The bear move in bonds has been about growth, not inflation. Bond bulls should brace for more bad news on both fronts.

The global liquidity surplus will absorb the latest speculative crisis. The problem is that everybody knows it.

The Fed needs more proof that inflation has been tamed - and arbitrary core readings aren't it.

Stocks are no longer insanely cheap relative to bonds. They're just wildly cheap.

The fall of the dollar to 15-year lows isn't because there are too many subprime defaults -- it's because there are too many dollars.

If this is a real "liquidity crisis," then the Dow is at 5000.

It's not the end of the world. But the price of risk-bearing has gone up -- to normal levels.

Two weeks after all-time highs, panic-stricken stocks are almost as cheap as they were at the very bottom.

Monetary liquidity is already plentiful, and the normalization of the price of credit risk doesn't threaten growth.

Panic was ignited by Bill Gross and it burned out with Jim Cramer.