The day of the Flash Crash, I was asked at an executive seminar in Jersey City, what impact Greece would have on equity markets. I replied, "It should all be over by Wednesday."
Markets fully recovered by Wednesday; however, truth in advertising requires I report that I took the podium after the Dow had fallen more than 250 points owing to Greek worries, but prior to the computer trading blitz that created the now famous V pattern of stock prices in just about an hour.
My Blackberry off, no one alerted me to the panic unfolding on Wall Street.
Now that stocks have made up all their lost ground, what's next?
Long-term doubts about the efficacy of the Greek bailout, huge U.S. budget deficits and monetary ease, and oil gushers not withstanding, we are in for one heck of a ride the balance of this year.
A moderate recovery-three percent GDP growth-and much more robust growth in Asia are good for the profits of large U.S. multinationals.