Filth............

In years forward in classrooms around the world the profs will cover the bubble of money in the system courtesy of the Fed and central banks around the globe.

They will note how access to "cheap money"  allowed corporate CEO's to use debt and finance the purchse of shares with shareholder money, hence driving up stock prices and gifting corporate management and boards massive profits.

All done without topline revenue growth.

It's funny this guy at Morgan bank still has a job.  Maybe Jamie Dimon will see to it that he doesn't after this week but a good call by this cowboy nevertheless.  The filthy bankers who were all on the brink in 2008 and used the American taxpayer as an ATM, gifting themselves hundreds of millions in bonus's are the winners.

 "The ECB's quantitative expansion is hitting the financial system at a time when broad liquidity is also very high. The rise in excess liquidity, i.e. the residual in the model of Figure 3, is supportive of all assets outside cash, i.e. bonds, equities and real estate. The current episode of excess liquidity, which began in May 2012, appears to have been the most extreme ever in terms of its magnitude and the ECB actions have the potential to make it even more extreme, in our view.... These liquidity boosts are not without risks. We note that they risk creating asset bubbles which when they burst can destroy wealth leading to adverse economic outcomes. Asset yields are mean reverting over long periods of time and thus historically low levels of yields in bonds, equities and real estate are unlikely to be sustained forever."- JPMorgan