The Fed Chairman’s remarks at Jackson Hole left those hoping for QE3 disappointed. The Wall Street crowd who have grown addicted to the “Greenspan Put” and its help in sustaining the BULL in equities were aghast that Ben failed to maintain the monetary injection. Mr. Bernanke backed off of aggressive new policy and did not mention wealth effect of the PORTFOLIO BALANCE CHANNEL. While in the serene surroundings of the Grand Tetons, it seems the FED Chairman has learned that the Fed cannot be held hostage to the daily machinations of Wall Street and the markets and fiscal policy stewards are going to have to be patient in regards to further monetary support.