xjo - weekend charting and chat, page-28

In defence of all recession callers and downside projections, they have been up against 3 rounds of QE totalling almost $2.4Trillion and a zero bound FedRes discount window. The punch bowl of zero risk lending for primary dealers has been continuously topped up - this is a major structural flaw IMHO.

This remains a crisis of confidence precariously balanced on the will of primary dealer banks and their ongoing access to v.cheap primary capital. This is unprecedented.and the 3 cycles of QE are reflected in the ECRI WLI - to give them that much. Am not trying to justify the track record, but don't gloss over the financial stimulus provided by QE1/2/3 which amounts to an obvious pyramid scheme in the absence of generating organic growth.

I can infer what might have occurred otherwise. Throwing money at problems seems to be the quick fix, but in respect to the performance of stocks has been inconsistent, especially for asx listings. We are a tiny tea cup by comparison to larger markets but get played by the same banks IMO.

As the saying goes, keep dancing while the music plays.