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发表于 2012-4-4 12:14 PM
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Liquid courage. Ah, yes, anybody who has felt the effects of that third or fifth or whatever number drink when you've stopped counting can readily, if perhaps sheepishly, describe that phenomenon. So fortified, you are incredibly witty and wise and at the same time utterly irresistible. And so you act with, shall we say, irrational exuberance. The next morning, however, you're desperate for another shot to restore the liquid courage or at least stave off the pain from the crash that invariably follows its withdrawal.
Markets pumped up with excess liquidity similarly are prone to go beyond where they might otherwise. Extra liquidity pushes up prices, which makes traders and financiers alike think that they're geniuses -- not unlike the effect of liquid courage. The prospect that another round may not be served up sent prices of everything from equities to commodities sliding Tuesday following the release of the minutes of last month's meeting of the Federal Open Market Committee.
Investors should recall that stocks took severe hits when QE1 ended in mid -2010 and when QE2 wound up in June 2011. Will that happen again? Bulls cite the continued low level of interest rates forcing investors into stocks. Conversely, if those interest yields are held down artificially, once the lid is lifted, that argument could reverse.
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我知道我的帖子没什么人看，but please, read carefully what I have quoted above. PLEASE |
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狗仔卡
发表于 2012-4-4 11:27 AM
