Bonnie Baha

It's like putting your foot on the brake when there's no gas in the car to begin with, it's hard to say this would be the start of a tightening cycle, but I think the probability is not zero that (the Fed) would have to retract at some point.

Right now, to step into this, you'd be catching a falling knife, with oil at $40 a barrel, these people can't make it ... At some point there are going to be some bargains out there, but we're not stepping into that now.