Dressed in the ominous black of his alter ego (Lewis), Charles reflects on his recent trip to NYC with the same incredulity as we do with our many and varied conversations with equity fund managers - they're long and terrified. The recognition of total dependency on Central Bank manipulation leaves an investing public seemingly believing in miracles. From Europe, where the consensus (media) belief is that 'all-is-now-fixed' or at minimum the can is a long way down the road (though the velocity of deterioration in Spanish spreads this week - largest 2-day widening in over 3 months - has many funds we know greatly concerned) when the reality is a dis-union declining into recession relying on more and greater money printing (while disparaging the Greek bailout and offering some crazy facts on the Greek population); to the US as incomes (and the economy) is growing modestly (very modestly) but the impact of earnings dropping (as margins/profits mean-revert) implied far less buybacks to fund the continued expansion of equities; to Asia where China (and EM implicitly) appears to be slowing. The reality is that in an election year he believes Central Banks will do all they can though warning that at some point in time even Wile.E.Coyote has to fall back to Earth.