Phew. Financial types deserved their weekend breather after a nail-biting end to a rollercoaster week. US equity market volatility jumped to its highest level since the invasion of Iraq more than four years ago. On Thursday and Friday, the European Central Bank and the Federal Reserve together pumped about $200bn (£100bn) into the financial system – something last seen on this scale after the September 2001 terrorist attacks.

So what can the tired Warriors of Wall Street, or their bosses bringing their BlackBerrys back from the beach, expect next? Plenty more of the same, at best, is my guess. The notion that all this is a blip in a bull market is losing its credibility. The lending landscape has changed dramatically. The argument that stocks should go up because they are still decent value sounds increasingly hollow.