Here's a contrary theory, one that says stagflation is no more likely than a revival of disco and bell-bottom pants.

FORBES: Stagpanic

"If Citi is allowed to fail, and GM is allowed to fail, those are the kind of bell-ringing events that could signal a bottom, " Arnott said.

FORBES: Magazine Article

American Express reported preliminary fourth quarter earnings after the bell on Thursday, narrowly beating both top and bottom-line estimates.

FORBES: American Express Axes 5,400 Jobs To Adapt To The 'Digital Revolution'

The catalyst was Nike, which posted earnings after the bell on Thursday and, despite a top and bottom-line beat, saw profits drop 12% and margins compress.

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General Electric delivered strong bottom-line growth in its earnings, released before the bell on Thursday, with a strong performance from GE Capital and increased demand for its industrial and infrastructure products.

FORBES: Pre-Crisis Dynamic At GE As Financial Arm Overtakes Energy