In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:
- Dashed hopes
- What to expect now that the Fed and ECB have disappointed?
- Growing signs of weakness in the economy
- A strong defense is critical at this point
- The continuing drought
- More pain from the lack of rain
Now that the Fed has disappointed AND the ECB (after this recording) followed suit, the markets are asking where's my fresh, cheap liquidity? While Chris and Mish don't think that further quantitative easing will have any sustained or constructive impact, they do expect it is still coming. But it seems that greater pain in the financial markets is needed before action takes place. Chris, in particular, now warns of an impending market downdraft — so a defensive position is highly advised.
I'm on the road today so will need to end the summary here. Hope everyone is enjoying the Olympics. It's nice to be reminded of what the pursuit of personal excellence looks like, especially in the less popular sports where the corruptible influence of big endorsements and potential professional mega-salaries is weakest.
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by rje 
