Jester,

Yes, I know that the Fed grabbing another 'mandate' out of the blue that they'll consider in terms of  China and worldwide economic prospects makes those thing new items on their criteria for raising rates. And I had a feeling that the market would head south today. And I understand that the effects of fed policy of continuing to fill the punch bowl raises concerns about the strength of the dollar and the effect of that on trade, deflation, overseas profits, etc. (Might be a good time to buy some gold, if one thinks that the Fed policy here equates to it wanting a weaker dollar, and as one source said, the Fed gets what it wants.)  

But is that all what this selloff is all about? And does the fact that all these issues with China slowing along with world trade (including emerging markets relying on selling commodities that are denominated in dollars), were already well known and clear as day make any difference?  I can see the argument for why it doesn't (above), but it does almost seem like if the Fed acknowledges it, it suddenly becomes 'real', as if it wasn't before they weighed in on it. Pinnochio economics?