by Eric Fry
09/06/12 Laguna Beach, California – US and European stock markets are soaring once again today, thanks to a grand plan from the European Central Bank to solve the eurozone crisis…once again.
The details of this latest and greatest rescue don’t really matter; it’s all about the headline:
“US Stocks Rise on ECB Bond Plan,” a Financial Times headline declared.
“S&P 500 Hits More Than 4-Year High After ECB Move,” Reuters chimed in.
“Global Markets Cheer ECB Bond Plan,” the Associated Press gushed.
The details of the plan, if you must know, feature the unlimited and open-ended purchase of European government bonds by the European Central Bank (ECB).