In many ways what is going on in late 2014 is a carbon copy of events in early 2009: back then the market was melting down every single day. Now, it is also melting, only in reverse. Back then the the interest rate was 0%, as it is now 6 years later (only with $3 trillion more in the Fed’s balance sheet), and while then the Fed was scrambling to recover from the disaster of its latest bubble bursting, now it is focused on preventing the same bubble it successfully reflated – the third consecutive in a row – from popping. It will fail as it always does.