We have seen this story before, and it never ends well.  It is often said that "he who hesitates is lost", and in this case the Fed's hesitation could mean a tremendous amount of economic pain during the months ahead.  On Thursday, Wall Street responded to the Fed's inaction by throwing a bit of a temper tantrum.  At one point the Dow Jones Industrial Average was down 744 points, and it closed the session down 494 points…

The Dow dropped 494.82 points, or 1.21%, to end at 40,347.97. At its session lows, the 30-stock index lost 744.22 points, or about 1.8%. The S&P 500 shed 1.37% to end at 5,446.68, while the Nasdaq Composite slipped 2.3% to 17,194.15. The Russell 2000 index, the small-cap benchmark that has rallied lately, dropped 3%.

Many still believe that the Fed will give us a rate cut in September.

But there are others that are concerned that "the Fed may not be acting quickly enough to keep America's job market in good shape"…