Mighty Draghi?

By FLOYD NORRIS

Mario Draghi, the president of the European Central Bank, promised last week that he would “do whatever it takes.”

Today the E.C.B. met and did … nothing.

Markets have reacted badly.

An old friend sends this along:

Draghi at the Bat

At announcement time no rate cut, began the day of dread,
“That ain't my style,” said Draghi. “Strike one!” the markets said.

“Kill him! Kill the banker!” shouted someone on the strand;
And it's likely they'd a-killed him had not Draghi raised his hand.

With a smile of Christian charity great Draghi's vision shone;
He stilled the rising tumult; he bade the game go on;

He strolled onto the dais, and once more the tensions grew;
But with LTROs missing, the markets screamed, “Strike two!”
 
The smile then gone from Draghi's lips, his teeth then clinched in hate;
He expounded with cruel vio lence the reasons he must wait.
Then the question of the hour, bond buys, are they now a go?
And at last the air was shattered by the force of Draghi's blow.
 
Oh, somewhere in this favored land the sun is shining bright;
The band is playing somewhere, where the markets are all right,
And somewhere men are laughing, and somewhere stock bulls shout;
But there is no joy in Europe - mighty Draghi has struck out.