The intended target of Fed's $180 billon infusion was not quite as enthusiastic yesterday as equities were about it (OK - maybe the Fed bailout of the world (assisted by others) has more to do with the equity reaction).

Exhibit 1: Before - TED, OIS and LIBOR spreads

Exhibit 1: After - TED, OIS and LIBOR spreads

Now it looks like financials might be able pass anything smelly onto the public no doubt everything will be right once again in the world.

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