For the most succinct, and most cynical, take on yesterday's ECB QE announcement we go to Deutsche Bank which 7 years after the grand money printing experiment started, has thrown in the towel on spinning the now annual CTRL-P ritual, and - in a nutshell - says: QE will fail to do anything but boost stocks, so may as well buy stocks.
To wit from DB's Jim Reid:
With the ECB now committed to a large and sustained QE program we continue to believe that this will be a good environment for European equities and European credit whether you like the fundamentals or not or whether you think it makes any difference to the economy longer-term. Indeed if you believe a lack of structural reform, increasing inequality and low fiscal injections are holding back growth then yesterday's announcement hardly changes the long-term picture. Indeed it could even prevent improvements here.
So yes, the printers are still playing music and one must dance, at least until the ECB pulls a "Swissy" and rips the rug out from under everyone. So enjoy it until then. As for those 99% whose lives are about to get even worse: better luck in the next life.