Central Banks in Action

To the Fed and the ECB: Congratulations, gentlemen! You have miserably failed. This is bad for you and for the world economy.

Chart: First hours of trading in NY
Dow, Nasdaq and S&P 500, % change d-o-d
Source: Google Finance

The markets reacted to the joint action by Fed, ECB and several European central banks with a moment of optimism, and then continued their way downwards. For the investors it was too late too little once again. Now it is really hard to tell when the bottom will be reached. Or if.