Markets show justifiable concern at a steady flow of soft data all over the world, but it's hard to figure disappointment that the Federal Reserve did nothing dramatic this week.The Fed's QE (quantitative easing) operations have been designed to pull down long-term interest rates, to prevent runs on banks, and to ease credit. In the last 80 days the run from Europe has accomplished Jobs One and Two, cutting 10-year T-note yields by one-third, and all but drowned the U.S. system in cash.The general shortage of credit is a different matter, a regulatory failure to which the Fed has formally objected repeatedly, yet compounded by its contribution to the national mania to overregulate.Broad policy here is in European-quality disarray, the stimulus-austerity conundrum just as unresolved as the...