Screw the depositors? What a fantastic way to grab some passive capital! It is the opening of Pandora’s Box. But that is just the tip of the iceberg.
This “Cyprus thing” is just a teeny tiny little bailout. Europe is a giant mess, again and their economies are “death”. But the ECB will buy all Sovereign debt issuance so they can continue to fund their profligate spending.
Our markets? They don’t care about anything except free money. Sure, we can ruminate about fundamentals, but who really cares? Everyone knows the score. Anyone spouting on about anything other than $85 billion per month is just fooling with you.
All new money coming in for retirement account must buy stocks at record highs. Then maybe they’ll be a correction or maybe we’ll just move sideways. But down markets are not in the cards until one year before Obama is no longer President. And it has nothing to do with Bernanke because whoever comes next will be even more Dovish. And a bigger liar.
I suspect we’ll be at Dow 15k by April’s option expiration. Continue to enjoy it while you can.
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