWN. Three cheers to the FED for not being the politician’s patsy. It is up to “leadership” in the executive and legislative branches to deal with the coming FISCAL CLIFF. Now the BOE and the ECB will be on the hot seat and the market senses that the U.K. will cut rates and possibly add to its QE program as the British economy has been showing renewed signs of slowing.