Lai See | More quantitative easing means bubbles are back

Clients sitting in on the teleconference of one large bank yesterday morning were slightly surprised at the frankness of the bank's message, following Ben Bernanke's announcement overnight in the US of a resumption of quantitative easing. The message was simple and to the point: "Please close your eyes and buy. Thanks Bernanke." This simple takeaway was then passed on throughout the market, to become the message of the day.

There were some variations on the message as it was passed around, such as "if you've got the money, buy flats; if not, buy stocks and gold." Others took a longer-term view and wrote, "Now close your eyes and … Bye," meaning that following the bust of the inevitable bubble, it's going to be bye bye jobs and probably a lot more as well. Hard to know whether to laugh or cry.

The finance industry isn't going through a particularly good time at the moment, and things are likely to get worse. But you didn't get that impression from CLSA's end-of-investment-forum party and its Sweet Temptation theme. Hundreds of people, food, drink, exotic dancers - and the awesome Katy Perry topping the bill. In her retro polka dot '50s look, she was like a supercharged Madonna, though without the raunchiness. She's got a great voice, good songs, plenty of energy and was good entertainment. And her exhortation to the audience "to make out with a stranger" struck a sympathetic chord. She now has at least one more fan.

CLSA is coy about how much these events cost, but we've been told that it gets it back within about five weeks through commissions. Fortunately, recently weak markets will be underpinned by the resumption of quantitative easing.