Bonus Quote of the Day

The following will be the essential narrative among the world’s central banks for some time to come:

“Extraordinary times require extraordinary action. There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate.”   –Christine Lagarde, ECB President

This — and the money creation, etc. that goes with it — is the sort of commitment that some argue ultimately saved the world from the 2008 Great Financial Crisis. 

Question is, as it relates to stocks, will it stem the tide at this early (swift initial decline notwithstanding) stage of the bear market? 

Not presently my base case, but I remain open to all possibilities.

We’ll keep you posted…


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