I wrote in yesterday's column about how the market wanted the European Central Bank to do something. It looks like the ECB listened.
And the Federal Reserve. And the central banks of Japan, England, Canada and Switzerland. The coordinated effort to inject more liquidity into the markets has investors giddy with excitement. Stocks in the U.S. and Europe surged Wednesday.
Heck, the People's Bank of China stepped in with a separate easing initiative Wednesday, cutting the reserve requirement ratio for Chinese lenders for the first time since the end of 2008.
It seems like the Little Green Men's Bank of Mars is the only central bank in the solar system that didn't announce a major stimulative step Wednesday. I guess they're still more worried about inflation than a credit crunch.
In all seriousness, the moves by the Fed and its developed world companions -- as well as China's surprise action -- can be interpreted in two ways. On the one hand, the news is good because it shows central bankers really "get it."