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.